We owe China $1 Trillion dollars

And Brad DeLong seems more concerned about it than Treasury Secretary Paulson (at least publicly). As deLong puts Paulson's position:
"If we owed China $100 billion, we would have a creditor; but we owe China $1 trillion, so we have a partner."

Comments

Anonymous said…
A good partner since it keeps our domestic interest rates extremely low...allowing us an incredibly artificial purchasing power.
laia
5:39 PM
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