Serendipity 2

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So, I was talking to Anu yesterday and we both agreed that we didn't understand the whole point of giving tax breaks to citizens to encourage spending and thereby boost economy, when the consumer/citizen does not have any money in the first place (that's why you are giving them tax break....) So how can swiping your credit card boost the economy if you don't have a plan for paying for it????? Luckily I sort of got the answer today.... It doesn't exactly answer my question, but it says something......

I attended this talk by the Dean of Science and Technology from Temple U in Pennsylvania and this guy was amazing. He presented a cool theory of how we are all headed for doomsday...... Probably its common knowledge for you, but I did not know this........ So US imports a lot of stuff from China, right? We all buy "Made in China" stuff all the time.... So all the money that China gets from this, they bring it back to the US govt and sell it for some "white paper", bonds. This allows US to print more money as long as China is not spending theirs. So China is right now stacking up that white paper, while we are in a recession and still spending, shopping, eating out and vacationing. The day China decides they want our lifestyle and they want to use their white paper, we are doomed!!! SCARY.

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