Fifth Year of a Trillion-Dollar-Plus Federal Deficit

Written by Gary North on July 25, 2012

The politicians have gotten used to deficits over $1.2 trillion. They assume that the public — meaning Asian central bankers and the Federal Reserve — will continue to fund these deficits forever, at interest rates lower than at any time since the 1930s. The believe in free money. But these IOUs are permanent. When rates […]

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