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To: NOW who wrote (66510)	7/8/2007 10:44:31 PM
From: Chispas	Respond to of 116555

Posted by: marginnayan (Zeev's Thread, IHUB) - In reply to: marginnayan who wrote msg# 554160 Date:7/8/2007 6:52:34 PM Post #of 554162 SUSIE GHARIB: Tonight's commentator has some thoughts on America's dependence on foreign money. Here's Allan Sloan, senior editor-at-large at "Fortune." ALLAN SLOAN, SR. EDITOR AT LARGE, FORTUNE: The Fourth of July, what better day to talk about the independence of our country or rather our lack of independence. No, I'm not talking about foreign oil. I'm talking about foreign money which we depend on to keep Treasury checks from bouncing. Imports are something more than half the oil we consume. But our dependence on foreign money is much stronger. Call it 85 percent. Here's the math. Since President Bush took office, the Treasury's debt to public investors has risen by $1.4 trillion. Meanwhile, foreign investors have increased their holdings by $1.2 trillion. In other words, foreigners have put up almost all the money the Treasury has borrowed to cover its cash deficits under President Bush. The House Budget Committee is worried about this, and so am I. I'm all in favor of using cheap money to pay our bills -- hey, I'm a taxpayer. The less interest we pay, the better -- but I worry about being so dependent on foreign cash, especially from Asian central banks. I've got nothing against foreigners. The problem of our depending on them is that one day, their agenda will be different than ours and they won't be willing to cover our deficits with cheap loans anymore. It could get very ugly very fast. For now, though, I'll look forward to fireworks tomorrow. I just hope that we don't see any financial fireworks when our foreign creditors decide to stop bankrolling us. I'm Allan Sloan. --- Don't you worry. Be happy. Helicopter Ben is there. Oh Yeah ! investorshub.com