To: Question_Assumptions
Given how much of a debtor nation we are, I think that will come to be considered a feature. The most painless way out of a debt crisis for the debtor is to inflate their debt away.2 things.
1)Creditors don't like it, and will be more weary in the future of loaning money to someone who will inflate themselves out of debt.
2)Alot of Americans also buy bonds, and depend on them, its a poor and cruel government that screws the citizens of its country by reneging on their faith in buying its bonds.
116 posted on
11/17/2005 8:20:08 AM PST by
Sonny M
("oderint dum metuant")
To: Sonny M
If you look at the number of people in each of those categories, I think you'll find many more debtors. Yes, it will screw the people who do the right thing (e.g., save money rather than going into debt) but things tend to go with what the majority wants, especially in a democratic system. If you look back to Ancient Mesopotamia, you'll find cycles of debt and assets being taken from creditors to give it back to those trapped by debt. Many Americans are falling into a debt trap and, recent bankruptcy law revisions aside, at some point they'll demand a way out that will be hard to ignore.
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