by Karl Denninger
Market-Ticker.org
You’re going to get hammered.
In the last few days there have been a handful of people — including Richard Fisher, former Fed President — who have pointed out in public what I’ve been saying for a long time: The issue is fiscal and until Congress cuts it out rates are not going to go down and in fact will be higher for longer because if Congress is not essentially backed into a corner the nation will be destroyed.
Congress has proved over the last couple of decades that it is incapable of being fiscally responsible without being forced. Since external force can only come through cost or violence and the latter is obvious undesirable the former is all that’s left between us a descent into Argentina-style Hell.