“The main thing is that the debt is in dollars. So we can’t run out of cash–we print the stuff. Suppose that foreigners decide we’re not reliable. How does that drive up interest rates? The Fed controls short-term interest rates, and long-term interest rates reflect expected short rates. How’s that supposed to happen?”
Paul Krugman, Interview on CNNMoney
“Victorians, Victorians, who never learned to weep.
Who sowed the bitter harvest that your children go to reap.”
F. Scott Fitzgerald, This Side of Paradise
