Has anyone bothered to ask the question of: Does the world have that much savings to borrow?
The U.S. government's borrowing needs will almost double to $2 trillion this fiscal year, prompting the Treasury to revive three-year notes and hold more frequent sales of 10- and 30-year debt, according to Goldman Sachs Group Inc.
...
The U.S. borrowing requirement will surge as the Treasury buys troubled assets from banks under a $700 billion rescue law, $561 billion in coupon securities mature, and the budget deficit widens to $850 billion, Goldman said.
We'll soon be thinking of those good ol' days when the federal deficit was only $400 Billion.
blog post
Maybe we should just make up a blog post linking over to all of these? Anybody volunteer?
This is begging the question for me can the US plain default on it's debt?
It's like the Bush administration's last act is to rob the nation blind.
I'm sorry, I just don't see why this is all necessary, not at all.
Where will the money come from?
I've been trying to gather up data, but its hard to come by. I've seen quotes that America is already absorbing 85% of all foreign investment in the world, so it would seem that any significant increase in our borrowing needs would strain thing (especially when Europe is doing the same thing).
The trick is finding the raw data, which has so far eluded me. If I can find it I'll make a diary.
some links
http://www.ustreas.gov/tic/mfh.txt
foreign holders by nation of US treasuries
http://seekingalpha.com/article/103265-foreign-debt-holders-and-u-s-nati...
has some additional
and this Ross Perot. This is a new website with a lot of charts on the national debt, very useful/nice.
http://perotcharts.com/home/