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April 14, 2006

Treasury Sec. Snow Denounces Fiscal Discipline

-- by Dave Johnson

The Treasury Secratery of the United States says,

...achieving fiscal discipline, can only lead to one thing: higher taxes. And higher taxes always mean a larger role for government and a smaller role for the private sector. Is that the way we want to go? I don't think so.
(Never mind having to pay interest on borrowing...)

On a likely related note,

Yields have risen sharply by 0.6 percentage points so far this year, reaching 5.036pc in New York last night.

... Analysts said the spike in yields is chiefly caused by an exodus of Asian investors, who hold a huge chunk of the US national debt.

"We've started seeing a lot of money being repatriated into the Japanese equities market," said Matthew Smith, a manager at Smith Affiliated Capital. Japanese holdings of foreign bonds has fallen by $70bn so far this year, according to data from Japan's finance ministry.

Dumping out of US funds? They probably heard that our Treasury Secretary thinks fiscal discipline is a bad thing.

Posted by Dave Johnson at April 14, 2006 10:39 PM

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Comments

When are he Chinese going to follow the Japanese example? That's when we're gonna be in really big trouble.

Posted by: MJ [TypeKey Profile Page] at April 15, 2006 6:31 AM

"War is Peace. Freedom is Slavery." And so on and so forth, into the Orwellian sunset. These are not your father's Republicans, are they? The Pusher Man has made America's addiction to debt especially cruel.

Addiction to war, addiction to oil, addiction to debt, addiction to punk fundie religion: not only is the monkey on our back, the damn thing's a cyborg.

Posted by: Copeland [TypeKey Profile Page] at April 15, 2006 9:16 AM

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