Thank You gwb and cronies!!

The U.S. Owes China $1.2 Trillion

March 1, 2011 - China holds about $1.2 trillion in U.S. government debt, according to the Treasury Department's latest figures. That's about 30 percent higher than the previous estimate.

This is part of those global imbalances we keep talking about. China exports more than it imports; the U.S. imports more than it exports. So U.S. dollars keep piling up in China.

China ends up lending a lot of those dollars back to the U.S. This keeps China's currency and exports cheap, and helps the U.S. finance its budget deficit.

These persistent imbalances can contribute to big, Giant Pool of Money-type trouble for the global economy. {continued}

Have a spot of tea everyone, for not only the tepublican congressional critters rubber stamped the off the books credit card shopping spree, billions for their wars of choice alone, the flock now screamin for over two years of their rage{?} said nary a word of protest, in fact they to did more then support it all!