Have we gone over the edge?
Will bankers make us into the next Greece? Or, even much worse – Spain.
Spain had half as much debt as Germany. Germany had not made the debt level they wanted other countries to maintain. But, Spain had less debt than the ‘required’ debt levels. This was compared to each countries economic output.
So, why is Germany good and Spain bad?
IN ONE WORD?
banks & bankers.
So, when bankers decide they want more money, and will not pay their taxes
Can you say GEITHNER?
THEY will raise America’s interest rates.
Our current bond rates are 1.6% for 10 year and 2.7% for 30 year.
Historic rates for 10 year bond yields are usually over 4% …. If they TRIPLE the cost of our borrowing.
WE ARE IN TROUBLE.
In fiscal year 2017 we are to pay 500 billion on INTEREST. IF THAT TRIPLES, interest will become a third of the entire BUDGET.
Who will bail US out?