President Obama made a lot of fuss recently about the US Chamber of Commerce accepting foreign contributions. The arrogance is amazing when we compare this to the fact that the USA basically lives on borrowed money from foreign countries. Treasury Secretary Tim Geithner is not shy to sell US securities to foreigners.
You can get details about the Major Foreign Holders of U.S. Debt as of July 2010 here. Below are just few of the numbers in billions:
China $847, Japan $821, UK $374, Oil Exporters $224, Brazil $162, Caribbean Banking $151, Hong Kong $135, Russia $131… It goes all the way to Romania $11.
The USA borrowed eleven billion dollars from Romania?!?!? Seriously!
No wonder Hollywood makes so many vampire movies. Count Dracula is holding US treasury securities.
Somehow President Obama wants the US public to believe that it is evil for the Chamber of Commerce to influence the domestic policy, because their members trade with the world. Really? It is the Chamber of Commerce – this is what they do – commerce at home and internationally.
On the other hand it is somehow OK and not evil at all to owe billions to China and to bow to the petro-dictators and shaikhs.
If somebody in America is guilty of using foreign funds that influence the US policy decisions it is the Federal Government. The fiscal policies of the Feds are borderline treason.
So for Mr. Obama and the Democrats in power it is better to shut up and start mopping the mess. If they drop the arrogance the Chamber of Commerce may help them.