Shopping in Weimar Germany circa 1923
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Bloomberg quoted Goldman Sachs saying late last month that the U.S. government would have to sell $3.25 trillion (with a T!) in debt this fiscal year in order to meet its obligations:
Obama has increased the U.S. marketable debt to an unprecedented $6.36 trillion to fund bank bailouts, stimulus spending and the budget deficit. The government will have to sell a record $3.25 trillion of Treasuries in the fiscal year ending Sept. 30, according to Goldman Sachs Group Inc., one of the 16 primary dealers required to bid at Treasury debt auctions.
A massive increase in the money supply will wreak havoc. We are so screwed.
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