1.6 trillion dollars – to be borrowed from whom and at what cost?

I used to think Paul Craig Roberts was right on the mark about the erosion of our ancient liberties ("the rights of Englishmen") but then he wandered off the reservation on issue that I can't call to mind just now.

But, he's back (assuming he was gone) with what appears to be a right-on-the-money analysis of our current difficulties and our history since 1900. Credit swaps, the up-tick rule, and the error in bailing out AIG are explained clearly, as are other phenomena:

The Bush and Obama plans total 1.6 trillion dollars, every one of which will have to be borrowed, and no one knows from where. This huge sum will compromise the value of the US dollar, its role as reserve currency, the ability of the US government to service its debt, and the price level. These staggering costs are pointless and are to no avail, as not one step has been taken that would alleviate the crisis.

Death for short sellers of national currencies seems an extreme solution at first blush, but the idea's been growing on me . . . .

"Doomed." By Paul Craig Roberts, Counterpunch, 2/24/09.