Austin Scott: “And here is the danger. Here is the danger when you put your financial security in the hands of foreign nations at the…”

“And here is the danger. Here is the danger when you put your financial security in the hands of foreign nations at the rate that we are doing it. Now we have to worry that some of these nations could very well sell their U.S. dollars in their reserves and then they could switch their currency into other nations. They could do a lot of things when they have our debt. What happens if they lose patience here? By having so much of our debt in the hands of foreign interests, we place our whole financial security in great peril. China now has $250 billion of our debt, Japan has $687 billion of our debt, Taiwan has $117 billion of our debt and Hong Kong has $67 billion of our debt. I mention these because these are countries in the Asian Basin. If collectively they came together, for surely geography puts their direct interests more at stake than it does us over here in the Western Hemisphere, if they came together with a pact and just made a decision on what to do with our debt or whether they are going to sell U.S. dollars or reinvest in other countries or do things that will drive down our financial security, look at the bad position that places us in. And when you combine that with the fact that India and China have taken over our manufacturing capabilities, it shows the seriousness of the situation.”