China Again
So Romney is out ranting about cutting funding to the Corporation for Public Broadcasting, and said he didn’t want to borrow money from China to fund it.
Look, I covered this back in April. China holds about $1 trillion in US bonds. It has that much because of the trade imbalance with the US, not because it is loaning us money. It puts the dollars it earns in T-bills to earn interest until they need it. They need dollars to trade globally, they aren’t investing out of the ‘goodness of their heart’.
The Social Security Trust Fund holds more than two-and-a-half times more T-bills than China. It is the largest single investor in US bonds. If Republicans really believe that they must do things based on the ownership of the US debt, then the US workers who pay the withholding taxes that buy those T-bills should be number one on the list.
Given what the Angela and Nicky show are doing to the Euro, where in hell are people going to put their money if not in US Treasury bonds?
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To answer your last question: Mattresses. Very large mattresses. Mattress stores are going to have blockbuster business, yo.
– Badtux the Snarky Penguin
Those are about the options left in the world. The paper provides a better sleep than gold and/or silver. It will give a whole new meaning to ‘Sleep Number’.