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Bloomberg: “Don’t Panic… America Has an Infinite Amount of Money.”

While saying the federal deficit does indeed need to be curtailed, Mr. Bloomberg argued the United States could owe “an infinite amount of money” and there is no specific amount that would cause the country to default.

“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”

Nevertheless, Mr. Bloomberg said it wouldn’t be easy to find the spending cuts that do emerge. Accordingly, when Mr. Gambling suggested cutting “waste” could solve a significant portion of the deficit, Mr. Bloomberg flat-out disagreed.

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  • BigUgly666

    Like I said yesterday, Bloomberg is clinically, criminally insane.

    • Absolute Patriot

      Oh you mean like the psychotic fool in the White House? I agree…

      • ves

        There is not going to be any arguement on either statement!
        Both failed simple finance … so used to spending others money!

    • Shane

      He’s becoming another George Soros.He is lying; and some point China will stop lending us money if we keep running up $1 trillion in deficits every year. The Federal Reserve has been printing so much money that inflation will hit us again.

      • No, China will keep lending because government will offer them our IRAs and private property equity as collateral.

  • marineh2ominer

    No America does NOT have an infinate amount of money , on the other hand Soros , Bloomberg , and Buffet DO have an infinate amount of money . America has NO money , only American citizens have any money but not an infinite amount like them .

    • All three of those men are billionaires, but not one of them has the power to create money. Soros trades currencies, Bloomberg is a media mogul, and Buffet is a business tycoon, but none of them are bankers or in charge of producing currency.

      • They DO have the power to create money, through their massive influence over
        Ozbummer & Company.

    • Kent2012

      marine, kenyan boy has the answer….print more everyday…..to hell with Real Americans….

  • tedthebear

    The infinite amount of money is the savings from not being able to buy Big Gulps!

  • What a FU % % % % G IDIOT,how can you stave off BANKRUPTY by borrowing more money??? I personally wouldnt loan the US GOVERNMENT 12 cents…WHAT ARE THE PEOPLE that get their THANGS (i know i mispelled it on purpose) from oreo going to do,when oreo doesnt have any more of OUR MONEY to give them their THANGS (AGAIN) ???? BLOOMBERG is a BLOOMIN G IDIOT (along with oreo) !!!!!!!!!!!!!!!!!!!!!!!!!

    • Bloomersberg just CAN’T be Jewish. Jews have the market cornered on common sense.

  • conservative

    What an idiot!

  • He’s right, monetarily sovereign countries don’t default, but rather, they hyperinflate. There is a limit beyond which we would trigger hyperinflation. What that level is, I do not know, but I know we cannot print an arbitrarily large amount of currency without winding up with hyperinflation.

  • Kent2012

    the Benghazi bungler will just have the presses run all night printing more and more and more……….

  • I’ll tell you what should panic New Yorkers….the down-in-the-dirt dumbness of Herr Bloomersberg.