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We owe them almost a trillion dollars. I fear them far more than a fellow American. They continue to screw with our currency. How about this...if you live in Taiwan, better find some place else, we will soon let the Chinese have their way...how can we argue with our bankers. As for prospering. We have not prospered. Our standard of living has declined every year because of free trade. Also, China is not growing as much, but they are not broke. They have lots of money...American is broke. Also, union autoworkers do not receive 70 per hour. This is a lie...they throw in legacy (cost for retired workers) in this calculation. They make about the same as the transplants in terms of wages. The union will take over legacy in 2011...if not sooner under some deal worked out this year.

Actually they hold TWO trillion in Treasuries alone. Ask yourself what happens when they try to cash in all those Us Treasury notes?
What will they receive in return? They will get dollars. What can you do with dollars? Well you can try to trade them for something else which we call purchasing something. So ultimately those dollars are only good for some US made goods, property, or services.

God help the rest of the world if they all try to cash in by buying our stuff all at once. It is all coming to end since soon enough the world will not want our pieces of paper and will require that we give them real things instead, like gold or minerals or real products.

When that happens we can go back to the 30’s. I can't wait to see Americans knitting socks again and I'm sure you will enjoy paying $10 a pair for them.

Legacy cost count since the current UAW members negotiate the contract that pays those costs. It is money the companies have to pay. Yes the UAW takes over those cost but only because of the massive (5 billion I think) amount of money given to them by the manufacturers just for that.