I don’t know whether to laugh or cry
Mark Steyn has a new piece up at National Review Online discussing the debt ceiling, quantitative easing, and other fiscal insanity. Sounds boring as hell doesn’t it? It probably would be, if it wasn’t Mark Steyn.
I tried up above to come up with a real-world comparison for the debt ceiling — imagine you’ve got a credit-card limit of 10K, etc. — but it’s harder to do that with the Fed’s policy: Imagine your left hand issues an IOU to your right hand in return for an e-mail with a large number on it . . . oh, never mind, it’ll only make your head hurt. “Quantitative easing” is extremely quantitative if not terribly easing, so raising the debt ceiling would enable us to issue more debt for us to buy from ourselves. You can see why Secretary Geithner thinks that’s a no-brainer.
Read the whole thing to get a practical understanding of what the talking heads are all arguing about.