Given that the foreign folks are funding the ginormous US federal debt - and given that there is no balanced budget anywhere in sight - it would seem that helping out the foreign folks is a prudent thing to do. Going cold-turkey on the deficit would be an incredibly painful thing to do. The part that troubles me is there does not seem to be a plan from either major party to address this vulnerability.
The financial elites hollow out the US, enriching other nations knowing that these nations must invest their dollars in the US to keep their currencies from rising. They then make their money skimming these money flows. They want the game to continue, that is why they want the US government to buy up all the toxic debt. That way they can sell more of this stuff and ask for another bailout 10 years from now. CNBC and all the GE shills are flogging this ârescue planâ (why not call it the Patriot Mainstreet Plan and complete the farce), without telling people that GE will be a big beneficiary of a bailout. Donât they require guests to state that they have a position in a stock if they recommend it? Rules for others, but not for them. The stock market goes down and they say it is because the bailout failed. The market goes up and the say it is because people hope it will pass (as though quarter end window dressing did not matter).
Another spin on the foreign banks issue: China & Saudi Arabia demanding their bad investments be bought back or else? Quite chilling if true... <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/4lxwiAjDHok&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/4lxwiAjDHok&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>