NPR’s Planet Money (which I have been known to describe — without hyperbole — as “the best journalism on any topic in any media, in the entire existence of journalism”) published an interesting blog posting. A reporter goes to the Treasury Department to find out that the US government is going to lend billions of dollars to the IMF, but will do it in an off-books deal (you know, like Enron).
The killer is the last two sentences:
So why not pledge a trillion dollars to the fund? I asked. No good answer.
I think it must be that at some point people would lose faith in the financial soundness of the U.S. government.