“President Barack Obama is priming an Italian-style debt crisis in the U.S by encouraging massive deficits with no regard for their economic consequences, says Harvard economic historian Niall Ferguson.
“What has been characteristic of this administration is that it has never attempted to arrive at anything resembling a credible plan to restore the finances of this country to balance,” Ferguson said at a question-and-answer session after delivering the Manhattan Institute’s Wriston Lecture.
“The last time the Congressional Budget Office tried to project fiscal policy on the basis of current policy, what it showed was that the United States would never again this century run a balanced budget, that it would run a deficit every year until the projections peter out in the 2o80s.”
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Ferguson is an idiot. Italy is a currency user, whereas we have a sovereign currency. There are no bond vigilantes in the US (nor in Japan, or the UK).
Apples and Oranges.
Who let the conspiracy theorist in?
Just because X is happening in the world doesn’t mean Y president is responsible.
Also, that Ferguson guy is an idiot. Without the finger pointing, the bases for his facts are wrong. Itally and Greece going bankrupt is like Vermont and California going bankrupt. Our currency works in a completely different way than the EU. The USA can not go bankrupt over inflation. Instead it will just start looking like the yen.