Wait and see how flexible he'll be | president, obama, new - Opinion - The Orange County Register: "Speaking of facts, in the past year the federal government has added the equivalent of the GDP of Canada in new debt. Who's buying it? The Chinese? Not so much. They've got pretty much all the Washington IOU's they need. Sixty-one percent of debt issued by the Treasury is bought by the Federal Reserve – which is to say the left hand of the U.S. Government is lending money to the right hand of the US Government. That's one reason the dollar is in steep decline against every major currency. Indeed, had it not been for the French and Germans et al inaugurating the new century by inventing a currency for an artificial jurisdiction with even less connection to economic reality (the European Union), it's likely that the markets would have yanked the rug out from under the dollar by now.
Nonetheless, in a land where every mewling babe in the American nursery is born with a debt burden of just under $200,000, the president brags that only his party is "compassionate" to have no plan whatsoever even to attempt to do anything about this, no way, no how, not now, not ever."
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