The problem with the media is that they cover important stories individually, but they haven't put it all together like a puzzle. For instance, there are a few more stories that they're covering separately, but they should put them together.
Let me show you what I mean:
On Monday, President Obama hosted an economic summit where he talked about trying to cut the current deficit from $1.3 trillion to $533 billion by the end of his term. That story doesn't make sense. He just doubled the deficit and now he's going to cut it in half?
Unless you understand the next puzzle piece: While Obama was spending $787 billion here at home, Hillary Clinton went to China hat in hand to convince them to keep buying our debt. She said, "We are truly going to rise or fall together." This story made the rounds, but unless you know the next story it also doesn't make sense.
Last week, one of China's leaders revealed that Hillary Clinton is exactly right and he can't stand it. He was so frustrated about our financial mismanagement that he said — and this is an actual quote — "We hate you guys but there's nothing much we can do."
So now the last piece: Gold is hovering around a $1,000 an ounce, which is within striking distance of a record.
That means one of two things: Either people don't trust that the dollar is going to keep its value due to our spending or they don't believe that the U.S. can stop the inevitable consequence of running our printing presses 24/7 — which is massive inflation.
Put this puzzle together and the picture becomes clear: Time is running out and the key to it all is China.
Here's why I say that:
China currently owns about $700 billion worth of our Treasury bonds — by far the most in the world. And though the Chinese haven't said that they'd completely stop buying our debt, they did say they would only keep it up as long as the bonds continue to offer the best combination of value, low risk and liquidity.
That's why the economic summit was held today, why Hillary Clinton went to China and why the price of gold is high.
Most economic experts say that China has to keep buying our debt — at least in the short-term — because it protects their investment. And while there might be some truth to that, I don't have much faith in the so-called "economic experts" anymore.
So now China has a decision to make: When do they cut their losses and decide to stop throwing good money after bad?
Our decision: When do we change our behavior?
What do you think? Send your comments to: firstname.lastname@example.org
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