Clouds on the horizon

The Cunning Realist

What's troubling is that we don't determine our own interest rates at this point. Essentially, the rest of the world is telling us that if we want to borrow to pay for preemptive wars and a reckless fiscal policy, we can---but other nations won't underwrite it on favorable terms. Think about that the next time your mortgage or credit card payment increases. President Bush gets blamed for a lot, and justifiably so. But this de facto ceding of monetary power to foreigners is an inexcusable and dangerous screw-up. It didn't have to happen.