Nine days ago, I posted an ITEM about certain little-known truths concerning the U.S. debt.
HERE‘s a follow-up on that subject:
With all the talk of debt obligations, default, markets crashing and general economic collapse, came the notion that the debt issue needed to be resolved not just for fiscal reasons, but for geopolitical ones. It was common to hear insinuations that foreign governments were collecting American debt and storing it away, weakening our economic power as we leveraged ourselves more and more. We signed up for a VISA card from the Bank of China, and we maxed it out, so we are told. But that is totally incorrect.
Well, it’s 92% incorrect.
That’s because the debt to ourselves, over $9.747 trillion, is eight times the amount we owe China. The Chinese actually own about 8 percent of American debt, compared to the nearly 68 percent of the debt held domestically.