Debt Forgiveness And The Current Crisis

[Aaron]

yeah. Its a sad day when economics prevents morals even in an administration that has otherwise sound morals.

Well lets be honest, previous administrations did jack shit about it as well. And no one else is doing anything about it either, witness the BS over the last Olympics held in China. WTF did they do to deserve to be allowed to host it?

[Monroe]

I totally agree.

[Grundig]

Witness the BS over the last Olympics held in China. WTF did they do to deserve to be allowed to host it?

Lent us gobs of money, and built us cheap shit.

[Graham Kennedy]

yeah. Its a sad day when economics prevents morals even in an administration that has otherwise sound morals.

Look on the bright side, foreign policy worldwide is probably more ethical now than it's ever been in history. At least now there are people who highlight things like China's human rights record, and the US makes some kind of attempt to urge them not to be nasty.

Two hundred years ago it was more a case of not knowing and certainly not caring unless it pissed you off; then you send a gunboat.

[SteveK]

China owns most of Americas debt, as is my understanding,

They kept on buying up debt which is generally a bad investment so they could keep there dollar down and rack in the money in the manufacturing industry.

As of December 2008 of the 10698.8 x 10^9 dollars of U.S debt a total of of 3125 x 10^9 was owned by all foreign agents (including individual investors and governments). Roughly 30%, of that 30% China only owns a percentage.
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