On the recordMay 19, 2004
Yes. They have built up these currency reserves, very strong positions. And we owe it. We owe it.
Said by
Paul S. Sarbanes
Source
congress.govYes. They have built up these currency reserves, very strong positions. And we owe it. We owe it.
Discussing foreign currency reserves and U.S. obligations.
Share
More from Paul S. Sarbanes
This was a decision by the Bank of Japan, the Government, not by private Japanese investors about the strength of the American economy.
There has been an incredible deterioration in recent years in the U.S. trade deficit.
This deficit requires us Americans to borrow about $2 billion from foreigners every working day. No expert I know believes that this is sustainable.