Peter Schiff, Euro Pacific Capital | January 23, 2009
Obama spoke of sacrifice, but the only ones sacrificing are the Chinese, Japanese and Saudis who fund America's debt. ++ These countries are the sole creditor nations able to buy bonds to finance the spending expected by Americans. ++ Once they have invested, these creditors will be trapped, as any attempt to rid themselves of the bonds will collapse their value. ++ America is bloated: 5% of the world population has 25% of the economy. ++ Obama should see that poorer countries have no reason to continue investing in the US.