Guest Post: More Debt Won't Rescue the Great American Ponzi

Bottom line....We can bankrupt ourselves propping up a system that is collapsing anyway, or we can dig ourselves out of debt, if not with higher interest rates then certainly with fiscal austerity. That would be a hard sell to the American people, I know. But deep down, Summers and Geithner know it is the right thing to do. It is, after all, the prescription they wrote for emerging markets facing financial crises.

It's long past time we took our own medicine. If we don't take it voluntarily, the bond market will stuff it down our throat anyway.

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velmi dobre citanie len mi tam chyba nejake riesenie situacie okrem klasickeho musime zjest co sme si navarili..