Every week or so I have to confess to borrowing heavily from Andrew Sullivan’s posts and links. This post on the myth that China is America’s Banker is yet another case of that:
China is America’s banker. America cannot anger its banker. In fact, China is more like a depositor. It deposits money in U.S. Treasurys because its economy does not allow investors to put money elsewhere. There is nothing else it can do with its surpluses unless it changes its financial system radically … It makes a pittance on its deposits. If the United States starts to bring down its debts and deficits, China will have even fewer options. China is desperate for U.S. investment, U.S. Treasurys, and the U.S. market. The balance of leverage leans toward the United States
But he wasn’t a very good farmer.
I’ve been doing a little digging into family history on the eve of a family reunion. Here’s my Great-Grandfather Thomas Robb’s second home.
His first home was a “bank house” dug into a Kansas hillside.
Here’s a Forbe’s story on all the illegals America (and native America) dealt with before Abe Lincoln got things sorted out with the Homestead Act of 1962. It was OK though. These illegals were all white people.
I recently heard the author of the book Free Lunch give a speech in which he said that the Sam Walton descendents had earned a large portion of their fortune, if not most of it, from taxpayers rather than consumers. He claimed they did it by extorting huge tax advantages out of the communities that they wanted to build a Walmart store in.
I wouldn’t have commented on it except that I just opened this page unrelated to the book’s author. It is an animation of Walmart openings since the store was started in Arkansas by Sam. I imagined every town giving millions to the Walton family to get their own Walmart and beat out the other poor schmuck communities nearby which were too cheep to pay the extortion.
Harry Truman said once that he wanted a one-handed economist because they were always saying, “on the other hand.” N. Gregory Mankiw writes in the New York Times about what most economists seem to agree on. It turns out that agree with most economists.