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U.S. President Barack Obama pays off the Bank of China Credit Card?

December 6, 2012

The continuing saga of U.S. national debt and the annoying debt ceilings that get in our way and prevent us from spending  money that we don’t actually have…

Chapter I

President Obama – July 2008 (video)

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic...”

Chapter II

President Obama – September 2012 (video)
Starting at the 2:00 mark…

“Who do we owe the money to?” – David Letterman

“Well, … a lot of it we owe to ourselves because if you invest in a treasury bill or something like that then essentially you’re loaning the government money, in fact the majority of it is owed by the folks who live here… but we don’t have to worry about it short-term.  Interest rates are low right now [pause] … but it is a problem long-term and even medium-term.”

Chapter III

President Obama – December 2012 (article)
What do you mean we’re not able to overhaul the tax system and entitlements in two weeks?

“Don’t be fooled by the calendar. There are only as many days in the year as you make use of.  One man gets only a week’s value out of a year while another man gets a full year’s value out of a week.”

Charles Richards

Chapter IV

… And it is here we that we return to  foresight,

Foresight! … the most critical attribute of a great leader… foresight is the ability to see a problem before it becomes a problem, and to solve it with a solution that is good in both the short… and in the long-term.”

Dr. J Rufus Fears

It appears our great Commander and Chief foresaw the original problem way back in 2008, however dismissed it as recently as in September 2012; it’s just a medium & long-term problem, and now he only has two (2) weeks to solve it…

“He that rises late must trot all day.”

Benjamin Franklin

“And thus the whirligig of time brings in his revenges…”

William Shakespeare

Show us the data…

After watching the two videos I seem to be missing some very important data… In the first video (2008) our national debt was on a “credit card from the Bank of China”, but after watching the 2nd video (2012) I now realize that President Obama brilliantly transferred most of our $16 trillion in national debt from the Bank of China credit card to U.S. treasury bills.   Unfortunately I am having quite a bit of difficulty finding the data that backs up our President’s claim;  I must be missing something, I can’t imagine that he’d lie to the American people, why that’d be irresponsible, in fact it’d be darn-right unpatriotic.


From → Economy

One Comment
  1. National debt now at new high… $18,944 per household … source:

    $5.5 TRILLION: U.S. FOREIGN DEBT HITS NEW HIGH… Jumps by 78 percent under Obama… source:

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