PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: longnshort who wrote (754893)	11/23/2006 1:01:17 PM
From: pompsander	Read Replies (1) of 769670

China doesn't own all our debt. If we were at war with China we would probably do what we have done in the past...freeze assets in country and suspend (not cancel) payments to them...but what about Japan? Germany? Saudi Arabia? and the dozens of countries and millions of people who own American debt? We don't get to choose to repudiate some debt owned by one country....sometimes it is even hard to figure out who owns what security with all the front men.... The shock wave of not paying promised debt would destroy the value of the dollar, send our rates through the roof...and then we couldn't pay for your war with China! Why not balance the budget now and avoid the problem down the road? You don't need that bridge to nowhere, do you? <g> By the way, in the 1930s and 1940s America was a debt lender, not a net borrower. Big difference. I would bet no more than 5% of our debt was foreign owned back then.

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