JAPAN NOW HOLDS MORE U.S. DEBT THAN CHINA
The Chinese are selling their holdings and last week Japan took over first place with $767.8 billion of Treasury bonds supplanting China’s holdings of $755.4. Having only attained a high school diploma, I have huge difficulty how all this debt nonsense works. Over the past year the Federal Reserve has been buying Treasury bonds, so being the case America now owes money to itself as opposed a foreign country. That makes more sense to me. I want to puke every time I hear some guru on TV tell me, “If it weren’t for Chinese benevolence, America would be broke.”
As I have so often stated, given a choice I wouldn’t buy a $0.50 Chinese-made pair of sox, so when I am forced to buy Chinese it truly sticks in my craw. Everything about China is the antipathy of America. Firstly it is communist and we have fought wars against those evil bastard regimes on every continent since WW 2. Secondly, human rights are non-existent and China ranks a close second to Mugabe’s Zimbabwe. Thirdly, it is the most corrupt trading nation on earth. Fourthly, there has never been a manufacturing nation on this earth since the Industrial Revolution that has such a consistent and appalling reputation for poor quality. Lastly, the truth is they are a sworn enemy of America. Not that I care, but they oppose ever motion put by America at the United Nations and they are the supporters of every evil regime in the world, starting with Iran and North Korea.
If the Fed can buy our debt, why didn’t we think of that before? I like the idea of keeping everything staying in America. I still reckon China is on the precipice of a mountain about to fall off, even worse than Japan did in 1991. I just hope and prey we don’t come to their rescue. I don’t go for this nonsense that China has been propping up America; Walmart maybe, but not America. Like many Americans when China’s economy collapses, if it means thousands of Walmart stores closing down, as small business is the pulse of America, small business might just pick up where they left off. Only wishful thinking! The sooner we get China out of our hair, the better.
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