Thanks, Comrade Obama.
From CNS News
In data released Thursday afternoon, the Federal Reserve revealed that its holdings of U.S. government debt had increased to an all-time record of $1,696,691,000,000 as of the close of business on Wednesday.
The Fed’s holdings of U.S. government debt have increased by 257 percent since President Barack Obama was first inaugurated on Jan. 20, 2009, and the Fed is currently the single largest holder of U.S. government debt.
As of the end of November, according to the U.S. Treasury, entities in Mainland China owned about $1,170,100,000,000 in U.S. government debt, making China the largest foreign holder of U.S. government debt.
When Obama was inaugurated in 2009, the Fed owned $475.322 billion in U.S. government debt. As of the close of business on Wednesday, Jan. 23, the Fed owned $1.696691 trillion in U.S. government debt, up $1.221369 trillion during Obama’s first term.
Oh, and by the way, the ChiComs have surpassed the United States as the world’s biggest trading nation:
China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show.
U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s trade in goods in 2012 amounted to $3.87 trillion.
China’s growing influence in global commerce threatens to disrupt regional trading blocs as it becomes the most important commercial partner for some countries. Germany may export twice as much to China by the end of the decade as it does to France, estimated Goldman Sachs Group Inc.’s Jim O’Neill.
“For so many countries around the world, China is becoming rapidly the most important bilateral trade partner,” O’Neill, chairman of Goldman Sachs’s asset management division and the economist who bound Brazil to Russia, India and China to form the BRIC investing strategy, said in a telephone interview. “At this kind of pace by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe.”
People tend to forget that China is a belligerent country ruled by a communist authoritarian regime.
Just some reminders of how batshit crazy a democratic republic has to be to think that doing business them is a good idea:
ChiCom Air Show Exhibition Depicts Their Forces Attacking a U.S. Navy Vessel
The Latest in ChiCom Hostilities.
Chinese Officer: ‘China Should Topple U.S. Dominance’
More on our own government’s treason:
Feds Allow China to Take Over U.S. Bank
And stupidity:
State Department Confused Over China’s New Aircraft Carrier
The Chinese have engaged in cyber attacks, spying, economic espionage, and actual threatening of U.S. Naval vessels. Yet Obama and the Feds think giving them money, technology, and contributing to the Chinese threat are good ideas.
And they have fits over Americans owning “assault weapons”.
We are so screwed.