Posted on 08/09/2009 12:26:56 PM PDT by shortstop
http://dailybail.com/home/peter-schiff-of-course-were-not-going-to-pay-back-the-chines.html?ref=patrick.net
Sounds logical, but asking for clarification -— meaning we could hand over Yellowstone to China for instance?
I find that not unimaginable.
If that happens I’d think some politicians would be thankful to get away with tar and feathering.
No, Yellowstone doesn’t have the buried resources the Chicoms would demand. Look at the oil shale and coal lands now locked up in federal lnad management. THAT is where our debt is collateralized.
But we can pay in cash. We simply print the money and give it to them. They’ll have to spend a lot of here in the U S.
parsy, who is staying awake nights worrying abut the Chinese debt.
The plan is to inflate away our National debt... and we wonder why the Chinese are trying to diversify in commodities.
There was a time when we could inflate our way out of debt. But now the GDP and the debt are too far apart. I believe it was planned that way and Bush began the destruction, knowingly or unwittingly under Paulson’s watchful dictation. We are and have been since 1913 a debtor nation, controlled by very much ‘bigger’ banking dictators. We are being incorporated into a world system just over the horizon ... well, it was over the horizon until we were herded into bankruptcy and the existence of the already printed currency was revealed.
The Chicoms are already buying Kennicot and other mining companies. They are right now systematically buying large positions in manufacturing, production, mining and energy.
We are starting to work for them.
We owe China about 800 Billion. We could print that. Heck, we spent that much on higher gas prices back during the speculator driven price run up.
China ain’t the real problem. I would tell you the real problem, but its Sunday and I don’t want to ruin the day off for freeperdom.
parsy, who’s betting the printing presses will start to work overtime.
History can be instructive. In the final century of the Roman Empire, rulers held on by selling their country’s assets - land, cities, farmland, slaves ... liquidating what had been built up for hundreds of years for the simple purpose of enabling the last rulers to hold on to as much power and privilege as they could, for as long as they could, in their shrinking empire’s last years.
Not a pretty picture to contemplate. Outside of the ruling elite, life became hell for the people living in the former Roman empire.
D.D. Eisenhower didn’t give a crap either.
He**, CA won’t even honor their IOUs, what makes the Chinese think we will honor our debt to them?
Yes, and one of Rome’s biggest mistakes was not integrating people into their society. They did at first and then they became arrogant and kept different countries citizens from becoming citizens of Rome. They expanded to far and had a “multicultural” society. This eventually did them in.
We could just invite any foreigner with, say, $10M in cash to emigrate. Get enough Chinese to emigrate and it solves the problem. Lots of entrepreneurs and engineers we could use.
Seriously, markets work these things out. So if the Chinese don’t buy more bonds then the Fed govt. will have to offer a higher interest rate. At some point the interest on debt which is a line item in the federal budget becomes so high that they cannot borrow more.
In the end, the world free market for debt will DISCIPLINE Obama and Co. They just cannot spend as much as they want to. In fact, with tax revenue plummetting, I think they will have to CUT spending whether they like it or not. As for the Federal Reserve, it is private and may NOT do Obama’s bidding if the Fed thinks that hyperinflation is on the way.
We could just invite any foreigner with, say, $10M in cash to emigrate. Get enough Chinese to emigrate and it solves the problem. Lots of entrepreneurs and engineers we could use.
I think this is a terrific idea. When Hong Kong was taken over by ChiComs Canada offered asylem and emigration for Hong Kong citizens with a million dollars and a plan. Vancouver is doing pretty well. Most countries like New zealand, and Switzerland require large cash reserves for immigrants.
Alaska
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