Who will restore reality to politics?

posted by
May 15, 2011
Orange County Register
by Mark Steyn  
Posted in Commentary, PND Commentary

"In the real world, debt ceilings are determined by the lenders, not the borrowers. In March, Pimco (which manages the world's largest mutual fund) calculated that 70 percent of U.S. Treasury debt is being bought by the Federal Reserve. So under the 2011 budget, every hour of every day, the United States government spends $188 million it doesn't have, $130 million of which is 'borrowed' from itself. There's nobody else out there." (05/14/11)

http://www.ocregister.com/opinion/-300417--.html  

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