Veronique de Rugy, a senior research fellow at the Mercatus Center, relying on Department of Treasury’s Financial Statement of the United States data has constructed a chart showing how Foreign holdings of our debt have outpaced Domestic holdings.
Rugy says, "While the ownership of our debt may be theoretically neutral, there is a case to be made that this debt reliance gives significant bargaining power to individual foreign governments."
You don't have to be an economist to recognize how this could place our nation under the control of foreign influence in lieu of our own constitution.
Wasn't the housing bubble burst due to too many owing more than they could pay?
With foreign debt growing, could we be seeing the American economy bubble due for it's own bursting?
We have got to stop spending as we have been and get our fiscal house in order, beginning with reclaiming our debt from foreign nations, many of whom are really that friendly towards us.
Monday, April 05, 2010
Foreign Debt Holdings Exceed Domestic Debt Holdings
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6 comments:
"We have got to stop spending..."
Well Lew, where would the cuts in spending come from, big enough cuts to balance the budget. Any thoughts on what areas to be targeted?
Canuck, I was discussing this with one of our State Representatives this evening. If people woke up to what this so called healthcare insurance reform is actually going to cost their heads would spin.
We are top heavy in entitlements down here, welfare, make work projects that we have to borrow the money for and foreign aid.
It makes no sense to me that we borrow money from China to give it to other nations in aid.
I think government officials are over paid and take too many vacations and trips at taxpayers expense.
If it were up to me earmarks and pork barrel spending would be outlawed. Any amendments to a bill would have to actually be related to the bill and not be allowed to raise the cost as estimated by the CBO.
A lot of the studies taxpayers fund are unnecessary and wasteful and have no purpose in reality or won't make a difference.
While not a cut, I'd allow the oil companies to drill where we know oil is, which would provide hundreds of thousands of jobs and increased tax receipts to the treasury.
There is no one single cut or tax that will cure the problem. It is so massive it is going to take many cuts in nearly every program and department.
Even though we are fighting a war, there is waste that can be cut in the Pentagon starting with what we allow companies to charge taxpayers for munitions or repair parts for equipment.
I would also seek strong concessions from public unions and if they were not willing, break them. We are nearing the point where there are more people in Public Sector unions than in private sector and no real opposition when negotiations occur.
An interesting article came out recently from one of your fellow countrymen that I really like.
What Have you Done?
But first, I'd shed the government of every last single tax and spend Democrat currently in power and send quite a few Republicans packing with them.
I know you don't value my view, but
...
First suppose that out of your list of things the Government should not be spending money on, there was a subset of them, that the majority of the US citizens (Left, Right and Center) agreed with you on.
Then suppose the people like yourself, who enjoyed putting energy into informing people and trying to get the government to do the right thing, worked with that list.
Suppose the people who are putting so much energy into blaming one side or the other, instead worked together, on the things they did agree on.
I just learned that many of the houses that go to foreclosure are purchased by foreign investors as well.
We likely will be owned by China at some point. You and I might be dead by then.
Suppose we deal in the here and now?
For too many years now the left blames any and every thing on the right and no one but use defends the right.
If you really wish to stop the blame game, begin with yourself.
We don't have to be owned by China, unless you prefer it that way.
Are you suggesting that I have the power to do anything about it.
Are you suggesting that this is somehow my fault, more then your fault?
I have never been a fan of the "They did it first" or "They do it too" argument.
I haven't lost all respect for you yet (I know you don't care if I have or not.)
But I will call it as I see it, and more often then not I think you are refusing to acknowledge any information that does not back up your view of
The Right is Right and Good, and the Left is Wrong and Bad.
Never heard of an Army of One?
If you wish to sit back and say there's nothing you can do about it, why then argue for the right to stop?
For 8 tears, President Bush took what was thrown at him and even today he is not following suit as did Clinton and Carter and jumping on the criticize the current dude in office, is he?
What did it get him?
What did reaching out to Democrats get him but denials that he did and more accusations and undermining.
It isn't a matter of "they did it first," but who continues it and expects us to roll over?
Remember, "I won?"
Remember who locked the right out of negotiations on the heathcare fiasco?
And still, every time we turn around, it's all Bush's fault, it's all Republicans fault, no one, including you and dj, hold Dems accountable for their massive part!
Whether or not you choose to respect me or loathe me matters little to me. I have views and values and will stick to them.
If it is blocking views contrary to my own that disturbs you, again, look in the mirror and to dj who always deflects every single thread away from the subject being discussed to focus back on Bush and Republicans!
NO, it isn't me who refuses to acknowledge any information that does not back up my view.
Or, do you somehow forget all of the left-winged sources I quote more than anything else?
And to me, someone who has fought communism and seen first hand the harmful system they impose upon others, yes the left is bad and will remain bad.
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