Welcome to the United States of China

You think the housing market is bad in the US? Well, let me tell you, if the United States of Am-er-i-ca continues to borrow like there's no tomorrow, they won't be able to pay back millions of trillions of dollars to loanshark nations like China and Japan. Next thing you know, we are waking up in the US of China. If you don't believe it, see 'How the Bush Administration Is Turning the USA into a Subprime Borrower' by Heather Wokusch.

Here is an excerpt of her article:

Bush’s military adventurism, not to mention his administration’s exorbitant tax cuts for the wealthy, gutted the surplus of $128 billion Clinton handed him in 2001 into a deficit of well over $200 billion today. And Bush has simultaneously increased the national debt by over $3 trillion to roughly $9 trillion, effectively nailing each and every US citizen with a bill for almost $30,000.

While heavy borrowing from Asia has mopped up some stateside red ink, there’s an inherent threat: China, for example, has an estimated $900 billion in US bonds and can increasingly call the shots on the US economy and foreign policy.

Just weeks ago, Beijing warned that if the Bush administration pushed for a revaluation of the Chinese currency, then Beijing would sell dollars, thereby threatening the greenback’s reserve currency status. Washington backed down. It had little other option.

Scary, isn't it?