U.S owes China about 2 & 1/2 trillion American dollars
By Daniel at 3 October, 2008, 10:48 am
According to Ron Paul, a member of the house banking committee, we owe China about 2 & 1/2 trillion American dollars.
China gets American dollars when they sell us stuff made in China. Instead of sitting on the dollars they buy American interest bearing Treasury Bills & Treasury Bonds, which would have different maturity dates. These Gvt. issues can also be rolled over when the maturity date arrives.
It’s a distinct possibility that it may never be paid off or paid back because the numbers are so high.
These American dollar debt obligations can be sold or traded by China at any time provided a buyer is found.
If the Fed is ordered by Congress to buy them back, it would probably be at a very deeply discounted price, which would show the worlds bankers exactly how unsound dollars have become.
If the Fed buys huge amounts of Treasury debt, it can be assumed the national debt {about 9 trillion dollars} would be owed to the Fed, which apparently is owned by the wealthiest bankers in the world, not the American people.
Now do you see why Ron Paul wants to abolish the Fed?
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