the debt ceiling has already been reached. There are all sorts of ways teh Treasury gets around it, suspended SLGS issuance already.
If you were making complaints about (the fed)increasing the money supply and unrestrained non-discretionary govt spending you'd have a point.
Only the relevant section is needed for the context of a response. All intelligent replies are more than encouraged, regardless of the position. I think you might be 0 for 2 now Hans.
Let's put it this way I gave your concerns the seriousness that they deserved. Get over it! Now if you would like to elaborate on your proposed solution to your identified non-problem (reason for your starting the thread) lets have it.
Foremost, the focus upon foreign ownership is a form of isolationism. It didn't work in the 1930's (Smoot-Hartley act) it won't work now. The foreign aspect may be a symptom of "the problem" but it's not the root. The US has a $7.4 trillion debt. Even IF both the budget and current account deficits were "cured", the compounding on the elapsed figure in time will become formidible if not insurmountable. The US Dollar, since August 1971, has been backed by anything (other than the full credit and faith in the US government). Might as well be monoply money. All in all, the biggest credit bubble in the history of mankind and helpled along by a demographic bulge. That bulge, as it both ages and lives longer, will cause addtional problems as they downsize housing, demand for medical care, and demand on the social security system It's a wild card whether Petrodollars will cease (or severely diminish) with the advent of the Iranian bourse, but the Treasury has taken a pre-emptive step in ceasing to report M-3 (which includes your foreign component). Besides, most of us have foreign anscestry (albeit generations before).
Thanks efficiency, I appreciate your response as well as anything else others wish to contribute that is enlightening, regardless of position.
That's actually very true. You may enjoy the "free" borrowed money while it lasts but when you're in debt you are owned by the creditors (and now they own entire industries). It always ends up pretty badly, usually with indentured servitude etc.
Yeah, Just think of those interest payments the country needs to make each year per trillion $ debt. Any one have a stat on that?
The National Debt is $8.2 Trillion! In Fiscal Year 2005, the U. S. Government spent $352 Billion of your money on interest payments* to the holders of the National Debt http://www.federalbudget.com/ But that's obviously only half of the picture, when they own our companies and industries (and according to the original article it's a widespread phenomenon) they also get to keep the profits generated by those companies/industries which probably significantly exceed the interest on the national debt. In the name of free trade we're giving away the store.