Americans are really good at faking it. We are even good at faking that we are faking it.Toupees. Silicon breast implants. Collagen for various body parts. Even so-called “reality shows” are actually quite fake. Most of Michael Jackson and Joan River’s face. That woman who has had so much plastic surgery that her fake face looks unreal –[I think her name is Jocelyn Wildenstein, maybe].
The other day I was having a conversation with a group of fellow Democrats about where the bailout money is coming from, exactly. One guy said that our ancestors and their ancestors will have to pay the money back. Hell, that I know. But where is the money coming from, I asked.
One person said, “From China. They own most of out national debt.” Hmm. Maybe, I thought. But I keep on reading that the Chinese have no money, either ---so how are they affording to buy our debt.
“We’re just printing it. The more we need, the more we print,” another guy said. That does not seem like a good idea. Doesn’t cause rampant inflation? At least that is what I think I remember learning in high school economics.
So, I am going to have to try and figure out exactly where this money is coming from. Are we faking a good bailout?
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10 comments:
Our 'ancestors' will have to pay for this??? Er... don't you mean our 'descendants' or has this blog gone all metaphysical on me?
As for an answer to your question you answered it. It is 'all of the above'.
'descendants'it is....
Where does China get the money to cover its bonds? Primarily from Chinese banks - who are investing money they have had returned from loans (profits). Their foreign-owned bonds tend to come from individual investors (particularly in Japan, Indonesia, Hong Kong, and the Phillipeans).
The difference between us and China is that they are only running a deficit because of their stimulus plan. Even without our stimulus, we have a huge deficit. Additionally, they are currently on the downslope of a "peak debt period" when a sizable part of their entire debt has come due - and they paid off a big chunk of it.
All in all, the money comes from the same place all bond investment money comes from - the future. Nice trick, eh?
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