[avacado]

"The U.S. is broke and its ability to borrow ever more trillions of dollars is ending."

Obama says that free health care will fix that.

[nathanbedford]

The American people and especially the Obama administration seem to be living in a parallel universe apart from the rest of the world. As I understand it when the Fed went to the window to sell its last batch of bonds a significant portion could not be sold and had to be purchased by the Fed itself through a beard. When America buys its own debt that is monetizing the debt and it is the penultimate step to cataclysm.

That the American people and the Obama administration continue to talk about adding trillions of dollars in health-care reform and Cap and Trade regulations to the burdens already imposed on the economy and the national debt cannot be explained rationally by resort to our common understanding. One can only assume that the administration especially has utterly departed from reality.

The American public itself at last show signs of arousing from its torpor.

I think that it may become completely irrelevant whether Cap and Trade or healthcare pass, the international financial markets have yet to play their hand in this high-stakes game.