The debt crisis, chronic high unemployment, the tumbling stock market, the credit downgrade — these are — fairly obviously — symptoms of an economy in distress. We might disagree about the best policy responses. But perhaps we can agree on the worst: Borrow massive amounts of money from the Communists who want to diminish us and transfer that wealth to the jihadis who want to destroy us. Surprise: That long has been U.S. government policy. Both Democrats and Republicans have endorsed it and, so far at least, it remains in place.
This reality was driven home last week when China’s rulers, who sit on at least $1.16 trillion in U.S. Treasury securities, scolded “debt-ridden Uncle Sam,” instructing Washington that “the good old days when it could just borrow its way out of messes of its own making are finally gone.”
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