Jul 20, 2012

If You Meet the Clown on the Road, Kill Him

Ed Gamble, 7/19/12:
Capital markets have completely seized up, leaving the US government unable to issue new debt.

(Actually, 10-year T-bills just had a record fourth negative yield, meaning that the US government actually makes money -- a tiny bit, to be sure, but money -- on the issuance of new debt.)

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