Greenspan: "I don't give a shyt if China and Japan decide to stop buying up bonds"

[nevadan]

quote from piezoe:
Ultimately, of course, the massive deficit spending we have engaged in these past 6 years will impact our standard of living. At least those of us who live long enough and are not excessively wealthy will be affected. But this could take a very, very long time to come to fruition. And we can joyfully take heart from observing that it is possible for countries to exist in a perpetual state of bankruptcy. Just witness Argentina. for example.

It has been quite a bit longer than six years. The amount of inflation in America is staggering. In 1913, the year that the Federal Reserve Act was passed, $100 was worth $2030 in 2006 dollars, which means that the purchasing power of money has been eroded almost twenty fold in a little over 90 years. See www.aier.org/research/col.php