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The Federal Reserve Bank bankrupt?
wrote in message ... On Thu, 30 Sep 2010 22:43:35 -0400, bpuharic wrote: On Thu, 30 Sep 2010 22:32:41 -0400, wrote: Certainly it can. All it would take is for China to stop buying our debt and dump their dollars on the world money markets. john maynard keynes once said, if you owe the bank $1000 you have a problem. if you owe it $1M, they have a problem china's not going to dump anything. you think they want to lose money? what planet you right wingers live on? That is the same kind of logic that said Japan would never attack Pearl Harbor. Actually, there's some dispute about us knowing or not knowing about the impending attack. Short term money loss is not the only thing some countries think about, even if that is such a strange concept to us. We've had a very stable, long-term monetary policy in the US up until recently... about the time of Reagan. Between the Depression and then, we had recessions but nothing severe. Then, the regs got removed and/or gutted. We see the result. We need to learn from our mistakes and reinstitute the policies that stabilized our economy. China is in better shape to come out of a global depression than we are and they will own the world when they do. No they aren't. They're a much more rigid society. Millions would die if their economy went bust. The rich people here will be fine, they already operate quite well in the global economy. It will be your middle class that becomes serfs in a neo-colonial America growing food, cutting wood and mining materials for China. To some extent we already are. The rich people are usually fine. So what. The middle class would be hurt but would recover. This is yet again a case of Chicken Little (no offense intended). |
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