"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
What's Next After the S&P Downgrade
"What now, in the wake of Standard & Poor's downgrade of U.S. debt?"
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Comments
'But the likelihood of an inflationary spiral in a sluggish economy with a high rate of unemployment appears to be very low."
This is true to a degree, but it also means the only thing keeping the U.S. economy from entering an inflationary spiral is continued stagnation. The mountains of cash on the books with the banks, plus any additional money created by further rounds of quantitative easing, make such a spiral an inevitability.