China’s debt bomb
‘He who pays the piper calls the tune”: That old saying captures perfectly America’s growing dependence on our No. 1 creditor in the world, Communist China.
By their carelessness Congress and the Obama administration are steadily handing over control of America’s economic and financial future to a handful of Chinese officials and generals in Beijing. Those who think the Chinese won’t use that control if they feel they have to are ignoring history — and the Chinese.
The ancient military strategist Sun Tzu said that the best strategy was to render an opponent’s army helpless even before the battle began. America may still have the biggest and best military in the world.
But many at the Pentagon are starting to realize that, thanks to our growing fiscal irresponsibility, we may be surrendering control of America’s destiny to a rival superpower — and all without a shot being fired.
Consider the scale of the problem.
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Cy Says:
Obama continues to be the scapegoat. America handed over that power to China loooooong ago. Remember when you decided to go to war with Russia and put garbage in space to outspend them? That’s when it started, and you still revere the president in charge for it.
Posted on February 8th, 2010 at 9:04 am
Jean Says:
When taking a hostage at gun point your power is in the treat and not in pulling the trigger if one is making ” rational ” decisions: if you asks for too much or kill the hostage you lose that power and even if you manage to get away you don’t have much ” profit ” to show for it.
Just a ” theoretical question ” should the U.S. declare war on the Chinese would that mean that the U.S. could unilaterally renege on it’s dept to the Chinese while still honouring whatever it owes to other countries ? Probably too many negatives in going to war with China to make this a desirable event …… LOL ! Just wonder in general if it is assumed that any depts between countries at war get cancelled at least until the war is resolved i.e. Just as an example I doubt that Germany was paying back any depts it might have had with the Allies during WWII or vice versa since when you are bombing the heck out of an enemy you generally don’t at the same time send them money to run their war effort !
An economic war that doesn’t get to the stage of a declared shooting war is a different situation, but I’m just thinking ” out of the box ” ( Old and tired corporate buzz word but it fits the above I think ).
( Note was writing this comment at the same time as Cy’s comment so it is in no way a reply to his comment, but to comment on Cy’s I would say that all Governments have been stupid with money in the past and present and probably for the immediate future and why does every topic have to become like every other topic in your comments ? It is really like the expression that if you only have a hammer every problem looks like a nail and I’m afraid that this topic will also degenerate into a back and forth rant and completely become off topic to the article in question ….. Sigh ! )
Posted on February 8th, 2010 at 9:12 am
Joe Says:
While I believe that NASA has outlived its usefulness and the various wars have not helped the real financial problem facing the Americans is unfunded liabilities stemming from their social programs. The people have learned that by voting for certain politicians they can effectively steal from the State without repercussion. Like all good socialist experiments eventually you run out of money.
Posted on February 8th, 2010 at 9:28 am
Cy Says:
Jean did you read the article? Who is the only president mentioned as the cause? I didn’t start this and silence would amount to agreement. But fine, we’ll stick our heads in the sand and pretend the debt problem started on Jan 20, 2009. Now what is going to be done about it?
Posted on February 8th, 2010 at 9:31 am
Jean Says:
Re 4: Yes they only mention Obama and you are right to point out that the problem is not one of his making, but if it was a mistake in the past making the same mistake worse by digging the hole deeper and DEEPER is faint praise for Obama’s wisdom in doing the same ! It more ” hopelessly no change ” than the advertised ” Hope and change “.
I did read the article rather quickly and I was mostly just trying to give it a weird or imaginative spin just to look at the situation from a different angle. ( My original comment ).
I was also reacting or maybe ” over-reacting to a few recent Topic threads that I think where getting obsessive and frankly abusive as some here got into heated arguments and I frankly think sort of lost it ! At a certain point I don’t care who is actually right or wrong but get seriously turned off or bored when discussions turn sour and go around in circles or the same obsessions become part of every discussion.
Oh, a bit of an obsession is O.K. as long as it stays polite and contrary opinion(s) is rebutted staying close to what was actually said rather than over sensitive reading between lines ! ( A common flaw in internet communication ).
Cy, I’m making a general comment here about a certain and recent lowering of the general tone of the discussions, and it’s really not about you as you always stay polite ( I may find that certain themes do recur rather often in your posts and I was reacting to that in a personal way and I really do not wish to offend you ). I enjoy sharing ideas, not sharing ” anger “.
Posted on February 8th, 2010 at 10:26 am
Undecided Voter Says:
Damn those Chinese are clever, not only along with the Japanese own most of the U.S. debt, now flush with cash, China’s sovereign wealth fund quietly snapped up more than $9 billion worth of shares last year in some of the biggest American corporations, including Morgan Stanley, Bank of America and Citigroup.
http://www.cnbc.com/id/35296379
Where & when will this all end Sarah?
Posted on February 8th, 2010 at 3:03 pm
ward Says:
My complaint would be the money wasted on the Great society movement.
Posted on February 8th, 2010 at 3:14 pm
Cynapse Says:
They money blown on defense contractors and war games is far more offensive to the human spirit.
Posted on February 8th, 2010 at 9:03 pm
Philanthropist Says:
Obama is taking Bush’s debt and tripling it, Obama is to blame for this looming disaster.
Posted on February 9th, 2010 at 3:37 am
Cynapse Says:
If Obama spent $0, it would still take 50 years or more to pay off the debt. You’d be blaming the first non-warmongering president you could find, which means he’d get it anyway.
Posted on February 9th, 2010 at 6:53 am
ward Says:
So with that logic he should double it as quickly as possible, with no improvement other than that most nebulous of ideals, “social” justice?
Despite trillions of dollars the left has not managed to eradicate the ills of the world or America.
While we try to extract ourselves from the failed Trudeaupian ideology that has been foisted upon us for the last 40 years, Obama is desperately trying to impose the same on America.
Posted on February 9th, 2010 at 8:40 pm