4 ms·
We pretty much put a price on our morality. Looking at the bond holders graph, it appears we owe about a 1/2-trillion dollars to oil producing nations. It's no
by SCAQTony 10y ago
We pretty much put a price on our morality. Looking at the bond holders graph, it appears we owe about a 1/2-trillion dollars to oil producing nations. It's no wonder we tolerate tolerate gross human rights violations therein.
Sort of like that J. Paul Getty Quote: "If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
Makes me wonder if we have a similar deal with China: we sacrifice our industrial sector (no other nation allowed that to happen) in exchange for bond buying?
- strictnein 10y agoWe haven't sacrificed our industrial sector: https://research.stlouisfed.org/fred2/series/INDPRO https://research.stlouisfed.org/fred2/series/INDPRO
- milcron 10y agoI think this chart helps explain why someone might think so: http://blogs-images.forbes.com/timworstall/files/2015/10/mfg1-e1443798818201.jpg http://blogs-images.forbes.com/timworstall/files/2015/10/mfg... The US manufactures more than ever before, it just takes fewer jobs to do so.
- mikeash 10y agoWouldn't the Getty quote imply that it's China and Saudi Arabia who have the problem, not the US? I don't know about "sacrifice our industrial sector" thing, either. The US is the world's second largest exporter. Those exports just happen to be somewhat less visible since they include a lot of things outside of consumer goods. You can walk around the US and see all the Chinese-made phones and think, "China sure makes a lot of stuff." But most people won't walk around China and see all the US-made airliners and think, "The US sure makes a lot of stuff too."