A proposed emergancy spending CUT of a trillion dollars would do a lot more for the economy than spending a trillion dollars of borrowed money.
Count on interest rates doubling in the next 4 to 8 months. When the Chinese say they want PAID a real return for funding our economy (instead of 1% or less) the brown waste product will hit the fan. Most of the US dept is financed at fixed rates with 2-4 year terms.
A run up in interest rates will be felt immediately by the nation government. Interest on the US debt is 8% of the budget - a return to "normal" interest rates (say 5%) increases the interest on the national debt to MORE THAN WHAT WE SPEND DEFENSE. Thats if interest rates only go back to mid 1990s levels - hardly high but still crushing to a high debt country addicted to borrowing. If they actually get "high" (in 1980 they were 15%) the federal debt explodes like a college kid's credit card debt.
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Today's Featured Article - Women and Tractors, A Woman's Touch - by Teri Burkholder. I thought I would give you a little background on how I got myself hooked on tractors and their restoration. My family is a very "crafty" bunch of people. By crafty I mean good with crafts!! My Dad is a retired industrial engineer from Bucyrus Erie which made big shovels for excavating and he is also a wonderful wood worker. My mom and my "guardian angel" has had her own ceramic shop for 30 years and is an excellent painter. With these skills always active in our house it was hard not t
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