We know American government is living beyond America’s means. What’s more interesting is whether it’s living beyond the world’s. Historically, foreign official holdings of US Treasury securities have been less than five per cent of the rest of the planet’s GDP. By 2009, they were up to seven per cent. Obama-sized budgets depend on foreign holdings rising to about 20 per cent of the rest of the planet’s GDP.Much more here – go read.
Tuesday, October 26, 2010
From Mark Steyn, who's been off on some kind of mysterious business overseas and has been largely absent (and his wit much missed) from the season's political scene. One interesting paragraph: