On 3/12/2011 10:26 PM, Rich Grise wrote:
Hawke wrote:
On 3/12/2011 1:41 PM, Rich Grise wrote:
John R. Carroll wrote:
Shall not be infringed wrote:
On Mar 12, 10:58 am, jim"sjedgingN0Sp"@m@mwt,net wrote:
Shall not be infringed wrote:

My taxes are down. We need to cut the **** out of gov't spending.

Why?
Do you have any clue why you want reduced govt. spending?

Yes. We're broke.

American consumer net worth is $70 trillion dollars.
Public debt is $14 trillion dollars.
The unfunded liability of Social Security is ZERO by definition.
The only thing broke is your brain.

I'm wondering what's going to happen when China forecloses?

We tell them that we're broke, we don't have the money to pay them back
and they're out of luck. They took a risk loaning us the money. We can't
pay it back so they lost their investment. Last, we tell them "life's
not fair".

So, are you going to enjoy learning Mandarin when they repossess the
collateral?

Thanks,
Rich

''



The only collateral they have is paper. Which would be as valuable as
the stock in a company that no longer exists. In other words the Chinese
would be left holding the bag. They would not get a return on
investment. They wouldn't even get a return OF investment. So they are
in no position to try to dictate to us. Holding a big debt is a two way
street. The side that owes is not necessarily in the weaker position.

Hawke