Sunday, October 19, 2008

America's debt = China's ascendancy

America is a broken economy like really broken. George W. and his witless advisors seemed to have no idea that they existed on a planet that was somewhat bigger than the state of Texas. What a shame George didn't have a passport before he "dubiously" became President!! And a greater shame is that if he had one he might have used it to remove some of his restricted, dumb, biased and dangerous beliefs about the world outside Texas and the USA.
What has he done? Well he dropped his country and its people in it! eg
During his two terms the USA has borrowed more money from foreign governments and banks than all other American administrations put together, from 1776 to 2000. And more debt will be added in the eight Bush years than in the previous two hundred. The trade deficit more than tripled since Greenspan stumbled into Washington, from $150.7 billionto $830 billion by 2006. The United States was a creditor a few years ago. Now, it is a debtor, with more than $14 trillion worth of U.S. assets in foreign hands, a more than 520% increase since 1987.
So why are we surprised at China's ascendancy...George borrowed from them like there was no tomorrow! But there was a tomorrow which is now today. And if you can't pay your loans the creditor takes your assets. Good night George and good night America.

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