Printing more money won’t solve problem

Does anyone really think we can borrow our way out of debt? The debt at the federal level is $17 trillion. All but a few states carry a heavy debt burden. Many cities are deep in debt.

Consumer debt is on the rise along with student loan debt. The federal reserve is printing more money night and day in an effort to keep the so-called recovery limping along. The fed is now the major buyer of U.S. Treasury bonds, which is akin to making payments on one credit card with another credit card.

Europe is also printing money like never before. Japan's printing presses are running as fast as they can. China's economic miracle is beginning to fray around the edges.

Washington keeps right on spending and the presses keep with on churning out money. This is a surefire recipe for rapidly escalating inflation at some point becoming runaway inflation.

A few people in Washington understand all this, but (sadly) only a few. What to do? Beats me. Hope for a miracle, I guess.

Gary Sargent

Cedar Rapids