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Fixing Our American Federal Debt Crisis
It's as Easy as One, Two, Three!

China, Japan, and England
-by Scott Rohter, August 2011

“We can’t borrow our way out of debt, and we can’t print our way to prosperity.”

What did the Japanese economist say to the British journalist?  This is not a joke.  Yesterday I heard a reporter from the BBC interview a top economic expert from Japan about the American Federal debt crisis. The question he asked was whether or not raising the Federal Debt Ceiling from 14 ½ trillion dollars to 16 ½ trillion dollars was actually going to help bring America's annual budget deficits under control.

Britain is the third largest purchaser of American government bonds and the third largest holder of America's debt. Japan is the second largest holder of American debt. And China is by far the biggest holder of American I.O.U's.   Here was a representative from one of our largest creditors interviewing a representative from another one of America's largest creditors about how we can solve our debt crisis. Now if that isn’t bad enough then just wait until you hear the answer that the Japanese economist had for us...

According to this guy raising the Federal Debt Ceiling wasn't going to work because we were trying to cut our expenses too fast.  Imagine that.  Congress just raised the Debt Ceiling from 14 ½ trillion dollars to 16 ½ trillion dollars. The whole country was still in an uproar that they raised it at all, and these two schlamiels are telling us that we are cutting our expenses too fast. Right about then I felt like putting my fist through the radio and punching these guys. Didn’t we have a revolution a couple of hundred years ago to free ourselves from the British Crown. Didn't we bomb those arrogant Japanese into submission because they wanted to control the entire Pacific?

I guess a better question would be what planet are these guys from.  If you look at the world from their perspective though what can the Japanese literally do with all of their American dollars if they can't try to control us?  What else can they do with their substantial economic power today? They can't try to exert control over China. The Chinese just wont tolerate it and besides I think they tried that once before and it didn’t end very well for them. I seem to remember the defeat of their little island nation and the rise of mainland China as an economic superpower.

Our Congress raised the Federal Debt Ceiling by two trillion dollars in order to try to please our three biggest creditors: China, Japan, and England, and they are still not happy. It is not because we are cutting our expenses that they are unhappy.  They couldn’t care less about our domestic policies. They are just upset because we are not borrowing money from them fast enough to save their own failing economies. The biggest cheer leaders for raising America's Federal Debt Ceiling are China, Japan, and England.

"The truth, the political truth, and nothing but the political truth.
A journalist has no better friend than the truth."
- Scott Rohter

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