$30 Trillion
Within ten minutes, two people sent me an article on US debt reaching $30 trillion. I guess the response is hooray!? I do like a couple of the quotes in the NYT though:
“Some economists contend that the nation’s large debt load is not unhealthy given that the economy is growing.”
and
“But taming deficits had fallen out of fashion in recent years.”
In recent years? I think it went out of fashion around the first Reagan budget, though the Dems switched styles and thought calling for balanced budgets looked good on them for a couple more decades. But, when the banking system collapsed in 2008, it not only fell completely out of fashion, but ever greater debt became an essential look.
If you look back into the great information cesspool we call the internet, dig deep-deep, about a ten or eleven years ago, I stated clearly what the Fed and the other powers that be had done in response to the crimes of finance would eventually play out in currencies.
Looking at Istanbul, and one can certainly say it's nobody's business but the Turks, the lira has lost half its value in the last year. President Erdogan, in what might be deemed a move of Trumpian bullshit grandeur, sacked his chief statistician on Saturday. He didn't like the 36% inflation rate, “Get me different numbers!” So bellowed one of our illustrious world Big Men.
Meanwhile in the rest of Europe, is Turkey Europe? I get confused. I suppose if the Ukraine can be NATO, Turkey can be Europe. But one of the world's Big Women, Madame Lagarde, sounding like Erdogan, made clear the ECB's not scared of any 5% inflation rate, “We have every reason not to act as quickly or as ruthlessly as one might imagine with the Fed.” Me doubts the Fed will be quick or ruthless, but hey, place your bets.
Today’s great punchline comes from America's bipartisan National Security State letting bark the hounds of war, no worry about any stinkin deficits here Bubba, announcing they're sending 2,000 troops to Europe to back down the Soviet, errrhhh, Russian threat. Reagan sent 2,000 to take over Grenada!
Funny, funny stuff, if you got the stomach.