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View Diary: China and the 1% Don't Want Govt Shutdown (14 comments)

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  •   People dont know, or understand, (1+ / 0-)
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    koNko

    that we owe OURSELVES far more than anyone else. debt owed to the American people  dwarfs the money we owe foreign creditors. we owe about 4.5 trillion to foreign countries, the rest is owed to ourselves. we always pay our bills, and the debt ceiling is simply an artificial construct to create an artificial scarcity in money. as long as the us government has fiat control over its currency, we can never run out of money. The government is not a business, or family, those do not have access to unlimited funds.

    •  Unfortunately the American People (0+ / 0-)

      don't buy congressfolk. A lot of this is about which member of the 1% is paying the reelection bills.

    •  Good point. (0+ / 0-)

      And so, we can ask, why would Congressional Tea Baggers and others Republicans want to shit on American investors who pay their salaries and medical plans?

      However, that said, the amount held by foreign investors is pretty significant and is a good thing because (a) it binds countries together with mutual interest and obligation and (b) provides a sanity check on policy.

      Suffice it to say, the Obama Administration has found it just as useful to have the use of foreign support of the US Treasury as many of his predecessors have.

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