Vienna 06/02/2023
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It’s not nice to make fun of an old man’s frailty. When this old man is president of an empire collapsing with him, such an event becomes a symbol of his presidency. The crash happened yesterday during a year-end celebration in the U.S. Air Force Academy in Colorado.
Just yesterday, Joe Biden was very successful in his fight to further indebted the world’s largest debtor, the United States. If the US were to hold back all government spending for a year – which is clearly impracticable – to pay off old debts, then total US annual income would not be enough to meet those liabilities.
We all know people who are looking for an opportunity to take out another loan just to be able to pay the interest on their ongoing debt. This is what the United States government has been doing for many years, regardless of whether the current government is Republican or Democratic.
If a private person falls into a spiral of debt, they “only” face the loss of their house, their apartment or their car. Banks are waiting for such opportunities. So many homeless people ended up on the streets. I think it would be for the good of the world if Mr. President sat under the fence of the White House and begged with the assistant secretary and ministers in their hats… Politically certainly, economically not necessarily.
Who is America’s largest creditor? People’s Republic of China. China holds the most US Treasury bonds. Since the Fed started raising interest rates, the value of these government bonds has fallen significantly.
How did China react to this? They didn’t react at all. I am convinced that if there were a real conflict over Taiwan, the US would have no hesitation in selling the island to the Chinese. This would be in keeping with the tradition of abandoning and sometimes even fighting existing friends. Current political interests have top priority for the Yankees. Examples? Taliban, South Vietnam, Saddam Hussein. Let the NATO supporters take note. This defense pact will defend the interests of the United States, not the pact members, in a critical situation.
Author of the article: Marek Wojcik