Somebody's buying these treasury bills at 1/20th of one percent. Consuming about $2 billion a day of goods and services beyond what we're producing. In other words, the rest of the world sends about $2 billion a day net of something.We got to send them something in return, don't we. So we send them little pieces of paper.
It is very pleasant to scratch an itching ring-worm, but the sensation one gets afterwards is very painful and intolerable. In the same way the pleasures of this world are very attractive in the beginning, but their consequences are terrible to contemplate and hard to endure.