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Brent Eubanks

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Ouch! [Oct. 9th, 2008|11:50 am]
Brent Eubanks
National debtexceeds our ability to count it.

[User Picture]From: dakasteve
2008-10-09 07:32 pm (UTC)
Do you know a good source that graphs debt or deficits over time? When you look at news sites about this story, there are usually stupid-people rants about liberals and overspending. It'd be nice to be able to point to a picture and say "see how deficits go down in democrat administrations? See how badly GWB has screwed us over?"
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[User Picture]From: dakasteve
2008-10-09 07:34 pm (UTC)
Never mind, it's always faster to ask google. (Though possibly less social.)
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[User Picture]From: mindstalk
2008-10-09 09:53 pm (UTC)
"will add space for two more digits"

*prays even our admins isn't dumb or evil enough to trigger hyperinflation*
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[User Picture]From: a_steep_hill
2008-10-09 10:03 pm (UTC)
I don't see that they have much control over the situation at this point. The markets will do what they do, and the best I think we can hope for is that they don't make it worse.

Since the fundamental problem here is that we've got far more money (as debt) in the system than we have actual wealth, it seems like we're either going to have to accept a massive destruction of money on the books, or we're going to have exactly hyperinflation. The current measures being taken don't give me much comfort, either -- by buying bad assets, the government is giving credibility to worthless paper, which will tend to push us towards scenario number 2.
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