"Uncle Sam is sound, if no one else is." So said the pundits on the Diane Ream Show on NPR, to explain why the Treasury can sell debt and borrow more billions to pay for the bailout and lots of other things.
Really? The U.S. government is sound? For how long? Just because it can tax and spend, print money, send the navy anywhere to show the flag? Isn't there a point where a country, and its government, becomes so debt-ridden and fiscally irresponsible that everyone, including its own people, turn away from it in disgust? We may not be there yet, but on the other hand, it may be closer than we think.