Who will float our debt?
The People's Republic of China holds more in foreign exchange reserves than any other nation in the world, including Japan. At the moment, most of this is held in the form of U.S. treasury bonds. However, as the following article indicates, this may be changing. Which brings the question, of course, if China begins to switch off from U.S. bonds, how will America continue to operate? It's certainly a valid question because at the moment, Americans aren't paying the bills for the government's spending. That burden is being shifted onto future generations. And that includes the cost of the Iraq war which totals about half a trillion dollars currently...meanwhile President Bush is attempting to sell the idea that Americans with employer-provided healthcare should be taxed on this and the social security administration is underfunded to the extent that workers who retire and quit aren't being replaced.
I'd like to borrow a dollar for a hamburger for which I will gladly repay you on tuesday, may 19th, 2042
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