I think it is important for Congress to recognize that as the economy recovers and both short- and long-term rates move up, a situation in which the Government's funding costs remain as low as they are, if we are successful in achieving our goal of getting the economy back on track, this is a very temporary situation.
Yellen emphasizes the temporary nature of low government funding costs during economic recovery.
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I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China.
I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June, and possibly as soon as June 1st.
The fact that the dollar is used as a reserve currency and plays such a huge role in international transactions does enable our sanctions to be much more effective.
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