Eliot Spitzer on Stephen Colbert
For your amusement as well as your understanding of critical banking and finance reform issues. The funny thing about Colbert and Jon Stewart, his partner in crime at Comedy Central, is that they have a certain bread and circus appeal to them, don’t they. Is that what it takes to get Americans to take real issues seriously?
Spitzer makes some good points, and is very critical of the Obama Administration. He probably overdoes it in describing how we have to rely on China to loan us money. That’s not quite right…
I didn’t find that part convincing either. But it was good otherwise.Sent from my Nexus One
In a message dated 2/3/2010 15:27:42 Mountain Standard Time,
writes:
Spitzer makes some good points, and is very critical of the Obama
Administration. He probably overdoes it in describing how we have to rely on
China to loan us money. That’s not quite right…
It’s not right at all. Eliot Spitzer made a lot of good points, but his
idea that China is our banker is a total fallacy. Only the US government
issues US dollars – not China, Japan, any European country, no country at all.
These countries may buy US government bonds but they use US dollars which
they get through trade.
The US government never loses its ability to spend in US dollars and
actions by foreign countries have no influence on that capacity. To suggest
otherwise is to lie.
Marshall, Spitzer isn’t necessarily lying anymore than people are lying when they use the household budget analogy to represent the U.S. fiscal situation. The logic may be wrong – as it is in the case of Spitzer saying we are begging the Chinese – but it doesn’t mean he is lying.
In a message dated 2/3/2010 17:00:04 Mountain Standard Time,
writes:
Marshall, Spitzer isn’t necessarily lying anymore than people are lying
when they use the household budget analogy to represent the U.S. fiscal
situation. The logic may be wrong – as it is in the case of Spitzer saying we
are begging the Chinese – but it doesn’t mean he is lying.
YOu are correct. He is severely misinformed.