E M Smith
"Fox News says we just rolled over $16 Trillion Debt for the USA, though this Dept Clock says said it’s just a bit more to go: ........Short form? China is having an economic slowdown. Why? Lack of sales into Europe. Even Germany has had a rollover in auto sales as China has slowed down buying BMWs and Mercedes. So the German Miracle is no longer ‘net flush cash’ to bail out the PIIGS, who are auguring in at great speed… The USA is trying to decide “Socialism or Revolution, decisions decisions” and is just doing ‘kick the can’ at ever higher frequency, and expecting China to loan us $1 Trillion a year more indefinitely. China has slowed / stopped the net buying of Treasuries (see above note about economic slowdown and lack of sales…) so isn’t available to be that spark plug just right now… which means that the European Central Bank and The Fed are both buying all the debt they can. Which is fine, except that it isn’t actually real productivity backed money that is handed over to the PIIGS and US CongRats. Given the basic mantra of Economics: “Who, makes What, for Whom”, that means it is only ‘redistribution’ and not going to create new wealth. Redistribution from the taxpayers and anyone with wages / cash income, into the pockets of the Government Employees (who as we all know have been just SO stellar about creating new net wealth… /sarcoff;> ) So the proposed “solution”? Print more money to hand to the government in exchange for more IOUs… while chasing real productivity out of the country and driving it out of existence with more heavy handed Government Mandates. Repeat until dead."