Best Kruggie statement yet:
" As I like to say, these days Americans make a living by selling each other houses, paid for with money borrowed from China."
Furthermore, this notion that the US is going to "export" it's way out of the trade deficit is wishful thinking.
The factories are all in China now. The US has been "deindustrialized" in the most amazing way...
ALL THE US HAS IS THE WILLNGNESS OF FOREIGNERS TO BUY AND HOLD THE DOLLAR...ABSENT THAT? IT'S A LONG LONG WAY DOWN.
