Lodinews.com

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Redistribution of wealth is happening

Print
Font Size:
Default font size
Larger font size

Posted: Sunday, April 5, 2009 10:00 pm

Our U.S. government owes $2.67 trillion to foreign governments and investors - 20 percent of our gross national product.

That number has grown rapidly over the last few years. In 2001, China held $61.5 billion. In 2001, we owed Russia less than $10 billion, and now it's $74.4 billion. The debt is sold to other countries in the form of U.S. Treasury securities, and we must pay interest on these securities. In the near future, a big chunk of our country's wealth will leave our economy and go overseas to pay back the loans. How will this outflow of cash affect our standing in the world?

After World War II, the U.S. emerged as a major global power and the U.K. declined in part because we owned so much British debt. Ironically, today the U.K. is our third largest creditor. Countries that own the most U.S. debt are Japan at $585 billion, China at $541 billion, the U.K. at $305.5 billion, OPEC nations at $180 billion and Caribbean banking centers at $148 billion.

China has now replaced Germany as the No. 1 export country in the world. During January 2009, China surpassed the U.S. in car sales. It's interesting that these things are developing under the communist system, which failed miserably under the leadership of Russia's Soviet Union. Clearly, the various forms of political and economic philosophies are no longer decisive. China is making use of capitalist principles, while capitalist America has resorted to communist principles to rescue failed capitalist institutions.

It is absolutely true that we will reap what we sow, and it's also true that we will suffer proportionately under the bondage of debt that we owe. It is not difficult to see that our world is shifting, and redistribution of wealth and a new one world order are emerging.

William Van Amber Fields

Morada

Rules of Conduct

  • 1 Use your real name. You must register with your full first and last name before you can comment. (And don’t pretend you’re someone else.)
  • 2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
  • 3 Don’t threaten. Threats of harming another person will not be tolerated.
  • 4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.
  • 5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 6 Stay on topic. Make sure your comments are about the story. Don’t insult each other.
  • 7 Tell us if the discussion is getting out of hand. Use the ‘Report’ link on each comment to let us know of abusive posts.
  • 8 Share what you know, and ask about what you don't.
  • 9 Don’t be a troll.
  • 10 Don’t reveal personal information about other commenters. You may reveal your own personal information, but we advise you not to do so.
  • 11 We reserve the right, at our discretion, to monitor, delete or choose not to post any comment. This may include removing or monitoring posts that we believe violate the spirit or letter of these rules, or that we otherwise determine at our discretion needs to be monitored, not posted, or deleted.

Welcome to the discussion.

1 comment:

  • posted at 4:24 pm on Mon, Apr 6, 2009.

    Posts:

    I'm surprised people haven't responded. The national debt kills more people than war.

     

Recent Comments

Posted 11 hours ago by Jien Kaur.

article: Letter: U.S. suffers from total lack of…

Ms. McDaniel said "You support looting under the guise of peaceful protest. You stand behind a group that perpetuates this lie that &q…

More...

Posted 12 hours ago by Jien Kaur.

article: Letter: Leaders to blame for police dea…

"Yeah, you can start by reading the original post before commenting with unintelligible information. The Constitution does not give Am…

More...

Posted 12 hours ago by Shane Marcus.

article: Light up your bike for a night ride in …

I'm thinking you would need a really long extension cord to make that work...

More...

Posted 17 hours ago by Angie McDaniel.

article: Letter: U.S. suffers from total lack of…

Nice spin attempt there Mike. "Where have I said that ALL cops should be punished? Punished for what and how?" You support lo…

More...

Posted 19 hours ago by Angie McDaniel.

article: Letter: Leaders to blame for police dea…

Yeah, you can start by reading the original post before commenting with unintelligible information. The Constitution does not give American…

More...

Video

Popular Stories

Poll

Vote on the biggest local story in 2014: See poll below

It has been an eventful year in Lodi, from the antics of a wild turkey named Tom Kettleman to the announced closure of the General Mills plant. What do you see as the biggest story of the year?

Total Votes: 369

Loading…

Your News

News for the community, by the community.

Mailing List

Subscribe to a mailing list to have daily news sent directly to your inbox.

  • Breaking News

    Would you like to receive breaking news alerts? Sign up now!

  • News Updates

    Would you like to receive our daily news headlines? Sign up now!

  • Sports Updates

    Would you like to receive our daily sports headlines? Sign up now!

Manage Your Lists