Political Quotes

“The foreign-held debt in January of 2001 was $1.01 trillion. The foreign-held debt in July of this year was $1.81 trillion. That is a difference of $800 billion since 2001, a 79 percent increase in what foreigners hold. If we look at this chart, in 1980, of our debt foreigners held 17 percent of it. Last year, they held 37 percent of it. But look at this one. In just 1 year, through July of 2004, it has gone from 37 to 42. That is what I am talking about when, on page 2 of the story, we will hear this, oh, well, this deficit is not any greater than it has been in times gone by as a percentage of the gross domestic product. That may be true, but what they do not tell us is that, in those times before, it was Americans buying war bonds. It was Americans buying T-bills and Americans buying notes. That is not true any longer. We are now dependent on the infusion of foreign capital to buy our notes, our T-bills and our bonds to finance this government. This is a recipe for financial disaster.”