China warns Obama deficit spending must stop

By Jerome R. Corsi,WorldNetDaily

 Obama has spent us out of house and home

One day after the Chinese Prime Minister Wen Jiabao snubbed President Obama at the United Nation’s Copenhagen Climate Summit,the Chinese warned the United States that China’s ability to continue buying U.S. Treasury debt was limited.

Zhu Min,the deputy governor of the People’s Republic of China,told the Shanghai Daily that it is getting harder for the People’s Bank of China to buy U.S. Treasuries because the shrinking U.S. current account is reducing the supplies overseas.

This was dire news for the Obama administration that in 2010 and for the foreseeable future will be dependent on China to buy U.S. Treasury debt in order to fund the trillion-dollar federal budget deficits projected over the next decade.

The Shanghai Daily reported that Zhu told an academic audience that it was inevitable the value of the dollar would fall in value given the increasing reliance of the Obama administration on issuing U.S. Treasury debt to finance deficit spending. "The United States cannot force foreign governments to increase their holdings of Treasuries,"Zhu said. "Double the holdings? It is definitely impossible."

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4 comments to China warns Obama deficit spending must stop

  • Tom

    this individual and the mindless team of robots he has surrounded himself with will continue to destroy our United States until we the people say enough and band together to take our country back. it is not his country it is ours so please i beg you people let's get together and take our country out of the evil hands of these people. if your not willing to fight for our country then you deserve to see it destroyed.

  • FaithGrace

    Yes we need to band together and get these that are up for reelection in 2010 and then in 2012 we will get obama and the rest out but until then we need to continue to work to get enough votes to have obama impeached

  • Dick

    "Banding together"? Outstanding idea and nothing short of that will work,whether it is by the vote or Impeachment,but HOW is it accomplished?? Precisely HOW do we band together? How do we get the people we need,people that are real patriots,out of a 300 Million population? I'm sure ready to join in,but I just don't know how. I write letters,e-mails and Faxes every day to my Reps. and to the idiots themselves,telling them just exactly how I feel and what I think. At this point,that's all I know to be doing.

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