Does David Brooks know *anything* about Economics? (hint: "No")
Mr. Serious David Brooks has a doozy of an article up in the NY Times, which he starts off in thrilling fashion with
WTF is "borrowing from the future"? Seriously, WTF? Is there a special bank somewhere where you get to go and ask your (unborn) great-grandkids for a loan? Where time-traveling repo-men come by and take your car Back To The Future in case you stop paying?
For the last time (ok, probably not the last time, but I can hope),
The big-honking deficit? Thats money you - and I, and everyone else - are borrowing from China and Norway and a bunch-a other countries. They are lending us the money, right now, (at crazy cheap rates I might add).
What?
You are troubled by all this borrowing?
Fine! Then feel free to complain about how much the dollar is over-valued, because in the end we are borrowing from foreigners because of the trade deficit, not, repeat NOT because of the budget deficit. (The budget deficit is being financed by the Fed, not by China)
You want to eliminate the trade-deficit *and* have a strong dollar?
Oh come the f**k on...
I could go on, but seriously, someone, somewhere tell Mr. Serious David Brooks, to STFU...
Every generation has an incentive to borrow money from the future to spend on itself. But, until ours, no generation of Americans has done it to the same extent.Say what?
WTF is "borrowing from the future"? Seriously, WTF? Is there a special bank somewhere where you get to go and ask your (unborn) great-grandkids for a loan? Where time-traveling repo-men come by and take your car Back To The Future in case you stop paying?
For the last time (ok, probably not the last time, but I can hope),
Borrowing Happens NOW!
When you borrow money, you get it from someone else, right now.The big-honking deficit? Thats money you - and I, and everyone else - are borrowing from China and Norway and a bunch-a other countries. They are lending us the money, right now, (at crazy cheap rates I might add).
What?
You are troubled by all this borrowing?
Fine! Then feel free to complain about how much the dollar is over-valued, because in the end we are borrowing from foreigners because of the trade deficit, not, repeat NOT because of the budget deficit. (The budget deficit is being financed by the Fed, not by China)
You want to eliminate the trade-deficit *and* have a strong dollar?
Oh come the f**k on...
I could go on, but seriously, someone, somewhere tell Mr. Serious David Brooks, to STFU...
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