Of numbers and nations

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Monday, April 9. 2007

Of numbers and nations

Of numbers and nations.
(Bill Bonner, The Daily Reckoning)
$30 million and $80 million. The first number is the rate at which China is adding to its reserves of foreign currencies—mostly dollars—every hour. The second number is the rate at which America's capital—as measured by the current account—is being depleted, also by the hour.

Recently, China's pool of reserves passed the $1 trillion mark, making it the largest lake of money in the world. The United States has a chain of great lakes too. But they are a different kind—vast sinkholes of debt that get bigger every day. The cost of the war in Iraq alone is $8 million per hour.
Posted by Xanthous in Food for Thot at 14:33 | Comments (0) | Trackbacks (0)
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