I hope Congress is paying close attention to the still-developing crisis between debt-overloaded Greece and their partners in the European Union, because there’s a warning for the United States in between the lines.
Several European newspapers are calling the EU moves against Greece a “shocking” and “crushing loss of Greek sovereignty.” It’s apparently in a part of the EU treaty that member states can lose control of their own monetary policies if their national debts exceed the 3% limit of deficit to the country’s GDP. Greece is currently at 12% and threatening to default on its debt load, which is 113% of its GDP.
The way that Europe is lording it over Greece, a lesson is there for all to see. With the types of numbers coming out of Washington, and the depth of borrowing that the current Administration and Congress is proposing to engage in, how long can it be before China and other nations try to lord it over us? What if China starts trying to dictate our monetary policy by threatening to reject American borrowing requests from Chinese banks? What happens when they start to dictate our foreign policy?
The American government must live within it’s own means, without borrowing another red cent.
No nation on earth should hold sway over our national interests; we can make our own decisions on whether we want to welcome the Dalai Lama to our country, or whether we want to sell weapons to Taiwan to deter Red Chinese aggression.
And if we want to give our taxpayers rebates, we don’t borrow the money from China to do it. That was the height of irresponsibility from the last Administration, and a national disgrace.
If the government can’t survive on a $2 trillion budget, they can learn to do without. But enough of this financial irresponsibility. There should be NO talk of a health care plan until our financial mess is straightened out.
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