NY Times conservative columnist outlines "principles" he'd like to see when we cut spending

[one...two...tree 2,762]

Austerity is not a choice, it's a necessity. It's not like Greece could just continue spending.

The only alternative to austerity is outright bankruptcy.

Ireland is actually worse off now. It falls back to Keynesian Economics - more spending stimulates the economy when it's anemic and cutting back spending when the economy is on life support is economic suicide.

[mawilson 2,133]

Ireland is actually worse off now.

Worse off than bankruptcy?

[one...two...tree 2,762]

Worse off than bankruptcy?

How does a country go bankrupt?

ETA: The U.S. is not Greece. Different dynamics and circumstances.

Edited March 1, 2011 by 8TBVBN

[mawilson 2,133]

How does a country go bankrupt?

When it defaults on its debt obligations, and the debt holders respond by

seizing the assets the country owns (abroad in the case of foreign creditors)

and using these assets to partially compensate creditors.

PS: Irish debt is denominated in Euros and there's a non-zero chance that

the country will be forced out of the Eurozone if it defaults.

Edited March 1, 2011 by mawilson

[Obama 2012 1,714]

How does a country go bankrupt?

ETA: The U.S. is not Greece. Different dynamics and circumstances.

The only thing that makes us different is the fact we can print money at-will.

The only reason we are able to do this is because we are the World's reserve currency.

If we lose that designation though, we are literally fvcked.

[^_^ 5,021]

The only thing that makes us different is the fact we can print money at-will.

The only reason we are able to do this is because we are the World's reserve currency.

If we lose that designation though, we are literally fvcked.

No, not literally

[Ban Hammer 13,682]

No, not literally

how do you think you're gonna pay off that debt?