I’m no alarmist, but I challenge any reasonable American to read the snippet below from the Associated Press that was released this afternoon.
“Premier Wen Jiabao’s message is unlikely to be misunderstood at the White House. It is counting on Beijing to help pay for its by buying U.S. bonds. China already is Washington’s biggest foreign creditor, with an estimated $1 trillion in U.S. government debt. A weaker dollar would erode the value of those assets. (America used to be the country that would lend money to other countries. Now we are the borrower. Think about it for a bit, we are broke and we are trying to borrow our way out of debt.)
“Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried,” Wen said at a news conference Friday after the closing of China’s annual legislative session. “I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.” (What happens if China decides to cash in their Treasury Bills?)
The appeal suggested the outlines of Chinese President Hu Jintao’s stance when he meets with President Barack Obama at an April 2 summit in London of the Group of 20 major economies on possible remedies for the global crisis.” (Who will be in the position of power? Certainly not President Obama)
As a common sense American, do you think borrowing our way out of debt will work? Is all of the spending outlined by Democrats “absolutely” required to get the economy rolling again? Share your thoughts with our visitors.