Mr. Shaman
09-18-2004, 08:17 PM
"Fortin predicted that a devaluation would prompt Asian countries to withdraw their capital from U.S. money markets (http://english.aljazeera.net/NR/exeres/05A8C4D2-61B8-4E88-A707-A43DE742756D.htm) and to buy assets in other denominations, notably the euro.
"There is very serious cause for concern about the sustainability of the situation," he added."
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"Military retirement, the Federal employees' retirement, we owe the Federal employees' retirement system, Mr. Speaker, over $500 billion. There are laws that would have prevented you back when you were in your medical practice from dipping into your employees' retirement fund for any reason, good or bad. If you had done so, you would have gone to jail. There is not a penny in the Federal employees' retirement fund. Yet you continue to borrow against it to disguise the true nature of the American debt.
You borrowed $314 billion from foreign investors, and my buddy from Cuba will love this one, because you have borrowed $52.5 billion from Communist China. You have borrowed $122 billion from Japan. We now owe $1.3 trillion to foreign nations and investors, including $122 billion to Communist China. Tell me you are proud of that. Tell me the Republican majority is proud that we owe $122 billion to China and that $50 billion a year of American tax dollars go to pay interest on what we owe just to foreigners like the Communist Chinese. Our children will have to pay back China, Japan, our foreign creditors before they can even get back to paying what we should have paid all along to Social Security, Medicare and the retirement funds. They have to repay our debts (http://www.house.gov/genetaylor/floor07-16-03.htm) before they ever repay theirs." :@@:
"There is very serious cause for concern about the sustainability of the situation," he added."
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"Military retirement, the Federal employees' retirement, we owe the Federal employees' retirement system, Mr. Speaker, over $500 billion. There are laws that would have prevented you back when you were in your medical practice from dipping into your employees' retirement fund for any reason, good or bad. If you had done so, you would have gone to jail. There is not a penny in the Federal employees' retirement fund. Yet you continue to borrow against it to disguise the true nature of the American debt.
You borrowed $314 billion from foreign investors, and my buddy from Cuba will love this one, because you have borrowed $52.5 billion from Communist China. You have borrowed $122 billion from Japan. We now owe $1.3 trillion to foreign nations and investors, including $122 billion to Communist China. Tell me you are proud of that. Tell me the Republican majority is proud that we owe $122 billion to China and that $50 billion a year of American tax dollars go to pay interest on what we owe just to foreigners like the Communist Chinese. Our children will have to pay back China, Japan, our foreign creditors before they can even get back to paying what we should have paid all along to Social Security, Medicare and the retirement funds. They have to repay our debts (http://www.house.gov/genetaylor/floor07-16-03.htm) before they ever repay theirs." :@@: