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"In effect, every person in the (rich) United States has over the past 10 years or so borrowed about $4,000 from someone in the (poor) People's Republic of Chin
by __ 19y ago
"In effect, every person in the (rich) United States has over the past 10 years or so borrowed about $4,000 from someone in the (poor) People's Republic of China."
Uh, no. I get the feeling that the author doesn't really understand how trade surpluses and deficits work.
- toffer 19y agoWhy do you disagree with that statement? If China has lent $1.4 trillion to the US Government (by buying US Treasury Notes), then if you divide it out on a per capita basis, that works out to roughly $4000 per US citizen.
- jorgeortiz85 19y agoYou mean China _LENT_ $1.4 trillion to the US Government (by buying US Treasury Notes).
- toffer 19y agoOops. Thanks for catching this. Maybe I shouldn't debate late at night... (I fixed my post above so that it actually says the point I was trying to make, rather than the opposite.)