Posted by: Puma1 | March 2, 2009

US Foreign Policy being Held Hostage by Debt to China…So Why is Obama Quadrupling the Debt?

china-us1The New York Daily News, in recounting Hillary’s Execellent Asian Adventure, informed us what we already knew: America’s prestige, power, and ability to put pressure on rouge nations is ask risk because we are broke and have no money:

We live in a time when breathtaking events happen almost daily. Yet for Clinton to say matter-of-factly that America needs – needs – China to keep lending us trillions is truly historic.

Mark the moment. It means the good old U.S.A. is starting to resemble a giant subprime mortgage…

Just 20 years after the massacre at Tiananmen Square, I’m sorry she found it necessary to say so directly that rights issues “can’t interfere” with the big picture. The same pressure stops her from complaining that China is using the recession to gobble up metals, oil and natural gas around the world.

Clinton herself saw all this coming. Two years ago, in the early stages of her presidential campaign, she warned we were undergoing “a slow erosion of our own economic sovereignty” because of our growing indebtedness to foreigners, who, according to some estimates, hold about half of our government-issued securities.

The day she made that warning, a selloff in the Chinese stock markets led to a plunge on Wall Street. In a letter to then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, then-Sen. Clinton said the dynamic “underscores the exposure of our economy to economic developments in countries like China.”

About the same time, according to a published report, she told the story of a New Yorker who complained to her of China stealing manufacturing jobs and asked, “Why can’t we get tough on China?”

Clinton said she replied: “How do you get tough on your banker?”

Apparently you don’t.

via In China, Hillary Clinton plays a weak hand – Michael Goodwin | NY Daily News

In other words, Clintonistas have long complained about the risks to American power and prosperity when we cosign ourselves to debtor nation status. America cannot protect and defend herself without the money to do so.

China owns us.

This is terrifying.

During the Clinton years, Bill worked with Republicans to balance budgets, create budget surpluses, and move to getting America back in the black again so that future generation would have money to spend on their own priorities.

All of that was shot to hell during the excesses of the Bush years, wherein Republicans embraced bloated government spending and voodoo Reganomics. Obama is poised to do Reagan even prouder, spending enough to put Americans in debt for decades to come.

Proposing such a debt laden budget at a time when American power is already diminished due to debt is the height of irresponsibility.

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