$800 Billion Gorilla
Just suppose you owed someone $800 bucks . . . or $800,000. Do you think it could affect the relationship? What about nearly a trillion dollars?
The Obama Administration just announced that American-Chinese relations are "at an all-time high." But a story in the Washington Post compared our relationship with China to the nuclear stalemate of the Cold War, known as "mutually assured destruction," or MAD. We're dependent on them for future loans; they're dependent on us to pay back old loans and new.
Kenneth Lieberthal of the Brookings Institution explained that "the Chinese can pull the rug out from under our economy only if they want to pull the rug out from under themselves." Reassuring? Not very. Why have we allowed a foreign power to gain such leverage over us? Because our politicians cannot -- will not -- limit their yearly spending to the trillion-plus dollars in revenue from American taxpayers.
When it comes to debt, China's tyrants have taken better care of their country than our politicians have of ours. But we needn't cede them control. Far better simply to stop borrowing billions from Beijing.
How? Slash spending. If our politicians can't do it for us, maybe they can do it for their Chinese allies. This is Common Sense. I'm Paul Jacob.
Tags: Barack Obama, China, Chinese flag, RPC, The White House, U.S. Property To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 6:41 PM - Post Link
2 Comments:
America hasn't a hope in hell of paying that debt off..lots of Chinese in Australia, and every last one of'em laugh about that very fact..a cray super computer couldn't figure out how to pay it..America is in BIG trouble..that debt or the Muslims will be the starting point of the future war is which is inevitable.
As lots of Chinese have told me, they can afford to lose 1,000,000,000 folks, and still come out on top..that kind of mentality is very hard to beat..impossible actually.
The Chinese have a long-term plan, I understand, to take-over the United States. They do not care if it takes 100 years and costs them many lives. The are determined. A determined foe is hard to beat if you are asleep or in denial.
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