What Would Happen If They Stopped Buying Our Federal Debt? (Glenn Beck, Clinton)
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I just finished reading Glenn Beck's book Broke and I was just wondering if, and when, they stop buying our debtload? Would we have to go on a crash diet? Might we start selling off our Hawaiian islands?
I just finished reading Glenn Beck's book Broke and I was just wondering if, and when, they stop buying our debtload? Would we have to go on a crash diet? Might we start selling off our Hawaiian islands?
I wish they would stop buying our debt and force our politicians to balance the budget...this will not end well.
I just finished reading Glenn Beck's book Broke and I was just wondering if, and when, they stop buying our debtload? Would we have to go on a crash diet? Might we start selling off our Hawaiian islands?
Most of the US Debt is owned by US retirement funds, as for the rest it's mainly owned by China who use to yuan weak relative to the dollar, which is good for Chinese exports and makes China more competitive. I also don't see the Chinese and others stopping buying US debt when the dollar is weak, and then using it to help the Chinese economy and as part of manipulating the price of the Yuan.
The Chinese and other major holders of US Debt including Japan, Brazil, the United Kingdon and Ireland, are unlikely to sell US debt off all at once as it would be detrimental to their own economies, and the dollar crashing would not be in the interest of global economic growth. It's more likely than any selling off debt will be done gradually, and even the Chinese understand this principle, as they need a strong US economy to export goods to.
The Chinese are in this for the long game, and they want to eventually see the Yuan as a major global currency.
I wish they would have had that concern when they controlled the House, Senate, presidency and rolled up the 3 biggest debt years in US history.
I take it you are referring to the time the economy was in a free fall and they were desperately trying to keep the Bush Recession from turning into another Great Depression.
As I recall, Republicans were wringing their hands and carrying on about the national debt to no end. Infrastructure and jobs bills were voted down as being a wasteful way to run up the national debt.
That concern faded away when the Republicans passed that payday loan tax scam two years ago.
And now, as predicted, we are on track to beat that national debt record and during a time of economic prosperity no less.
I wish they would have had that concern when they controlled the House, Senate, presidency and rolled up the 3 biggest debt years in US history.
Starting 2 wars (one started with lies) and putting them on the credit card and then cutting taxes ballooned the debt. I can`t understand how people can think this was a good idea when the average 9th grader knew what would happen. Republicans are always wanting free stuff. See chart #3. https://www.washingtonpost.com/news/...=.01e647697769
Our debt could be wiped pretty much away just by forcing the Fed and the world bankers to actually print money that was worth something, backed by actual physical assets. We spent money that was worth nothing, we could give them a check worth nothing and the debt would be paid in full. Erase the interest on the debt and that would further decrease it. Read The Creature Of Jeckyll Island to see where this country was sold out from under us a hundred years ago.
China owns less than 10% of all US debt. The vast majority is owned by US banks, Americans and US investment firms. In fact, the US govt itself owns a huge portion of the debt. That's why whenever people talk about a huge sell off from abroad as a hostile act to 'ruin' the US should be taken with a grain of salt. China doesn't 'own' the US, contrary to popular belief.
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