[neverdem]

Anytime someone suggests this sort of thing I cringe.

Oh well, I was taught that morals matter, but I see they don't.

You're not getting it. When it's stupid to increase the taxes to balance the budget, and there's no political will to cut spending, the fees to borrow from foreignors is chump change at these interest rates.

[Jason_b]

In one sentence you were talking about default and inflating.

I was responding to that sentence.

Now I see you wrote, "We're in the drivers seat borrowing money at cheap rates."

So ok. It is cheaper to borrow from foreign central banks than to borrow from our own.

It's all credit anyway, unbacked, and unlimited.

It reminds me of the the old quote:

“Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it [the power to create money] away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money."

Sir Josiah Stamp - Director of the Bank of England (appointed 1928) Reputed to be the 2nd wealthiest man in England at that time.