By Thomas Madison
The Chinese are worried sick! Obama refuses yet another House compromise deal to re-open the government, increase the budget, and save Obamacare. This may very well result in default to our creditors, the biggest of which is China.
I say fine, let’s default. Let’s declare bankruptcy right now. What are our creditors going to do? NOTHING! They depend on the American consumer market for their very daily bread. If they piss us off, we could impose an import tariff, which would be a win-win for us, but a killer for them.
So, we are in the driver’s seat. I hope the House recognizes this and sticks to its guns. In fact we should just go ahead and impose a tariff, enough to cover the interest on our debt plus enough principal to pay off the debt in ten years.
WE ARE IN THE DRIVER’S SEAT! Please understand this, Washington!