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how did the U.S, accrue such a massive debt with China?
- Anonymous1 decade agoFavorite Answer
It all started here , and ended up with the video at the bottom !
The Idiot's Guide to Chinagate : Richard Poe , Tuesday, May 27, 2003
China will likely replace the USA as world leader, said Bill Clinton in a recent Washington Post interview. It is just a matter of time. Clinton should know. He has personally done more to build China’s military strength than any man on earth. Most Americans have heard of the so-called "Chinagate" scandal. Few understand its deadly import, however. Web sites such as "Chinagate for Dummies" and its companion "More Chinagate for Dummies" offer some assistance. Unfortunately, with a combined total of nearly 8,000 words, these two sites – like so many others of the genre – offer more detail than most of us "dummies" can absorb. For that reason, in the 600 words left in this column, I will try to craft my own "Idiot’s Guide to Chinagate," dedicated to all those busy folks like you and me whose attention span tends to peter out after about 750 words. Here goes. When Bill Clinton took office in 1993, China presented no threat to the United States. Chinese missiles "couldn’t hit the side of a barn," notes Timothy W. Maier of Insight magazine. Few could reach North America and those that made it would likely miss their targets. Thanks to Bill Clinton, China can now hit any city in the USA, using state-of-the-art solid-fueled missiles with dead-accurate, computerized guidance systems and multiple warheads.
China probably has suitcase nukes as well. These enable China to strike by proxy – equipping nuclear-armed terrorists to do its dirty work while the Chinese play innocent. Some intelligence sources claim that China maintains secret stockpiles of chemical, biological and nuclear weapons on U.S. soil, for just such contingencies. In 1997, Clinton allowed China to take over the Panama Canal. The Chinese company Hutchison Whampoa leased the ports of Cristobal and Balboa, on the east and west openings of the canal, respectively, thus controlling access both ways.
A public outcry stopped Clinton in 1998 from leasing California's Long Beach Naval Yard to the Chinese firm COSCO. Even so, China can now strike U.S. targets easily from its bases in Panama, Vancouver and the Bahamas. How did the Chinese catch up so fast? Easy. We sold them all the technology they needed – or handed it over for free. Neither neglect nor carelessness is to blame. Bill Clinton did it on purpose. As a globalist, Clinton promotes "multipolarity" – the doctrine that no country (such as the USA) should be allowed to gain decisive advantage over others.
To this end, Clinton appointed anti-nuclear activist Hazel O'Leary to head the Department of Energy. O'Leary set to work "leveling the playing field," as she put it, by giving away our nuclear secrets. She declassified 11 million pages of data on U.S. nuclear weapons and loosened up security at weapons labs. Federal investigators later concluded that China made off with the "crown jewels" of our nuclear weapons research under Clinton’s open-door policy – probably including design specifications for suitcase nukes. Meanwhile, Clinton and his corporate cronies raked in millions.
In his book "The China Threat," Washington Times correspondent Bill Gertz describes how the system worked. Defense contractors eager to sell technology to China poured millions of dollars into Clinton's campaign. In return, Clinton called off the dogs. Janet Reno and other counterintelligence officials stood down while Lockheed Martin, Hughes Electronics, Loral Space & Communications and other U.S. companies helped China modernize its nuclear strike force.
"We like your president. We want to see him re-elected," former Chinese intelligence chief Gen. Ji Shengde told Chinagate bagman Johnny Chung. Indeed, Chinese intelligence organized a massive covert operation aimed at tilting the 1996 election Clinton's way. Clinton's top campaign contributors for 1992 were Chinese agents; his top donors in 1996 were U.S. defense contractors selling missile technology to China. Clinton recieved funding directly from known or suspected Chinese intelligence agents, among them James and Mochtar Riady, who own the Indonesian Lippo Group; John Huang; Charlie Trie; Ted Sioeng; Maria Hsia; Wang Jun and others. Commerce Secretary Ron Brown served as Clinton's front man in many Chinagate deals.Source(s): When investigators began probing Brown's Lippo Group and Chinagate connections, Brown died suddenly in a suspicious April 1996 plane crash. Needless to say, China does not share Clinton's enthusiasm for globalism or multipolarity. The Chinese look out for No. 1. "War [with the United States] is inevitable; we cannot avoid it," said Chinese Defense Minister Gen. Chi Haotian in 2000. "The issue is that the Chinese armed forces must control the initiative in this war." Bill Clinton has given them a good start. http://www.youtube.com/watch?v=F054Slq07wg
- AidanLv 51 decade ago
China has huge inflows of US investment. These are private loans to China from the US which are dollar denominated. This means that the Chinese government must buy dollars to back up these private loans in case eveything goes belly up and the exchange rate between the dollar and the chinese currency goes in such a way that these dollar denominated laons are hard to repay. So the US government issues bonds i.e. IOUs to other countries of dollars. So as a result of this china became the US governments lender. Meanwhile the US was at war and was stumbling from recession to recession from the 1990s forward. To fund its war the US basically began to use all this borrowed money. But the crucial point should be known is that China is just as dependant on the US as the US is on it. It won't recall its IOUS unless the investment goes belly up. This makes it a mutually assured destruction situation.
- polarisoris65Lv 51 decade ago
Clinton,Bush,Obama... Clinton's started the ball rolling in the early 90s they opened the door for Chinese lobbyist to corrupt our Congress and Senators ....How could a Business lose money on slave labor follow the money and you will find who sold us out....We the people Have got to realize what it means when we buy a product from China or any other slave labor country it will cost us 1,0000 times the price in our future..Those Jobs lost to those markets were the meat and potatoes of our Economy They were products made for everyday necessities cloth,shoes,now computers are necessities, food is now being imported also....This country is being dumbed down and duped By Progressive Globalist Agenda all the Presidents are part of this and many democrats and republicans also........ Lets get some jobs back and give some dignity back to the youth who will never go to college but are raising children on section 8 ...... Come lets get it going ......Corrupt Prostituted Politicians out of Office Lets take this Country back
- Anonymous1 decade ago
china was buying US dollars to keep their currency low.
The T notes were issues in order to finance the republican wars, the chinese bought them as they are good investment
it gives them no power
, more fool them as the dollar has fallen and they have taken a bath
if they want to sell them off there are plenty Of buyers it doesn't make any difference
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- Anonymous1 decade ago
Deficit spending, poor war plans, massive government spending, and all around bad financial decisions.
- a_blue_grey_mistLv 71 decade ago
decades of deficit spending; corporate corruption (such as enron); deregulation of the financial industry leading to its collapse, deep reductions in the taxes of the top 1 percent, and the huge expenditures of the wars in iraq and afghanistan.
- guiriLv 71 decade ago
The Chinese realised that their main trading partner was the US and that the US was also their biggest debtor.
So to protect themselves, the Chinese bought US Bonds.
Now China is, by far the US's biggest creditor.
Thanks to George W. Bush, China could probably bankrupt the US if it wanted to.
- SonoraLv 51 decade ago
The gov. is full of idiots.
- Anonymous1 decade ago
one word OBAMA