A couple thoughts. This article talks of "Russia", "Japan", "America", etc. Let's be VERY clear about something. It is not the nation that is ultimately being referred to. It is the national government that is wracking up this debt. In our case, 535 geniuses who refuse to balance a budget. We are being ruined by 536 (535 +President) people. In the President's case and many of the 535 I think it intentional.

Second note, yesterday I spoke with a low level minister from China. One of the first questions I asked was about America's currency policy, dollar very weak and getting weaker. They said this was a very bad policy and America needed to strengthen our currency via controlling our spending. I agreed wholly, for slightly different reasons. I told them all they had to do was stop buying our debt services. China is the largest holder of. They sheepishly agreed. They buy our debt so we can turn around and buy their goods. This is ultimately debt on debt and in the long run not sustainable, by either nation.

We are on a failed course. Ultimately, a collision course with reality. 536 listening?

Finally, a Samuelson column with which I substantially agree. But then again, it is nothing but simple mathematics. Have you ever thought about whose pocket is getting the hundreds of billions of dollars the US pays every year in interest? Who is still stupid enough to loan the US money? If you have any faith in a bankrupt (financially, and morally too I suppose) country, and still give them any credit, you deserve to lose your money. Thank you for the donation!

When I was a young pup, I worked for a former Governor of the Chicago Federal Reserve. He was bemoaning what he saw as the coming unsustainable debt of the US. I, a callow youth suggested that the US would default on the debt if his bleak outlook came to pass. He was shocked. It was unthinkable. Well it isn't unthinkable. Particularly with the morally bankrupct government running our congress and country. If they are willing to borrow this money, they will be willing to default when the payment comes due.

Defaulting on the debt really is a possibility, and it may be the only option eventually. The Fed has created more money and more debt than any nation could ever repay. Something has to give. The current course is simply not sustainable.

For goodness sake! If you can't afford it don't buy it. Avoid debt like the plague. If you are in debt get out of debt. SPEND LESS.

There was a powerful advertisement in 1986 by Ridley Scott for WR Grace. It was called 'the defecit trials'. All the while when we cheered for the prosecution of the Iraq war while expecting and voting for tax breaks, I thought of this ad.

Where were all these economic conservatives while we borrowed and borrowed to support the war in Iraq?

My current best estimate is that we have to borrow at least seven billion each month to "support our troops" there.

Why was there no outrage earlier in the Bush administration where he never met a spending bill he did not like.

Do the math. seven billion times twelve equals eighty four billion a year times eight years of the war equals six hundred seventy two billion dollars.

Doesn't that equal to the current stimulus package?

Yet no one mentioned that we were financing our preemptive war with borrowed money while at the same time tax cuts were given to the people.

Real smart.