Yo North Americans, Do You Want To Get Depressed

Yeah I read this article and thought. Huh huh I am glad I am not in US. But you my delightful reader of this might like it. And please do forgive me, I said it might depress you. Well it starts like this:

Ever since the beginning of the financial crisis and Quantitative Easing, the question has been before us: How can the Federal Reserve maintain zero interest rates for banks and negative real interest rates for savers and bond holders when the US government is adding $1.5 trillion to the national debt every year via its budget deficits? Not long ago the Fed announced that it was going to continue this policy for another 2 or 3 years. Indeed, the Fed is locked into the policy. Without the artificially low interest rates, the debt service on the national debt would be so large that it would raise questions about the US Treasury’s credit rating and the viability of the dollar, and the trillions of dollars in Interest Rate Swaps and other derivatives would come unglued.

Do you really want to read it huh?  OK here is the link.