ACK! The whole European debt crisis is really a bad thing for all of us. If Italy defaults on their debt, banks a plenty will be on shakey ground. It will be like dominoes falling. It won't be pretty.
It made me think about the U.S. debt. China owns a HUGE amount of our debt and they buy more....daily.
China makes the yuan peg with the dollar on the world money market. 1 Chinese yuan is worth about 0.15 cents US. With their strong economy, a cheap yuan makes their products look better on the U.S. market. The U.S. Government tries to complain that China keeps their currency artificially low in comparison to the U.S. dollar but the Chinese Government turns a cold shoulder to us concerning this problem. The weight we carry in the world is much less now that our manufacturing base has eroded and our economy is in the crapper. It makes me wonder if one day the Chinese will tell the U.S. Government that they OWN us and it would do for the USA to shut her mouth about human rights or military buildup or of hundreds of other things that we don't see eye to eye on with the Chinese Government.
Things that make you go HMMMMMM.
China is one of the five permanent state on the U.N. security council along with France, the UK, the US, and the Russian Federation. If they start flexing their debt owning muscle, the world is in serious trouble...
I'm concerned....very concerned.....
Who am I? Just the average concerned American.
This isn't a democratic or republican issue, it is a country issue. Our elected officials got us into this mess about 80 years ago when it was decided that we, as a country, would run our country with unbalanced budgets (http://en.wikipedia.org/wiki/United_States_public_debt) and we would make laws so confusing that we hamstring our own industry to try and keep up with the rest of the world with a 50 pound weight tied around our ankle and make it where the average American has no understanding of the twist and turns of the law and the reasons for such laws other than to enrich the businesses of certain narrow areas of the populist. The rich have truly gotten richer and the poor are even more poor now.
We could reenact the W.P.A. (Works Progress Administration) ( http://en.wikipedia.org/wiki/Works_Progress_Administration) from the Great Depression and put our great country back to work rebuilding the infrastructure of this country. If a student of history can think of this solution, why can't the elected congressmen and congresswomen think of this? I have NO idea!
It would seem this country is TRULY going to hell in a hand basket and out elected officials have such a narrow focus that they can't seem to SEE this important fact. Once again, I have to say they need a good SWIFT kick in the ass and the bums need to be shown the street with no chance for them to lobby their way into that big after Government service paycheck AND a Government retirement ("Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. Members are eligible
for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service" see http://www.senate.gov/reference/resources/pdf/RL30631.pdf for more information)
As we used to say in the military "A Good job, if you can get it".....Compared to the military retirement after 20 years of honorable service, Congressional retirement is positivity peachy! No wonder our elected officials have no IDEA what the average American faces from paycheck to paycheck! ACK!
Rather than have a heart attack from reflecting further on our problems as a country, I'll leave this thought where it is......
J.
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