What are the odds that these turkeys ignore him?
Here’s a clip from a longer McClatchy article:
- Fed’s Bernanke testifies to Senate Banking panel (reuters.com)
- Bernanke Warns on Debt-Limit ‘Chaos’ (blogs.wsj.com)
- Bernanke Says Economy Still Gaining Momentum – NYTimes.com (opsudwinger.wordpress.com)
The Chinese? After all, that’s what all the politicians, especially the Conservatives, are telling us. The fear that we will be taken over by the Chinese… or that the Chinese will no longer buy our bonds… or that the Dollar will no longer be the trading currency of the Chinese… such a fear is being used to keep Americans in line and ready to vote for a batch of idiots.
But it’s not true. We owe the Chinese 9.8% of our debt, according to the Christian Science Monitor. Japan has 9.6 %, England 5.1%… and other countries have much smaller chunks. In reality, foreigners own a mere 24.7 percent of our debt.
US individuals hold 12 percent of the country’s debt. Next under the domestic category comes the Federal Reserve, which holds 9 percent of US debt, then pension and retirement funds, mutual funds, and state and local governments.
So when the Congress starts filling us with the China fear, maybe we should send them OUR bill… cash in our bonds and mutual funds… get our city government to send in their invoices.
- The GOP’s kooky debt default plan (salon.com)
- U.S. Mostly Indebted to Itself (politicalwire.com)
- Should You Pay Off Debt or Save for Retirement? (money.usnews.com)
- The real debt ceiling ‘catastrophe’ (thehill.com)
- Who Owns the U.S. Debt (mint.com)
- China lowers holdings of US debt in November (seattletimes.nwsource.com)
- Who owns the U.S. national debt? (investmentpostcards.com)
- Republican debt repayment bill “unworkable”-Geithner (reuters.com)
- U.S. must stop the kowtowing (timesunion.com)
- U.S. report finds Chinese currency gains too slow (ctv.ca)
- China’s Creative Accounting: Using Debt As a Tool for Economic Development… (projectworldawareness.com)
By Robert Reich, Former Secretary of Labor; Professor at Berkeley.
Extracted from the HuffPo… you should go in and read the whole article:
- The Fed’s New Bubble (Masquerading as a Jobs Program) (wallstreetpit.com)
- What Could Cause the Next Recession (money.usnews.com)
- “Corn, Quantitative Easing and the Coming Storm” and related posts (economicpopulist.org)
- Ins and outs of QE2 (theglobeandmail.com)
- Who can magically fix the economy? No one – Full version (money.cnn.com)