Trouble at the Asset Detox

Remember the term “toxic assets”? Google Trends shows a huge spike for this search term in March of 2009 and then… nothing. We don’t call them “toxic assets” any more, we just call them “assets” now, please don’t talk back and just listen. There are some things you just have to accept as facts.

For instance, the size of the US sovereign debt doesn’t matter. For instance, Americans can print all the money they want. For instance, interest rates are set by the Federal Reserve and can always be set low enough so that interest payments on the federal debt can always be made. For instance, the US dollar is the world’s reserve currency—always was and always will be.

That’s why the US federal debt will NEVER be defaulted on no matter how huge it gets. These are articles of faith in the US financial system. You want your swipey-card to continue working at the supermarket, don’t you? If so, go on believing! Not only that, but keep clapping… because if you don’t, this is what will happen and children everywhere will burst into tears.

To continue reading, please pass through face control.

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