Look at trade imbalances this way: we give them worthless paper and they give us durable goods. It is a great deal for us until they decide to try to use that worthless paper to buy durable goods from us. When everyone tries to cash in their holdings of fiat money, that is when the bottom falls out, baby. Dean Dean May cell 812.239.3359 PianoRebuilders.com 812.235.5272 Terre Haute IN 47802 -----Original Message----- From: pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org]On Behalf Of Phillip Ford Sent: Friday, August 20, 2004 1:44 PM To: pianotech@ptg.org Subject: OT Chinese imports and US Treasury Bonds >Horace Greeley writes: > >P.S. ...China holds ~ $1 billion (yes), in U.S. Treasury Bonds, not >counting stock investments....hg I think the numbers are much bigger than that. We're running a huge trade deficit with China (to keep this somewhat on topic, some of that is in the form of pianos - I believe Pearl River is now one of the largest, if not the largest, piano manufacturers in the world). We're choosing to buy pianos from China rather than make them here. They're choosing (perhaps fortunately for us), for the moment, to put some of that money they're getting from us back into our economy. http://www.atimes.com/atimes/China/FF22Ad06.html PF _______________________________________________ pianotech list info: https://www.moypiano.com/resources/#archives
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