Russell Earl Kelly, PHD, February 11, 2014
The following article is based on figures from the web site below from January 2013 and the total debt is much larger now.
It was alarming to discover how many nations we owe money to thrive because they provide secure havens for wealthy U.S. investors. Among this list are Switzerland, Luxembourg, Belgium and Hong Kong. Changes must be made to encourage wealthy Americans to invest more in their own country.
My burden for writing this article is the loss of manufacturing jobs in the U.S. For many years I have been disturbed to see the shelves of our stores full of products “Made in China” instead of “Made in the U.S.A.” In my opinion (except for food, cleaning products and paper) 95% or more at Wal-Mart, Target, Family Dollar and even Ace Hardware comes from outside the U.S. – and that means lost jobs.
When one country loans another country a lot of money, the borrowing country is at the mercy of the loaning country. Demands are made. In exchange for the “favor” (the huge loan), China demands that the U.S.A. purchase more and more products and this means less and less jobs here for Americans.
It is probably already too late to quickly remedy the situation. When our national debt rises and we borrow more money from foreigners, our job market shrinks. What happens when China has saturated our markets and it is no longer practical to merely ask us to buy more products? I think we have already reached that saturation point.
What happens after the saturation point has been reached for typical sales products? We are compelled to sell high-tech products, our industries, our motel/hotel chains, our food chains, and even our motion picture companies. We have even sold our land itself so other nations can grow and export their own food (i.e. Japanese cowboys in Wyoming).
Somebody please tell us who already owns our largest corporations, hotel chains, motion-picture companies, and restaurant chains. The American public will be shocked. And why is this aspect not being discussed on news
U.S. PUBLIC DEBT AS OF JANUARY 2013
1. $4.14 trillion ($4,140,000,000.000.00) was owed by the U.S. Government to U. S. investors in January 2013. At the end of 2012 our debt was 73% of our Gross Domestic Product and 47% of our debt was foreign owned.
insurance companies: $263.8 billion banks/credit unions: $337.4; billion state/local governments and their pension funds: $682.5 billion;
private pension funds: $615.6 billion;
mutual funds: $889.1 billion;
U.S. savings bonds: $183.8 billion; plus
2. CHINA -- $1.26 trillion ($1,200.000,000,000.00); China’s economy is fueled partly by the return on their U.S. investment. When we buy Chinese products we are taking jobs away from American citizens and giving them to Chinese citizens.
3. JAPAN -- $1.12 trillion ($1,120,000,000,000.00)
When we buy Japanese cars we are taking jobs away from American citizens and giving them to Japanese citizens. How many U.S.-made cars are sold to Japan?
4. BRAZIL $253.4 billion (and oil-producing nations such as Algeria, Bahrain, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Chinese firms have built huge factories, farms and manufacturing plants on Brazilian soil. And, yes, we buy oil from those who publicly threaten to destroy us.
5. SWITZERLAND -- $192.7 billion
6. TAIWAN -- $196.6 billion
7. RUSSIA – Russia; $162.9 billion. Russia is the world's largest oil producer.
8. LUXEMBOUIRG -- $144.7 billions
9. BELGIUM – $143.5 billion
10. HONG KONG -- $142.9 billion
I urge ABC, CBS, FOX, NBC, and TBN to research and reveal the information which really explains where our jobs have gone.
Russell Earl Kelly, PHD
316 Aonia Rd
Washington, Ga 30673