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And it will probably nonetheless do that now, however it will not add new debt-free money into the economic system as is the deficit spending money. In case you learn my Hub, I attribute this current lull in world warming to a longer than regular dip within the solar cycle in the second half of last decade and to a double-dip La-Nina at the same time.
Since this cash returned to the government, it didn’t inflate the money supply; and since the government issued and spent an additional sum of money on public works, sufficient cash was saved in the system to pay the interest on the loans and forestall the debt spiral afflicting the personal banking system.
All cash, together with mature authorities securities, carries that debt obligation. The problem at present is that the media puts out numerous misinformation concerning the debt and most speaking heads have a political agenda hooked up to their commentary. Earlier than the Great Melancholy, balancing the budget and paying down the debt have been thought of second only to the defense of the nation as an obligation of the federal authorities.
Many buyers in mortgage backed securities, starting from the big funding banks, hedge funds, and retirement funds all the way down to the individual investor, have seen heavy losses as foreclosure rates surge, spreading turmoil all through the monetary world.