Which leaves Americans and the Fed as customers. Even if they save more, domestic consumers can’t absorb all the Treasury bonds that will be on offer. And if the Fed keeps buying, it will pour fuel on the inflationary fires.
I have never before doubted the resilience of the American economy – its ability to survive inevitable downturns after periods of excess, and to weather the burdens heaped on it by politicians. Obama, however, has me shaken, perhaps because I am not stirred by his rhetoric.
Irwin Stelzer, The (London) Times. No more bailouts.
P.S. (Where is James when we need him to save Western Civilisation?)
More:
During the campaign, a fellow journalist confided that "I know Obama is a Manchurian candidate, I just can't figure out what for."It is our president who laughs now. He laughs.
I laughed then, but no more.
More: Mr. Friedman, you reap what you sow. You wouldn't recognize a real statesman if it hit you in the face. But then we conservatives are just stupid hicks who don't care about this country.
I am so angry. I am so angry.
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