China holds the IOU's for our National Debt which is 7.3 TRILLION ...?

[ElsewheresDaughter]

or it will be this summer.....so let me get this straight - basicly :China owns the US...just as the morgtage company that holds the mortage on my house really owns my house?

can somebody clarify this for me...Joseph Schatz the Congressional Quarterly Budget and Appropriations Reporter is on CSpan now and this is what i gleamed from this interview.

we are in a world of shit!
I just found these articles :

BALANCED BUDGET AND NATIONAL DEBT
... It is what a lot of us write for rent checks up ... Our children will have to pay back
China, Japan, our ... for the largest increase in the national debt in American ...
www.house.gov/genetaylor/floor07-16-03.htm - 10k - Cached - Similar pages

Congressman John Tanner - Press Page
... The mere threat by China to sell US debt could reduce our negotiating position
on long-standing issues of disagreement such as national security and trade. ...
www.house.gov/tanner/press108-oped101803.htm
check out this Truthout article:

truthout - US May Hit National Debt Ceiling in 2004
US May Hit National Debt Ceiling in 2004 The Associated ... the new $7.4 trillion limit
on the national debt next year_ ... China May Cut its Link to Dollar By David ...
www.truthout.org/docs_03/061703H.shtml



U.S. May Hit National Debt Ceiling in 2004
The Associated Press

Monday 16 June 2003

WASHINGTON -- The government could hit the new $7.4 trillion limit on the national debt next year_ any time from April through October, Treasury Department spokesman Rob Nichols said Monday.

President Bush last month signed a bill allowing a record $984 billion increase in the amount the federal government can borrow. It marked the second increase in the debt ceiling in roughly a year. In June 2002, the debt ceiling was increased by $450 billion to $6.4 trillion.

The issue is politically touchy. Democrats have blamed the government's need to borrow more on Bush's tax cuts, his handling of the economy and ballooning federal government budget deficits. Republicans have blamed the weak economy and the costs of fighting terrorism for the need to extend the debt limit.

---------------------------------------------------------------------

Go to Original

China May Cut its Link to Dollar
By David Smith
The Times

Monday 16 June 2003

CHINA may be ready to break the link between its currency and the dollar, rather than track the falling American currency, analysts believe. The hugely competitive Chinese economy has been greatly helped by the dollar's fall, which has pulled its currency, the renminbi yuan, lower against the euro and yen.

The currency link has prevented America getting the full benefits of the dollar's depreciation, and it has also intensified the pressure on exporters in Britain and Europe.

According to a new analysis by Goldman Sachs, China seems ready to soften the dollar link. It expects the dollar to drop gradually against the yuan, falling from its present 8.28 to 7.86 in the coming months.

Jim O'Neill, head of international economics at Goldman Sachs, said China was coming under mounting pressure to break the currency link. A fall in the dollar against the yuan would also allow it to depreciate against other Asian currencies.

more...

[Skidmore]

1. Now this is a national security issue,

and Bush's War has made it impossible for us to address this issue.

WTF is wrong with the people of this country?

[supercrash]

2. "What is wrong with the people of this country"

It's all very simple....

They are stupid!

I have over 70 posts now at Hannity's board...I now see why we are where we are at

Most Americans are just plain stupid

[ElsewheresDaughter]

3. i wouldn't say all americans "are stupid" we are just ignorant and that's

how the status quo (BushCo) wants to keep us!...i was unaware of this until this morning...i am frightened shitless now though...i guess the cliche "when you increase your knowledge you increase your sorrow" rings true in this instance :(

The National Debt clock was turned off when Clinton was in office because under him we started paying down the debt...it was turned back on under bush*

http://www.cnn.com/2000/US/09/07/debt.clock/
NEW YORK -- The plug was pulled on the National Debt Clock, which has
kept track of the federal government's red ink since the electronic billboard near Times Square was erected in 1989.

In its final moments Thursday, the sign read: "Our national debt: $5,676,989,904,887. Your family share: $73,733."

New York real estate developer Seymour Durst invented and bankrolled the clock to call attention to the then sky-rocketing national debt. He died in 1995.

"My father's purpose in putting it up was to show the increase in the debt and to get people aware of the size of the debt and how it was growing," said his son Douglas Durst. "And the clock certainly was helpful in accomplishing that."

The 11-by-26-foot clock was covered with a red, white and blue curtain after it quit ticking. The younger Durst was skeptical the clock would remain covered for long.

"We'll have it ready in case things start turning around --which I'm sure they will," Durst said. "The politicians will do what they have always done and start spending more than we can afford."


good God! it makes me really miss Clinton

[ElsewheresDaughter]

4. The National Debt Clock ...grim

http://www.uwsa.com/uwsa-usdebt.html

[nostamj]

7. i saw that clock every workday morning...

guess it's one thing I won't miss

[ElsewheresDaughter]

8. i heard it is being ressurected...the dudes son is bringing it back

[ElsewheresDaughter]

9. opps dupe

[Skidmore]

21. The National Debt Clock is

made in China.

[madrchsod]

5. Argentina

we are becoming argentina. the biggest problem is that the chinese won`t let their currency float. what is wal mart going to do?

[ElsewheresDaughter]

6. exactly...now i know why "made in China" labels on on ALL of our flags!

because we are all chinese...we just don't know it yet!

[JanMichael]

10. I thought they held $177 Billion? Not $7.3 Trillion.

That said they're still number two behind Japan and we're literally screwed if the spend and borrow Repukes stay in power.

Also the fact that China's pegging of their currency to the Dollar held down it's value to 40% of what it could be is troubling. We've lost our ability to make things because of it...

[buckeye1]

14. You know it.

Its just like that. Democrats governed so well for so long people just expect it. When the system fails we all will suffer.

[JanMichael]

15. To be fair the Dems (Read Clinton) didn't exactly fight...

...this mess. Matter of fact they accelerated it. Obviously with a Repuke Congress but the fact remains that few are addressing this issue in a serious manner either then or now.

Edited due to sloppy spelling.

[NewJeffCT]

16. true, but

If our budgets were balanced and our debt getting paid down, we would have a lot less to worry about - right now, China has us wrapped around her little finger because of our massive debt. If the Chinese gov't wanted to really screw us, they'd tie their currency to the Euro instead of the dollar trusting that their growing manufacturing base will allow them to weather the loss of the US consumer economy.

Back in the 90s, when we had fiscal sanity, we were a lot better able to weather a major fiscal crisis (i.e., the Chinese not buying dollars or switching to the Euro link)

[BeFree]

17. Then...

...I remember a vote, back in 94?, when it took every democrat in the Senate to pass the tax increase that began to balance the budget, and led to the clock being turned off.

"Didn't exactely(sic) fight..." is bullshit!

[JanMichael]

20. I was refering more to NAFTA, WTO, etcetera.

I should have been more clear about that, my bad.

[bleedingheart]

11. hahahahah Red China could screw Capitalism and Democracy!

hahahahah

hahahahah

oh wait.... remember we must fight communism by screwing over the little island of Cuba...


hahhahahah

hahahahahah


to bad more people don't know about this...

However I do want to note that a lot of people like my family know about this...but what can they do????

[JanMichael]

12. Capitalism is bettered by doses of Communism...

...made more livable, tolerable, civil and Humane.

OTH Communism turns into Fascism with doses of Capitalism.

Matter of fact China will have a more potent Capitalism that we ever could with Liberalism, Civil Rights, tying our hands, it's just not compatible.

Th irony is indeed rich.

[bleedingheart]

18. I laugh about the irony all the time...to keep from crying

[ElsewheresDaughter]

13. we can start by boycotting WALMART...i mean physically standing outside

of their stores with informative signs...like "China Holds America's Mortage"..."WalMart Is Making US Chinese"... :shrug:

www.walmartwatch.org

[bleedingheart]

19. funny part is that the GOP cried that Clinton was selling technology to

China...but not about the loans we were getting from them.


once again...I must laugh..


hahahahahahahahaha

I know its not funny but I can't help myself...