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To: Oeconomicus who wrote (159747)	1/5/2004 12:20:40 PM
From: GST	Read Replies (1) \| Respond to of 164684

You really don't get it, do you Bob. We, the United States of America, owe money to foreign individuals and foreign governments. We pay interest on the debt -- that is a component of the current account deficit. When your old uncle George Bush wants to spend more money, he borrows it because he ran out of money of his own -- we call his money "taxes". So George borrows the money for his wild adventures in Iraq and to send tax "refunds" written on checks that cannot be cashed unless your uncle George can find somebody to lend him the money -- and there is the rub, because Americans don't save enough to fill the huge hole in the bank account of your uncle Bush. So Bush takes cap in hand and passes around other countries, hoping they will bail him out, which they have up until now. In return they receive interest payments -- and every year those interest payments rise with the total amount of debt owed to them. Are you really so thick that you did not know that the current account deficit does not "finance itself" -- what a hoot.