It is a little bit disconcerting when the largest financial stakeholder in the US government goes on the air and expresses concern about it’s debtor’s ability to repay. I mean, what would happen if China called all of their notes due, today? Would they foreclose on our government? Would Jiabao show up at the Whitehouse with a couple of marshalls, and be like “alight Bam, hand over the keys. We can do this the easy way, or the hard way.” These are all things that would have been important to contemplate before making rash budgetary decisions. This is one huge issue where I hope that I never get to say “I told you so.”

[photo: Diego Azubel/European Pressphoto Agency]