tag:blogger.com,1999:blog-28755195.post4831937302698465881..comments2023-09-25T04:26:51.568-06:00Comments on The Barefoot Bum: Debt to ChinaLarry Hamelinhttp://www.blogger.com/profile/08788697573946266404noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-28755195.post-90052047089602104742008-01-17T09:35:00.000-07:002008-01-17T09:35:00.000-07:00Well, thank goodness you ran out of coffee, James!...Well, thank goodness you ran out of coffee, James! :pLarry Hamelinhttps://www.blogger.com/profile/08788697573946266404noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-50383389351496045362008-01-17T09:22:00.000-07:002008-01-17T09:22:00.000-07:00I was going to write a faux-snarky comment about h...I was going to write a faux-snarky comment about how you completely misinterpreted what I read and clearly did so deliberately because you're a doody-head, but I don't have the energy.James F. Elliotthttps://www.blogger.com/profile/16747033407956667363noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-78632920619479218692008-01-17T09:21:00.000-07:002008-01-17T09:21:00.000-07:00A number of much smarter economists than I agree w...A number of much smarter economists than I agree with you, Larry. Any deliberate disruption to our finances by China, they say, is likely to have dire repurcussions for their own economy.James F. Elliotthttps://www.blogger.com/profile/16747033407956667363noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-530636322213363482008-01-17T07:56:00.000-07:002008-01-17T07:56:00.000-07:00This reminds me of an article I read long ago abou...This reminds me of an article I read long ago about Donald Trump, back when he was teetering on huge losses and bankruptcy (or something bad like that) and he owed millions upon millions to various banks - the connection here is that even though it would seem to be Trump who was at the mercy of the banks, the situation was that it was the banks who were at the mercy of Trump - because the amount of money was so large that they were forced to help him out and go out on a limb for him if they were to have a prayer of getting their money back. <BR/><BR/>The whole point of the article was to illustrate that when someone lends a very large sum of money, they in a sense become very dependent on the debtor, which is the opposite of what ordinary people experience (where they are thrown to the wolves for being late for paying a $2000 debt). <BR/><BR/>So as you point out, China having all of this debt on our behalf makes China very dependent on our well-being and the well-being of our currency.DBBhttps://www.blogger.com/profile/17805375811782552873noreply@blogger.com