Friday, March 18, 2011
Here's the Thing
All I'm sayin' is debt is a problem. Everybody knows it's true. What's really odd is, no economic theory says debt is a problem. No theory but mine. Far as I know, anyway.
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All the talking head economists today are saying how "public debt" is a problem. All their theories confirm it. Public debt is impeding the private sector from borrowing, puttting future tax pressures on our children... blah blah blah. They do ignore private debt however, which is strange.
I asked a guy at work the other day
which he thought was hurting our economy more private debt or public debt? He said public debt (I knew he would). So I said to him "That means you would rather OWE the bank $100,000 than OWN a $100,000 Treasury Bond! I'll tell you what you buy my $100,000 mortgage and I'll use the money to go buy a Treasury Bond... deal??"
He looked dumbfounded and walked away mumbling. I still dont think he gets it.
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