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Bill Still , William T. Sovereign nations do not have to borrow their money into existence, yet the United States has been deceived into doing so since The compounding interest on this debt is now growing logarithmically and cannot be sustained. Unfortunately, we cannot just pay down the National Debt. All our money except for coins -- is created out of this debt. This plan will not cut one dollar from our debt. The debt will continue to grow over the next 10 years, just at a slightly slower pace than previously anticipated.

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The saddest part is that even after those 10 years, the government would still be running a deficit each year. Well it didn't take long for talk of reducing debt to disappear and talk of increasing debt to come back. There will always be emergencies. Whether it is communism, energy, terrorism, unemployment, etc.

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  • Key Drivers of the National Debt.

If we allow every emergency to be a cause for borrowing more money, we will leave future generations with no way to cope with their own emergencies. Republicans continue to argue that the best way to cut unemployment is to cut corporate tax rates. A lack of cash is not what is keeping corporations from hiring. Most are sitting on huge stockpiles of cash.

I love lines like this, "At last year's meeting, Bernanke prepared the market for QE2 -- a bond-buying program that is widely credited for supporting stocks earlier this year. That's all the Fed's tampering ever manages to do, create bubbles. Ron Paul lost the straw poll by a whopping votes, yet he is barely even mentioned in this article.

You could list the differences between Bachmann, Perry, and Romney on one 3x5 note card. The media does serious damage to the democratic system when it only promotes clones and shuns anyone with different ideas. With neither Ron nor Rand Paul on this committee, I don't expect them to get any more done than they have with the last two compromises.

Key Drivers of the Debt

Another silly article about the debt ceiling. The writer says it would be better to wait and cut spending during a strong economy as opposed to a weak one.

Difference between National Debt and External Debt

This would be true if politicians were disciplined. Unfortunately, they are not. How often have we ever seen them make any spending cuts during a strong economy? Who would take John McCain seriously when it comes to debt reduction?

The U.S. Debt Ceiling Expired On March 1 And Nobody Cared -- But They Will

He voted for the Bush tax cuts while voting for both the Afghanistan and Iraq wars and the Wall Street bailout. He is exactly why we are in the current debt crisis we are in. He is the personification of a politician who doesn't realize how to spend only as much as you make. If you went to a bank and told them you needed a loan so that you could make the interest payments on another loan you had already taken out, they would laugh you out of the building.

Yet that is exactly what politicians are saying when they say that if we don't raise the debt ceiling then we will default on the national debt. Until the Republicans are willing to admit that budget surpluses ended and deficits started back up after the Bush tax cuts, they are never going to make any serious headway in stopping those deficits.

The Myth of Economic Growth as a Solution

This meant that holders of Greek government debt had to accept a halving in face value of their bond holdings. This pushed Cypriot banks further towards insolvency. The country has been improving its debt positions since then, but it still has a long way to go before it will have paid off all of the debts accumulated during and The difficulties of the banks of Cyprus meant that they could not raise funds from international loans.

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The necessity of forcing haircuts on the holders of both Greek and Cypriot government debt made it impossible for the country to raise any more debt by selling bonds to traders. So, the debt profile of Cyprus changed from one that issued bonds in order to finance a government deficit, to one that need to seek intergovernmental loans. Instead, the government is focused on reducing the national debt. The table below shows how the debt profile of Cyprus has changed because of the bank bailout. As these figures show, the domestic debt of the Cypriot government has not changed much in the seven years between the end of and the end of However, the overall debt has increased by about 8 billion Euros.

All of this amount was sourced from loans and not through bonds. The repayment tasks of the government of Cyprus was made harder by the high cost of emergency debt. However, the Ministry does not implement its own debt policy. Part of that responsibility lies in reducing the cost of servicing that debt by paying down high interest loans by taking out lower cost debt. This strategy saves the country money, thus free up more funds to pay down more debt.