From
NM Politics.net - by Michael Swickard, Ph.D. - After 50 years of not even talking about paying back the national debt, it is obvious that there is no political will to ever pay back the national debt. At least not from the elected officials we now have in Congress. The problem is that nations are getting wise to us not intending to pay their loan money back. Our country raises money for our treasury by offering T-bills. In the last couple of years there have been fewer buyers, if any. So we, ourselves are buying our own T-bills as if another country bought them, and then saying we have more money. We are in effect writing ourselves a check and proclaiming that we now have more money.
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Swickard: Borrowing money with no intention of paying it back
From NM Politics.net - by Michael Swickard, Ph.D. - After 50 years of not even talking about paying back the national debt, it is obvious that there is no political will to ever pay back the national debt. At least not from the elected officials we now have in Congress. The problem is that nations are getting wise to us not intending to pay their loan money back. Our country raises money for our treasury by offering T-bills. In the last couple of years there have been fewer buyers, if any. So we, ourselves are buying our own T-bills as if another country bought them, and then saying we have more money. We are in effect writing ourselves a check and proclaiming that we now have more money. Read more
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