Rick Santelli makes some interesting comments in response to a Wall Street Journal article by former Vice Chairmen of the Federal Reserve Alan Blinder titled Four Deficit Myths and a Frightening Fact. Santelli points out that "Just because the world is willing to loan the US money at low interest rates, doesn't mean we should take advantage of it."..."6 years ago some finance minister in Greece probably said the same thing. Don't worry about deficits or debt, if the world is willing to lend us money, we would be fools not to take advantage of it."
Central planners in Greece couldn't say no to all the loans offered to it over the past decade. Is the United States the next Greece?
The United States would already be Greece if we didn't have the ability to print money and buy our own bonds when nobody else would. Eventually though, even the US will have to face the consequences of irresponsible debt creation. I thought "Kick the Can" (down the road) was a children's game, apparently policy makers around the world continue to play... I think we know that all games must eventually end.
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