Craig Barrett on the Deficit

From Azcentral.com

The thing I'd be most concerned about right now is deficits. What we're doing for short-term stimulus is cool and necessary, and I think everybody buys into that. It's what we're doing longer term . . . government infrastructure, government costs we're putting in place. Personally I'm frightened to death of the trillion-dollar deficits everybody's looking at years two through 10 of the next decade. I don't see how those are sustainable . . .

It means a lot for people like Americans because when we start to get up with a deficit which is approaching 100 percent of GDP then . . . the Chinese are going to wake up some day and say, 'I don't want your IOUs anymore,' and all the sudden the dollar's going to be worth 50 percent of what it was worth the day before, which means the standard of living of every U.S. citizen crashes and the government can't print money to make up for that.