26/03: SAY WHAT!?!
Category: The Economy
Posted by: A Waco Farmer
This morning I caught a Steve Inskeep interview with Kent Conrad, chairman of the Senate Budget Committee and so-called budget hawk. The South Dakota Democrat spent five minutes explaining how to be a fiscal conservative while helping the president actualize New Deal 3.0
That was good for a laugh, but then things went from funny to alarming with the following exchange.
When reminded that "some Republicans have used the word bankruptcy," Conrad assured us that the opposition was just engaging in lose rhetoric.
"You know it's really not that much of a possibility," asserted Conrad, "because governments can print money."
More Conrad:
"We know the history. Governments can inflate their way out of debt, but that has consequences, doesn't it? So when our Republican friends use that word [bankruptcy], it's not reality. What is a real threat is a precipitous decline in the value of the dollar and the threat that would pose to the economic security of the country."
SAY WHAT!?!
That's great. Don't worry about bankruptcy. We can always hyper-inflate and all be millionaires before that would happen.
Don't worry about NOT being able to swim, the fall will probably kill you first.
That was good for a laugh, but then things went from funny to alarming with the following exchange.
When reminded that "some Republicans have used the word bankruptcy," Conrad assured us that the opposition was just engaging in lose rhetoric.
"You know it's really not that much of a possibility," asserted Conrad, "because governments can print money."
More Conrad:
"We know the history. Governments can inflate their way out of debt, but that has consequences, doesn't it? So when our Republican friends use that word [bankruptcy], it's not reality. What is a real threat is a precipitous decline in the value of the dollar and the threat that would pose to the economic security of the country."
SAY WHAT!?!
That's great. Don't worry about bankruptcy. We can always hyper-inflate and all be millionaires before that would happen.
Don't worry about NOT being able to swim, the fall will probably kill you first.
an okie gardener wrote: