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southern oregon | The Federal Government, in my opinion, can and has been able to borrow, not because it's seen as credit worthy, but because its' seen as having the capacity to continue borrowing to pay its' debts. In a scenario like this, the realization that we no longer have that capability would come to the market at once. The lender of last resort will be the Fed., and everyone knows it.
This country does not have the national income to pay its' way as we go, neither does it have the heart to voluntarily accept the austerity needed to live within our means.
Edited by JR Or 9/19/2010 19:13
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What's a dollar?
