In early 2014, the united states government had more than $17 trillion in debt (approximately $55,000 for every u. s. citizen) outstanding in the form of treasury bills, notes, and bonds. from time to time, the treasury changes the mix of securities that it issues to finance government debt, issuing more bills than bonds or vice versa. with short-term interest rates near 0 percent in early 2014, suppose the treasury decided to replace maturing notes and bonds by issuing new treasury bills, thus greatly shortening the average maturity of u. s. debt outstanding. discuss the pros and cons of this strategy.

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.