It’s not just the US which is selling bonds as fast as it can. Germany is in the act too. It is set to issue as much as EUR 300 bln ($413 bln) in 2009, according to the Christian Democratic Union, Chancellor Merkel’s party.
To put that level of borrowing in perspective, the US economy is more than 5 times as large as Germany. The US is going to borrow up a storm in 2009, it is seen issuing less on a percentage of GDP basis than the Germans. Keep that in mind next time they lecture Anglo-Saxons for borrowing recklessly.