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It's Play Money.
At the end of September 2011, the Chinese owned $1148.3 billion dollars of U.S. treasury securities. They own the largest part of this country, more than any other country on the Globe. Click here for the Data blog.
“When you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others,” says Donald Trump.
“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before Obama gets finished. When you have [debt] in the $21-$22 trillion [range], you are talking about a [credit] downgrade no matter how you cut it," he further stated.
Read more: Economist Caution: Prepare For 'Massive Wealth Destruction'
3 comments:
Donald Trump who inherited his wealth from his father then proceeded to file for bankruptcy 2 times, screwing creditors out of billions of dollars is probably not the best example to use when discussing credit and debts.
Conservative logic.
Debt is IOU's to other countries. If no one has confidence in your country, you can't finance your debt, a la Greece right now. Rich people, sovereign wealth funds, and nations like China are buying US treasuries as one of the few places it is felt safe to park monies they earn now that we buy things from there. This is a problem but not wholly a bad thing. If I gave you cash in exchange for some IOU notes, and was willing to keep doing so, and you had a printing press for money, the real risk is that the money you print becomes worth less when you have to print a lot to pay me off, not that you couldn't print enough then.
Sam Goodstein
Donald Trump has made more money than his father ever dreamed. He was a victim of the major recession that we had in the late 80's as well as the one we are trying to climb out of now. He eventually rose above it all paid back creditors and now is considered extremely successful with all his development projects, TV show, etc.
Mr. Trump is a great example of success in America and rising above hard times to eventually succeed. He is worth over $7 billion.
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