England Signals Financial Problems For US

Trying like the US to finance their deficit spending, England’s Bond Auction failed today. There were no buyers for their 1.75 Billion (2.6 Billion US) Bonds. The Bank of England said, “there is no more money for further spending”. England is in a US type recession. England was offering only ½ of 1% interest on the bonds. Investors said in order to take the risk they would need 9.3% interest. Investors will soon stop buying US Bonds.