[rbg81]

Spain has less debt than the US per capita. Thanks to Comrade Zero. What’s killing Spain is that they are paying 6 percent on their debt instead of 1.5 percent.
Imagine what would happen if the interest rates on US debt were to rise?

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Bingo. What is saving our bacon is that:
1. We can print our own $$
2. We are still the world’s reserve currency
3. We are still percieved as the “safe haven” of last resort. This is especially so because the problems in the rest of the world seem much, much worse.

The reality is that the entire Western world (including Japan) is screwed. We are on the same path to buying our own debt with $$ created out of thin air. And we do it because of the Social upheaval that would occur if we cut entitlements. Politicians fear it. Even so, the ultra low interest rates we have to day are a tax on the productive so the Government can redistribute cheap $$ to the unproductive.

[JCBreckenridge]

“Even so, the ultra low interest rates we have to day are a tax on the productive so the Government can redistribute cheap $$ to the unproductive.”

It’s coming - and we aren’t all that far off.