Friday, May 01, 2009

Deep shit and getting deeper?

The US National debt as of today.

"China has cancelled Americas credit card"
So says US Congressman Mark Kirk.

"The Republican lawmaker said that China was justified in concerns about returns from finance giants Fannie Mae and Freddie Mac, which were bailed out by the US government due to the financial crisis.

Kirk said he was the first member of Congress to tour the Bureau of Public Debt, which trades bonds, and was alarmed at how much debt was being bought by the US Federal Reserve due to absence of foreign investors." (Full story here)

This is not good considering how far in debt the US is, and having THE national bank printing new money to make up the difference is probably going to destroy the value of the dollar which in turn will prompt more foreign investors to seek new places to play.



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