Not Obama’s debt

June 10, 2009

Leonhardt’s article (and amazing graphic) is everywhere today.

Andrew Sullivan brings it full-circle:

It is not Obama’s debt – or, rather, he owns about 10 percent of it. It’s Bush’s. And like everything Bush did, he left the wreckage for others to handle after he left the stage. And the bribing, war-making, spending and borrowing didn’t even win him any durable popularity. They sold this country, its reputation and its treasure for a one-off re-election.

It is interesting how the boogie man of the econalypse keeps changing.  First it was subprime loans, then CDOs and SIVs, then CDSs and other derivatives.  These days Schiff, Taleb and others are warning that the worse is yet to come, in the form of a devalued currency and hyperinflation as the Fed and Treasury keep throwing money at the problem.  As much as I applaud them for forecasting the current storm, I think they’re wrong this time.

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