Trump's demonization of China puts U.S. in financial peril
Blaming China for the coronavirus might seem like smart politics, but insulting a creditor when the U.S. is running up a huge debt to stimulate the economy isnt a good idea.Would you spend your days insulting and demonizing a potential lender when youre running an operation that needs to borrow incredible amounts of money? Would you also be threatening to renege on the debt that you already owe this potential lender?
I sure wouldnt do that, and I cant imagine that you would, either. But thats what the Trump administration and its fellow travelers are doing with China.
The United States, of course, is running massive budget deficits as part of our attempt to stimulate our economy and limit the financial damage that covid-19 is inflicting on our people, businesses and institutions.
In the last three months, according to Treasury statistics, our national debt has risen by an astounding $2 trillion thats trillion, with a T. Its currently about $25.4 trillion and will rocket upward in future months.
https://www.washingtonpost.com/business/2020/05/22/trumps-demonization-china-puts-us-financial-peril/
ProudMNDemocrat
(16,485 posts)The American economy will be crushed and the rest of the world will follow suit.
Greater Depression Part II will make the 1929 crash look like Child's play.
enid602
(8,524 posts)1 Great Recession
2 Great Depression
3 Great Collapse
Wellstone ruled
(34,661 posts)China,the Chinese Gov was about to start liquidating US Treasuries because of the Tariff's and Trump's Stupid China bashing.
Notice in the last ten days,China has bought several Billions of Pork,Soybeans,and Chicken. Appears to be a Barter Deal. Explains the new 19 billion farm bailout that is about to drop.
So it begins,China turns the screws. And if folks did not see this coming,well,what can anyone say.
ProudMNDemocrat
(16,485 posts)They will want THEIR money back.
KT2000
(20,544 posts)buy what you need and want now. China has had it with that fool and prices will be going up no matter what they decide to do. Just about everything in our stores is made in China.
Plump has never experienced anything like China in his business life. They are centuries ahead of him.
Wellstone ruled
(34,661 posts)story from a Rellie who used to teach in China pre October and is now teaching in Vietnam.
China is eating our lunch and making us pay for it. They got Trump by the short ones with his Financing of his Projects .
One has to understand,China does not have a system of unemployment insurance and with the Pandemic,millions of people went back to their out lying Villages in order to survive. So now they can better utilize their labor and Factories in a more efficient manner as well as raise prices to offset their losses.