John Sarbanes: “The question is not whether you are going to trade; it is the terms on which you will trade. What are the rules going to…”

“The question is not whether you are going to trade; it is the terms on which you will trade. What are the rules going to be? Of course, China's trade surplus with the United States finances China's trade imbalance with the rest of the world. So, in effect, we make it possible for China to purchase from other developed countries, the European countries, for example, who are very careful to keep their trade relationship with China in much more of an even balance. So, year after year, we run these large trade deficits, and everyone says, ``Well, it doesn't matter.'' It does matter. It does matter. It affects the standing of the United States as a world power. You cannot long be a world power if you are the world's largest debtor country. This chart makes a difference. The United States for decades was a creditor nation--others owed us. Now we have deteriorated to where we are now the largest debtor nation in the world to the tune of $1 trillion--a $1 trillion debtor nation. This is the issue that needs to be addressed. This is exactly what this commission would try to do.”