The RMB and the Dollar
Obama unveils $3.8 trillion budget
The U.S. government takes in between $1.8 and $2.5 trillion in taxes annually.
Truly this budget is a great leap forward in fiscal responsibility.
Maybe I should learn Mandarin. ...but then it occurs to me that the RMB is basically 'backed' by U.S. debt, like a fund backed by bad mortgages. If we default, their currency becomes worthless.
Maybe I should learn Swahili.
The U.S. government takes in between $1.8 and $2.5 trillion in taxes annually.
Truly this budget is a great leap forward in fiscal responsibility.
Maybe I should learn Mandarin. ...but then it occurs to me that the RMB is basically 'backed' by U.S. debt, like a fund backed by bad mortgages. If we default, their currency becomes worthless.
Maybe I should learn Swahili.