May 28, 2009

ED MORRISSEY: “Right now, the United States has responded to a lack of demand for its Treasuries through a questionable and disturbing method: we’re buying our own debt. That allows the yields to remain low, but buying our own debt is somewhat akin to creating your own credit card. . . . What would a world with the United States in the second financial tier of nations mean? We would have significantly less foreign investment, to start, and that has other implications besides just the impact to our economy. We rely on economic engagement with other nations as a not-inconsequential portion of our national security and foreign policies.”

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