Saturday, October 17, 2009

Not Making Chinese Bondholders Think Twice?

Having gone through what has to be the worst non-wartime fiscal year in American history, Obama and the geniuses in control of Congress want to impose de facto energy taxes euphemistically referred to as “cap and trade” on almost anything that emits carbon, take over the health care system (because they have done so well with Social Security and Medicare), and impose a frightening array of other tax increases and new taxes that will almost definitely not yield the amounts predicted. All items noted would further pummel an already staggering economy...We’re surrounded by either fools or knaves...The support for the “knave” alternative is becoming more compelling. People who are serious about their desire for an economic recovery simply don’t do the things they have done and don’t propose the things they are proposing. What they want are things you would expect from the government of a banana republic, not the supposed leader of the free world....Seeing Red Ink, Tom Blumer, Pajamas Media, 10/15/09

What's more amazing is the apparent, silent approval of Chinese buyers of American t-bills. Trillions in red ink here means trillions of devalued dollars there. Or is it that what's common reporting in the Asia Times every day about Chinese $anxiety doesn't pass muster in American news outlets? Don't expect to find out from Chris Matthews. You could try FOX. It's not radio....


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