The Republican tax cut hoax, costing future tax payers billions in indebtedness is not the only ideological sham of American history. As the Chinese government now questions whether it should continue to finance American debt, Robert Scheer on Left Right and Center, just made the very true observation about the irony of American capitalism needing to be bankrolled by its Cold War nemesis the Chinese Communist Party.
For all the talk about how great it was that Reagan won the Cold War, the fact is that China is run by the communist party that was our sworn enemy in the Cold War, and we were told that if we don’t end their reign the world will never be safe. And [now] we are depending on the Chinese communists to save the world’s biggest capitalist economy. They evidently invested wisely. They still seem to have a growth rate. And I think that is one of the great ironies of the last fifty years of history. And I think [Wen Jiabao’s] point was valid: [the Chinese government] invested a lot of our money in [U.S.] treasuries, do [Americans] know what they are doing? Are they solid? Are they serious?