As Buck put it, any additional cuts, either from the joint committee or the sequestration trigger, would turn a debt crisis into a national security crisis.
The Law Society of Scotland has also raised concerns the move could turn solicitors into "unpaid debt collectors", saying the Scottish Legal Aid Board was the "obvious body" for collecting money.
The Law Society of Scotland has already raised concerns about part of the Bill which would mean solicitors having to collect the contributions themselves, arguing that this would turn them into "unpaid debt collectors".
Meanwhile, deficits turn into increasing levels of sovereign debt that can only be funded by financial repression.
From the sidelines, many voices say that the answer to all of this is to launch a eurobond that would essentially turn national debts into common European debt.
What was needed was to equitize that debt, turn it into ownership of assets.
The reason is that as and when the UK government, for example, is perceived to have borrowed too much, the Bank of England can buy some of its debt and turn it into money.
The conservative National Action Party has been less critical, but was expected to propose, late this week, a compromise that the government might accept: turn most of the bonds into public debt, but put some of the cost of the bail-out back on to the banks.
The House Republicans just passed a proposal, and their main plan to reduce our long-term deficits and debt is to turn Medicare into a voucher program.
It is relatively easy to understand what will happen in Japan: deflation will quickly turn into hyperinflation as government is forced to print money to service its debt and social obligations.
For a firm that probably would have collapsed without government capital, debt guarantees and fast-track approval to turn itself into a commercial bank (not to mention a multi-billion-dollar payout as a counterparty of American International Group), such largesse is cheeky at best, distasteful at worst.
In turn, investors pour money into public equities in search of returns they can no longer access in the debt markets.
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Indeed, some worry that there is now tier upon tier of debt, as individuals borrow to invest in funds of funds, which in turn borrow to put money into hedge funds that are themselves placing leveraged bets.
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