Updated: Dec 29, 2018
The U.S. might enjoy an overwhelming military advantage, but its relative economic power, which in the long run is almost invariably decisive, is in decline. ~ Martin Jacques
The Supreme Commander addresses the High Council and Economic Advisors for Genesis at its southernmost hive. Her contention is that the US politician has sold the souls of America while pretending to be the global leader.
“Here are the facts. The U.S. debt to China is over $1.2 trillion. that's over 30 percent of the $3.05 trillion in Treasury bills, notes, and bonds held by foreign countries. China has lost its crown as the United States' biggest overseas creditor. That title now belongs to Japan. According to U.S. Treasury Department data. Japan holds over $1.13 trillion.”
High Commander Zareen asked, “How much debt does the United States have out there?”
The Supreme Commander replied, “About 5 trillion or so. Look at it this way, foreigners owned $6.06 trillion of U.S. debt or approximately 47% of the debt held by the public of $12.8 trillion and 34% of the total debt of $17.8 trillion. The largest holders were China, Japan, Belgium, the Caribbean banking centers, and oil exporters.”
High Commander Bilal responded in a soft but firm voice, “Hell, they cannot dictate global trade policy. If China and Japan got a hair up their asses…this could have prompted a sell-off of U.S. government debt in global markets.”
High Commander Mustafa raised his brows, “This could have cascading effects and a deep recession would be triggered for the world economics.”
High Commander Sameer scratched his head, "What about India."
The Supreme Commander looked at her notes. "Ah...here it is. Projections show that India could overtake the United States could be the world’s second-largest economy by 2050 (based on GDP at purchasing power parities) and should be the third largest economy ahead of Japan by 2030."
The Supreme Commander is pleased that the High Council ‘gets it.’
“America’s debt will deepen as Japan and China control their debt. Quality of life will be impacted in ways you cannot imagine. It was that very brilliant African American Henry Louis Gates that pinpointed the upcoming fall of America.
‘He said, I think that the roots of racism have always been economic, and I think people are desperate and scared. And when you're desperate and scared you scapegoat people. It exacerbates latent tendencies toward - well, toward racism or homophobia or anti-Semitism.’”
High Commander folded his arms in contentment, “The great news…we are counting on it.”
Political power without economic power is sterile. ~Louis O. Kelso - Economist