via bloomberg.com
“We can’t keep on just borrowing from China,” He said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, He said. “It will have a dampening effect on our economy.”
Somebody had fun with Obama's teleprompter I guess.
After saying this Obama went on to talk about the need for more increased entitlement spending.
Clothes. Emperor. Not wearing any.
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1 comment:
Remember our policy of deterrence toward the USSR -- M.A.D. (Mutual Assured Destruction). Maybe we have a policy of MAD with China. They can't stop loaning us money because then our economy will really tank and we'll default on our loans... thus taking them down with us. Brilliant. Too bad we're just being foolish, rather than crafty. Oh well, at least one manufacturing sector is doing well in the U.S.: money printing.
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