Back to Econ 101 for the Obamunists

So Obama plans to borrow 10 TRILLION DOLLARS over the next decade to line the pockets of labor unions, ACORN, George Soros, et al.

But he, like most liberals, forget one big caveat for spending trillions. In order to borrow it, someone must be willing to loan it.

And it looks like the Chinese have had their fill.............

Government data released for June 2009 shows that China has begun to make good on it’s forecast to start reducing exposure to US government debt. This was not done for ideological or political reasons, as some may claim, but rather because of an honest risk vs. reward assessment and internal forces threatening to tear the rosy veneer from China’s economy.

In February of 2009, The People’s Republic of China (a communist country) once again broadcast to the world that they were growing increasingly uneasy with the amount of US treasuries they were buying and holding. At that point they owned more than $744.2 Billion in US government debt, with additional large holdings of private US debt in the form of corporate bonds. In an article published in Reuters. Luo Ping, director-general at the China Banking Regulatory Commission (a communist), broadcast the increasing discomfort China had with its mounting US debt.

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