26
Jul
11

Fucking the dog: you’re doing it awesome

Two things:

Of the world’s share of AAA sovereign debt, we issue 59 percent of it.

Most of the discussion surrounding the debt ceiling issue has focused on what might happen, in the now distressingly near future, if we don’t raise the debt ceiling to permit the Feds to spend the money they’ve already said they’ll spend (and much of which they’re legally obliged to spend regardless).  People are discussing the crisis in the future tense.

I submit that the crisis is already happening — and has been happening for at least a year and a half — as the Feds do their best to convince the world that they aren’t particularly serious about addressing long-term debt issues.  If the US loses its AAA rating — or maintains its rating but can’t convince anyone to take it seriously — rising debt-service interest rates may be the smaller of our problems.  Losing 59% of the world’s AAA-rated government debt at a stroke would make the 2008 credit crisis look like a temporary correction.

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anarchocapitalist agitprop

Be advised

I say fuck a lot

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