April 02, 2009

America is stable the American Dollar is stable

China Emerges As Economic Powerhouse

CBS Evening News: Washington Has Borrowed $1 Trillion From China As Economies Become Increasingly Linked

(CBS)  China is roaring. It holds a trillion dollars of U.S. government IOUs - more than any other country.

The IOUs were loans to the United States that funded America's high spending lifestyle, reports CBS News correspondent Barry Petersen. If China stops loaning money, that lifestyle is doomed.

"Unfortunately, average Americans are going to see a decline in their standard of living," said Peter Schiff, the president of Euro Pacific Capital. "We have simply squandered our wealth. We've been living beyond our means for years and borrowing to do it and now we can't pay the bills."

A sign of China's rise: Its prime minister recently lectured the United States like a first world country nervous about the health of a third world economy.

"Request the U.S. to maintain its good credit and guarantee the safety of China's assets," Wen Jiabao said.
my comment:
It is in the best interest of the American people to realize that if we continue on the path we are on, the future is not healthy fiscally for a long long time, unless we  make our economy strong once again by implementing a tax structure change to the consumption tax and get back the jobs we have shared with the world and have essentially brought them into the 21st century.  If America is stable the American Dollar is stable.


  1. Hey George!
    Please check out the new Huck PAC website, and join your Alger County Team Huck Group.
    ~ Andrew

  2. Thanks for the tip. I am from Arenac county. Just looked at your profile. YOu are from Michigan


Please be patient on comment approval. Too many places to be. Thanks for your thoughts.