The Chinese Bankers

One of the scariest developments of the current economic collapse is the statement by the Chinese president Hu Jintao who stated that his government is concerned about the reliability of United States treasury notes. The Chinese currently hold close to $ 1 trillion in American IOUs, which makes them our banker and the key to our economic recovery.

Holding all those Treasury notes at a time when there is great uncertainty in the US economy, the Chinese are rightfully nervous. But what is even scarier is the prospect that this concern over the IOUs might lead the Chinese to call in their notes or refuse to lend us any more money. Without the Chinese as our banker, the United States could not rely on a reliable source of money to borrow, a situation that might touch off a world-wide run on our treasury notes.

Now cashing in our IOUs or refusing to fund any more of our debt is a worst case scenario, since the Chinese need us just as much as we need them. But the statement by the Chinese leader raises a most disturbing issue – our dependence on outside sources of ready cash to fund our ever ballooning yearly deficit and national debt. We already have made the Chinese our primary source of consumer products and now they are the banker responsible for jump starting the recovery.

We in the United States fashion ourselves as the world’s greatest economy and yet if it wasn’t for a third world country, a communist country no less, we would be hard pressed to provide our people with all the stuff they buy or manage our $ 12 trillion national debt. Yet this is  what we have become as a nation – basically broke, in debt up to our eyeballs and beholden to a communist country.

There once was a time when the United States stood on its own – the dollar was strong, nations looked to us for assistance, and our consumer economy pulled others forward. Now that has all changed as the United States has become a beggar country relying on friends and competitors for cash, cheap goods, oil and help in saving our economy.

Those doomsayers out there who say that America’s best days are over are often ridculed as pessimists, but relying on the Chinese as our banker to save this country’s floundering economy only reenforces the view that our troubles are much more serious than the current recession.

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One Response to The Chinese Bankers

  1. wisdom3 says:

    What is even worse is that Secretary of State Clinton sees it fit to sell out our nation’s values of life and liberty based on a respect for human ights, because we now find ourselves dependent on the Chinese for our economic stability. The Obama administration turns a blind eye to the forced abortions, human trafficking, religious persecution, political torture, infanticide and genocide that continue to occur in China, all because of the false god of money. It seems that many Christians have done the same by selling out their values because of some illusive promise of “change” even though that slogan rises like a cloud with no solid foundation on truth or integrity. We have not chosen a principled American who stands on the values upon which our nation is founded but an opportunist who looks for any chance to push his agenda forward and where the most important moral questions in history and politics are above his “pay-grade” but worth a policy change. Like the stimulus bill that is so critical or else but is passed without any representative having read the legislationl. This is an outrage and a danger to our American democracy. History repeats itself. There is no change. Christ is sold for 30 pieces of silver by His false followers. The suffering christians in China are forgotten and reviled by our cowardice while the Pilates of this world wash their hand of their crimes because all is relative, after all “What is truth?”

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