Monday, February 23, 2009
What's US$700B Between Friends?
It is easy to forget that when people throw around the name 'Clinton' these days, that we are talking about the current Secretary of State - the former Junior Senator "from" New York.
Recently also we hear numbers thrown around like $700Billion, $800Billion, maybe as much as US$1.25Trillion Dollars. These are absurdly huge numbers that belie the size of the hole that has been dug for the American Taxpayer to fill in for this absurd economy of ours to continue life-as-usual.
You might ask how the hell we got ourselves into this mess when as little as a decade ago we actually paid off the national debt.
Certainly The War Effort is to blame in terms of what we went on a shopping spree for with all that money. But where did it come from? How did we even allow ourselves to get into a situation like this?
When a college kid runs up $80k worth of credit card debt without ever holding a job you ask why the credit card company gave them credit to begin with. Why were they allowed to borrow and spend like that?
Well the answer to why we could do this is hinted to by Secretary Clinton urging China to keep lending us money. And that magic number we keep hearing reflects the $700Billion that we currently owe them.
I recall when her husband was in office looking on in horror and shame in 1998 as they sat in box seats overlooking a parade in Tienanmin Square - the site of the student protest for democracy that was mercilessly put down by the communist chinese government not a decade before that.
So if you want to know who paved the way for the Chinese to hold the mortgage to our economy it was the Clintons. If you want to know who used that resource like a crackhead taking cash advances from an ATM card then you can blame the Bushes.