There ALREADY isn’t enough money in the world to fund US Debt. The Federal Reserve has to buy (ie. print) 70+% of US Debt issuance now.
try to imagine where interest rates would go if the FED did not buy US Debt.
That is why the Federal Reserve is the first and most important pillar of Progressive plans for Government. No FED means no money printing, which means the Gov’t must pay real interest rates on debt, which means Gov’t spending would be eventually be checked by the market, which means the Gov’t would not be able to run massive, long-term deficits as they are now, which means they can’t fund the welfare state.
“try to imagine where interest rates would go if the FED did not buy US Debt.”
No need to imagine it. It’s happening. Gold will skyrocket, the economy will flatline, inflation will eat us and the housing market (most common source of wealth for the middle class) will stay underwater until interest rates are forced up...then we will have what is already what we have if there were rational thinking...a double dip.
“which means Gov’t spending would be eventually be checked by the market”
It will be, anyway. The market, like murder, will out.