Look who's holding our dollars!

[ROM-DOS]

nearly 70% of global currency reserves are in developing-countries' hands

In 'Thinking Global', Frederick Kempe, writing in 'The Wall Street Journal' "Why Economists Worry About Who Holds Foreign Currency Reserves", talks about the developing world's growing share of currency reserves - primarily in dollars - that could be used as a weapon against the U.S.

". . .the three countries in the world adding to reserves the fastest, and thus buying the most U.S. debt now, are China, Saudi Arabia and Russia, none of them democracies," says Brad Setser, director of research at Roubini Global Economics. Not far behind are Venezuela and Iran, countries eager to use their oil riches to undermine the U.S. "We are increasingly counting on a group of creditors who are not our closest friends but have a bigger and bigger stake in America."

China is expected to hold $1 trillion in reserves in dollars by year's end!

sooo, who's going to pull the economic plug on U.S.? (all - at once?)

[tommie gorman]

As always thanks ROM-DOS.  :icon_shaking:

[cholla]

Let them try to collect it.We could just declare all US debts to foreign countries null & void.Wipe the slate clean.What would they do about it other than not give us more credit & they can't even afford to do that .They would just have to eat the loss.

[tommie gorman]

Where do you go for a country to file chapter 7 Bankruptcy for a country?

Maybe the UN legal department. 

Maybe we could trade them some of our IOU's that we have. 

[cholla]

tommie gorman ;Your being too nice.My idea is more of tell the ones we owe "Go to hell"we've decided we don't owe it .If you don't like do something about it.Or bend over & take it like the American taxpayers do.If we don't mind sticking it to our own people why should we mind sticking it to you?

For the UN send them packing from the USA to Geneva where they should be anyway.