A Quote by Dick Durbin
We borrow 40 cents out of every dollar that we spend. We borrow most of it from countries like China. They have become major creditors of the United States and have more power over our economy than we want them to. So dealing with this is not only the right thing economically, it's certainly right from a moral viewpoint.
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The best companies with the strongest credit ratings borrow like the United States: on a non-prioritized basis. This means that in the event of a default, all of their debts are of equal priority because lenders and creditors believe default is highly unlikely. And they spend considerable effort maintaining this status.
Borrowing 40 cents out of every dollar we spend for missiles or food stamps is unsustainable. And being indebted for generations to China and OPEC does not make American a stronger nation.
Every dollar the government doesn't spend, tax, or borrow is a dollar that businesses and families can spend or invest themselves.
Was it a good idea to spend taxpayer dollars on electric cars in Finland, or on windmills in China? Was it a good idea to borrow all this money from countries like China and spend it on all these various different interest groups?
China is doing lots of things right. It's investing in education and R&D, it's opening up, it's more cosmopolitan than it's ever been. I think it's very likely that China will continue to explode economically and certainly become a superpower.
We are thus in the position of having to borrow from Europe to defend Europe, of having to borrow from China and Japan to defend Chinese and Japanese access to Gulf oil, and of having to borrow from Arab emirs, sultans and monarchs to make Iraq safe for democracy. We borrow from the nations we defend so that we may continue to defend them. To question this is an unpardonable heresy called 'isolationism.'
The Constitution grants only Congress - not the president - the power 'to borrow money on the credit of the United States.'
That's been lost. It's a huge problem. What you have is you have the major institutions of the world all wanting to deleverage. They want to take down their assets and liabilities. What seemed so easy to borrow against a year ago now looks like rat poison to them. So they're trying to deleverage. There is only one institution in the world that can leverage up in a way that's all a countervailing force to that, and that's the United States Treasury.
To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.
During our long period of slumber the United States government has lost its moral authority. It is owned, operated, and controlled by Wall Street, Corporate America, and the Israeli Lobby with the full complicity of the national media. The United States has become ungovernable, unfixable, and, therefore, unsustainable economically, politically, militarily, and environmentally. It has evolved into the wealthiest, most powerful, most materialistic, most racist, most militaristic, most violent empire of all times.
China has become a major presence for most countries around the world but notably for its neighboring countries in Asia. So I think it is a common position for Japan and its Asian neighbors that we certainly would strive to maintain as much as possible friendly relations with China.
We only borrow the breaths we take in life. Every breath we borrow we give back, including our last. In the end, no matter how we lived, we all die feeling owed.
We should have a debt that grows our productivity, we cant borrow to pay salaries. I can borrow to build power plants.
He obtained from Congress the right to borrow from the people by selling to it the 'bonds' of States ... and the Government and the nation escaped the plots of the foreign financiers. They understood at once, that the United States would escape their grip. The death of Lincoln was resolved upon.
The only way Congress can get one dollar to spend is to take that one dollar from Americans, borrow that one dollar from Americans, or inflate that one dollar from Americans. So, it's very much like the visual image of a swimming pool. A person notes there is a shallow end, so he takes the water out of the deep end and pours it in the shallow end, hoping to raise the height of the water in the pool - and you would call that person stupid.
When I go to a premiere I like to borrow lovely clothes and shoes from designers. It's like the library: if you return them in good condition, you get to borrow more. I'm very lucky.
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