“Lawyers for the Republican National Committee are heading to Alaska to try to account for all the money that was spent on clothing, jewelry and luggage, according to The New York Times.”
“Dramesi, who went on to serve as chief war planner for U.S. Air Forces in Europe and commander of a wing of the Strategic Air Command, was not surprised. “McCain says his life changed while he was in Vietnam, and he is now a different man,” Dramesi says today. “But he’s still the undisciplined, spoiled brat that he was when he went in.”
“Mutually Assured Destruction (MAD) What is worrying the Americans is that China accounts for about one-fourth of the global forex surpluses and are the counterparts of the US current account deficit. Put simply, while China accumulates forex reserves, the US accumulates a corresponding debt. And the Americans are aware that it is the Chinese are the biggest accumulators of the US treasury bonds. What is indeed intriguing is that a country — the US — that prides on being ‘independent’ of other countries, especially in security affairs, is now caught in a quagmire as it has to be constantly in the good books of the Chinese government if it wants to avoid a sudden shock. Countries that hold large US dollar denominated forex reserves have a powerful tool in their arsenal — they could wreck American financial markets at a mere click of a mouse by selling their dollar holdings. Imagine China with a holding nearly $2 trillion worth of treasury bonds seceding to sell the same overnight. And that could instantaneously dynamite the global financial system as it could suck out liquidity and cause interest rates to shoot through the roof. Remember, the $700 billion package announced last week by the US is precisely aimed at addressing the liquidity crunch within the US.”
