Monday, February 23, 2009

Hillary Asks Communist China To Help Save American Economy

This is worse than I thought! The future of our economy and the hopes and dreams of our children are in the hands of Communists!?!

How about our government practice what it preaches and learns how to demonstrate some fiscal restraint.

Yeah, right. That won't work! If they do that, how are Liberals going to spend their way into a Socialist-driven entitlement culture of a permanent voting majority?


US Secretary of State Hillary Clinton Sunday urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis.

Clinton made the plea shortly before leaving China, the final stop on a four-nation Asian tour that also took her to Japan, Indonesia and South Korea, where she worked the crowds to try to restore America's standing abroad.

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

"By continuing to support American Treasury instruments the Chinese are recognising our interconnection. We are truly going to rise or fall together," Clinton said at the US embassy here.

But wait! Remember way back in January when China said it didn't really want to buy anymore American debt? (You mean it wasn't that long ago? Obama has only been President for a month? Oh god it's gonna be a loooonnng 4 years.)

China has bought more than $1 trillion in American debt, but as the global downturn has intensified, Beijing is starting to keep more of its money at home - a shift that could pose some challenges to the U.S. government in the near future but eventually may even produce salutary effects on the world economy.

At first glance, the declining Chinese appetite for U.S. debt - apparent in a series of hints from Chinese policy makers over the past two weeks, with official statistics due for release in the next few days - comes at an inopportune time. On Tuesday, the U.S. president-elect, Barack Obama, said Americans should get used to the prospect of "trillion-dollar deficits for years to come" as he seeks to finance an $800 billion economic stimulus package.

Normally, China would be the most avid taker of the debt required to pay for those deficits, mainly short-term Treasury securities. In the past five years, China has spent as much as one-seventh of its entire economic output on the purchase of foreign debt - largely U.S. Treasury bonds and American mortgage-backed securities.


Anyone else think we're pretty screwed?

Stumble Upon Toolbar submit to reddit

No comments:

Post a Comment