Political Quotes

Chris Dodd: “I was stunned by those numbers. As I recall, I think you said that we have borrowed around $600 billion from Japan…”

On the recordSeptember 22, 2004
I was stunned by those numbers. As I recall, I think you said that we have borrowed around $600 billion from Japan, about $150 billion from China, and billions more from other countries. To make the picture clear, that is like a bank holding a mortgage on your home. They hold the paper on America. They can call due those notes at any time, I presume, or within a reasonable time, and could insist upon us paying back those obligations. So, in other words, our economic well-being is in no small measure tied to the desires of nations that may not have the same goals as we do, either in economic or foreign policy. They hold the mortgage, in a sense, on our future; is that correct?
Said by
Chris Dodd
Democratic · Connecticut
Source
govinfo.gov

Editor's note · Context

Discussing U.S. borrowing from foreign nations and its implications for economic policy.

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