Further to the above post; I have to admit to utter bafflement as to why western governments seem to be addicted to selling government debt (borrowing) every year.
If I find that I need to keep borrowing money which costs me even more money to pay back, it's quite obvious that I'm living beyond my income and need to stop it
Many Eurozone countries have just had their credit ratings reduced by the 'Ratings Agency' that I refer to in my previous post and the financial system responds by still lending governments the money, they just charge more for the loan.
If there is no need for governments to borrow money, it really wouldn't matter what the credit rating agencies said and these ratings agencies could 'go screw themselves'.
If you keep putting yourself at the mercy of a car dealer who sold you 'a minter' which immediately had the chassis collapse and the engine seize up, all you are proving is that you shouldn't be allowed out without a minder
