Tue
“ Amazing. The world’s greatest debtor is going to take on the two powerful countries with the largest trade surpluses. According to the World Factbook, an annual publication of the CIA, Russia’s 2007 current account surplus is $465 billion and China’s is $363 billion. In contrast, the US current account deficit is $987 billion—an amount larger that the total deficits of all other countries in the world combined. The out-of-pocket and already incurred future cost of Bush’s wars of aggression is between $3 and $5 trillion, every dollar of which must be borrowed. That comes on top of the unfunded liabilities of the US government totaling $53 trillion. By any account the US is the world’s worst credit risk. The “mighty” US relies on foreigners to finance its consumption, its wars, and the daily operations of its government.
( Paul Craig Roberts (via azspot)
( Paul Craig Roberts (via azspot)
