Gary Cohn was 'astounded at Trump's lack of basic understanding' about the federal debt

[quote]President Donald Trump suggested that since interest rates were going up, the US government should simply borrow massive amounts of money.[/quote]

[quote]When Gary Cohn explained that increasing borrowing would push up the federal deficit, [b]Trump suggested simply printing more money to pay off the debt[/b].[/quote]

This is pretty much the Venezuelan model.

https://www.google.ca/amp/s/amp.businessinsider.com/bob-woodward-book-trump-federal-debt-printing-money-2018-9

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eatpraylove · 56-60, F

rich people understand debt very well I assure you. it is poor people that are afraid of it.

WoodyAq · M

@eatpraylove Trump certainly knows how to default on debt while leaving other poor suckers holding the bag.

In this case, those suckers are us.

eatpraylove · 56-60, F

@WoodyAq you are a poor person, obviously.
do you think amazon is a smart company?
do you think they have any debt?
how much?

badminton · 61-69, MVIP

@WoodyAq In Manhattan business circles in the 80's and 90's, Trump was known as "Don the con". When his business enterprises went belly up, Trump would use the bankruptcy laws to stiff his creditors.

eatpraylove · 56-60, F

@badminton ummmm that is what bankruptcy is....

WoodyAq · M

@eatpraylove Oh, it is okay to borrow... but Amazon spends on productive investment. And it can't print it's own money when it screws up.