Normally, I try to avoid blogging on the weekend (religious thing), but this one couldn't wait until Monday.
I found it amusing that yesterday, the leader of China - the weaselly despot Wen Jiabao - said he was nervous about all that money he is lending the United States.
See, the income tax that the U.S. treasury collects from all of us is just about enough to fund the heating bill in the White House, with some left over for the congressional health club. The rest of the money we need to cover our kerjillion dollar federal budget has to come from somewhere else.
That somewhere is China. It loans us money in the form of buying U.S. bonds and, someday, we either pay it back or China forecloses on us and we all start carrying around copies of Mao's Little Red Book in the glove compartments of our Buicks.
(Editor's note: The truth is, foreign governments own about 28% of U.S. debt, but I am trying to make a point here, so cut me some slack...)
Since this country was created, we have NEVER defaulted on a bond payment. So the fact that a world leader (albeit the head of a morally bankrupt government like China's) would publicly question our ability to pay our debts is somewhat eyebrow-raising.
In better days, we might tell that corrupt creep to go take a flying f*ck at the moon, but these are perilous times and the last thing we want to do is upset one of our most important loan sharks.
Luckily, we have an ace-in-the-hole:
As long as China continues to buy up our increasingly toxic Treasury notes, we will continue to buy up China's toxic products: Lead-painted toys, contaminated pet food, foul fish, all made by slave labor.
China - You keep sending that crap to Walmart and we'll keep buying it, but you have to keep loaning us the money to pay for it. If you cut us off, we'll cut you off, and then you'll have a billion and a half pissed-off unemployed Nike assemblers to deal with.
Good luck with that.