tag:blogger.com,1999:blog-2181921610078796867.post1143548046440100920..comments2023-10-15T07:10:27.220-04:00Comments on Easy Opinions: Jefferson Warns about Debt: DiscussionAndrew_M_Garlandhttp://www.blogger.com/profile/02855052302054611917noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2181921610078796867.post-27726039185396098672009-01-16T23:06:00.000-05:002009-01-16T23:06:00.000-05:00Thank you for the thorough response.I wish to qual...Thank you for the thorough response.<BR/><BR/>I wish to qualify: My final comments could be construed as being xenophobic (though living in the U.S., I am actually English). I did not mean to suggest that foreigners willingly harmed the U.S. economy, but rather by funding Washington's irresponsible spending have done so. The blame lies firmly with those officials and supporters thereof who enabled and encouraged it.<BR/><BR/>Unfortunately, a substantial amount of the U.S.'s 'foreign investment surplus' has went toward mortgage backed securities and government bonds. Neither of these increases the U.S.'s ability to pay off its debts, and therefore do not represent <I>real</I> investments in the economy i.e. increases future productivity. Both devalue the dollar in the long term.<BR/><BR/>Malinvestment in real estate also trickles into other areas of the economy. While spending under the illusory spell of the bubble, many have encouraged further malinvestment in other industries. For example, it occurs to me that Sony's investment in Blu-ray technology might have been postponed had these developments been anticipated by management.<BR/><BR/>Regards,<BR/>Lee KellyFrank Buttermanhttps://www.blogger.com/profile/02164374874036975006noreply@blogger.com