Political Cortex: Brain Food for the Body Politic

"The Chinese government is the largest holder of U.S. public debt and Chinese officials have shown increasing signs of concern that the sharp increase in U.S. government spending.  About 70 percent of China's near $2,000 bn foreign exchange reserves are believed to be in U.S. dollar assets.

"'We have lent a huge amount of money to the United States,' Mr. Wen told the annual press conference that marks the close of the National People's Congress, China's parliament."

How on earth did the U.S.A., which for years was internationally recognized as an industrial giant and a rich nation, descend to the level of a kept nation -- borrowing billions to salvage its former economic stature?

It took a series of events to reach this dangerous crossroads.  Dwight D. Eisenhower, the general who achieved acclaim in World War II and as president of the United States, issued a stern warning.  

Eisenhower warned about the "unwarranted influence" of the military-industrial complex.  We could simplify by stating, beware of the profiteers of the U.S. war machine's key industries linking up with overzealous military might.

Vietnam is a shining symbol of what the military-industrial complex achieved -- 56,000 U.S. service personnel dead and over 2.5 million Vietnamese and Cambodian deaths.  Fears of Communism coming to Vietnam and spreading all over Asia got this war going.  

How ironic that the U.S. has become tragically economically in need of billions in loans to keep two wars going and even helping fund other nations with China's billions.  

When George W. Bush, who many historians insist never won either election, took over White House residence, the U.S. had a budget surplus.  Eight years of his endless disastrous presidency and the national debt skyrockets to $10.6 trillion at the point when he left office.  

How could this president, who was no great brain, convince so many members of Congress to passionately race off to war on a series of falsehoods beginning with non-existent weapons of mass destruction that Iraq was threatening the U.S. with, declaring that Saddam Hussein was developing nuclear power with no proven evidence?

After the $700 billion bailout Bush and Treasury Secretary Henry Paulson pushed through by frightening people by declaring that U.S. banks were on the edge of collapse, we learned something very interesting.

No specifications were spelled out in this emergency economic stabilization act.  We discovered some bank executives were quietly awarding themselves million dollar bonuses, the same failed CEO's who generated the economic meltdown of the U.S. banking system.

When Obama became president he declared he wouldn't allow all those earmarks, pet projects congressional members desire for districts they represent, as one way to help insure holding onto office.  None of the approximately 8,000 earmarks were cancelled under President Obama.

As for Obama's $700 billion bailout for jobs (infrastructure, health care and education) consisted of nearly 2,000 pages of spending projects.

Once again this $700 billion spending bill budget was completed so late at night that congressional members who had to vote on it the next day voted on the measure without examination.

Do you think Premier Wen, who is loaning the U.S. billions via buying U.S. bonds, considers this rush to obtain the $700 billion bailout sound economics when U.S. congressional members were not given time to analyze carefully the bailout they voted on?

Also, I am certain much of the world is aware that the biggest money scam cheat in history is Bernard Madoff with his $65 billion scam scheme.

On the CBS program 60 Minutes two weeks ago, a top investment manager revealed he had contacted the U.S. Securities and Exchange Commission, whose job it is to investigate dishonest stock market and business practices, five times.  

The agency did nothing!  Were SEC personnel who were told being simply inefficient or was it something sinister?

At last Bernard Madoff was sent to jail in handcuffs.

Between collapsing banks due to gross fraud and after the U.S. trade deals were signed, with manufacturing plants transferred to other nations, our economy has naturally suffered.

After Bush's eight years of disaster, with his $10.6 trillion national debt surpassing all prior U.S. debts combined, and a couple of $700 billion bailouts, mostly from China, I think it is a wise request for Chinese Premier Wen Jiabao to ask the U.S. for fiscal guarantees!