The Economy: Karl Denninger, “Oh Look, Infinite Leverage!”
by Karl Denninger
“Here we go again! If you saw any of the Republican convention last week, or its garland of talk shows, you may be aware that President Barack Obama has run up deficits averaging about $1 trillion a year over his four years in office. In case your math is weak, that’s $4 trillion added to the national debt- a lot of money. But what would have happened if we hadn’t borrowed and spent that money? Actually, it’s closer to $5 trillion, but what’s a trillion among friends, right?
The question asked is what would have happened if it wasn’t spent. That’s simple- the big banks would have blown up. As I’ve repeatedly shown that is where it went, economically. So the queston is not “do you want more jobs or less debt”, because neither candidate actually proposes to stop accumulating debt. The question is “do you believe in Skittle-****ting unicorns”, because if you believe in the ability to continue a geometric series forever in a finite world then you believe in either of the two main party plans. If not, however…
Ps: The laws of mathematics are not suggestions.”
2012-09-08 23:43:37
Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2012/09/the-economy-karl-denninger-oh-look.html
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