這是可怕的

Out of the 1.5+ Trillion of new Public Debt the US incurred during 2008 (800 billion from Jan08-Sept08 + 750 billion from October3rd) , statistically only about HALF of those T-Bills are purchased by foreigners. 50% of all T-Bills are held domestically. This means that less that a total of 6 Trillion of T-Bills are held my foreigners, and China is only a fraction of that.

So, half stays deposited in domestic Federal Reserve banks. Half is equal to about 750 billion. Banks have a reserve requirement of 10% and so this means 7.5 Trillion of new money was added to the DOMESTIC money supply. This is 7.5 trillion of new debt to US consumers but only about 750billion of that (or 10%) is owed to foreigners like China.

這是可怕的

My sentiments exactly.

在中國可以吻我的屁股

Great Leap Forward, Cultural Revolution and now: Moa's Little Greenbacks; Let a Thousand T-Bills Bloom; The Gang of Two-and-a-half (Cheney, Paulson, W.); Serve the People Products from Wal Mart;

Just get a pair of rose colored glasses from a Republican friend and that $10.6 trillion national debt becomes $10.6 trillion in tax cuts.

I don't know any Republicans who are OK with what Bush did to the national debt. Taxes had nothing to do with this and are fine where they are, this is a spending and oversight issue.

Reading the press release should remind all of us about the government's (under any administration) inability to live within its means - trumped by its ability to print money.

Entitlements, Wars, Bail-outs, etc. all cost money. Your part of the National Debt is currently $188,000. Makes Jack's tally for your share of the Portland Debt look like chump change.

An old expression goes something like this: "If government were run like a business, there would be a huge fire in Washington D.C. tonight!"

statistically only about HALF of those T-Bills are purchased by foreigners. 50% of all T-Bills are held domestically.

How much of that domestic figure is held by the Social Security trust fund -- essentially the federal government lending money to itself?

As of August 2008, we owed $541 billion to China. And that's before bailout fever set in.

Jack, thanks for the link for amounts for Countries which bought US T-Bills. Yep, basically it sounds like about 5% of all "US Public Debt" is owed to China.

November 13, 2008 -- Wall Street and Washington conspired to defraud Japanese banks -- Intelligence agencies in China and Japan are focusing on the role of a successor entity of Salomon Brothers as being behind a fraud against Japanese banks by the U.S. Treasury, the Federal Reserve, and Wall Street to bail out unscrupulous Wall Street bankers and mega-investors.
...
WMR [Wayne Madsen Report (dot COM)] has also learned that a number of CIA officers are in Beijing to try to prevent a united Asian front against Washington's and Wall Street's attempts to call the shots on the global financial crisis. The CIA's top priority is to ensure that nothing interferes with China's continued backing of the U.S. dollar.

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Hands Up If You Made Billions of Dollars Out of The Credit Crisis, by Stephen Foley, The Independent/UK, November 14, 2008

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Men of means: from left, billionaire financiers George Soros, Jim Simons, John Paulson, Philip Falcone and Ken Griffin take the oath at yesterday's Congressional hearing. (Getty)

WASHINGTON - The five best-paid hedge fund managers - who between them made $12.6bn last year, even as the financial world began to crumble around them - were hauled before the US Congress yesterday and assailed over their huge salaries, their tax perks and their contribution to the credit crisis that has engulfed the globe.

In a piece of public theatre that reflected not just the present crisis, but also a decade or more of vastly increased income inequality, the five men declared themselves innocent ...

As one Congressman, Elijah Cummings, put it, "these are five citizens who have more money than God", and he proceeded to tear into them ...

To update my previous comment. The truth is that about 3 Trillion of the current 11.3 Trillion national public debt (according to section 115-118 of the oct 3, 08 bailout bill) is held by foreigners. so, although china holds 5% of the national debt, only 25% of all debt is held by foreign nations. the remaining 75% is held by the 12 domestic Fed reserve banks.