What happens when no one wants to buy your bonds? Ask the UK.
Gordon Brown's government completed a failed auction yesterday, selling 1.63 billion in gifts (UK's terms for bonds) out of a total 1.75 billion up for sale. Although this is not a rare occurrence for the UK seeing how it happened about seven years ago. However, if the US sees this type of lending contraction our economy would be in a state of chaos.
http://www.bloomberg.com/apps/news?pid=20601087&sid=amPQ1sDv8PFU&refer=home
Thursday, March 26, 2009
No More Lenders???
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