China and Japan now hold record amounts of Obama debt
U.S. must continue to borrow money to finance war, other programs.
Foreign investors now hold a record amount of U.S. securities and the amount continues to skyrocket. China and Japan lead the way.
The total value of American bonds, securities, and other investments held by overseas interests is about $13.26 trillion and is closing fast on the $15 trillion mark, which is the size of the annual U.S. economy. Those investments have proved solid, showing growth even despite the sluggish economy in the United States.
The securities have remained popular partly because of slowing economic growth in China and the persistent economic troubles in Europe. Although the U.S. economy isn't strong, it's still growing, yielding positive returns for investors.
Japan remains the leading holder of U.S. securities and other investments with some $1.83 trillion in Japanese accounts. China is still second, holding $1.59 trillion according to the Department. China also holds large amounts of additional U.S. investments and may outrank Japan when totaled up.
A surprising third is the Cayman Islands, whose holdings include $516 billion in U.S. stocks, the largest cache of stocks of any nation. This is because the tiny nation serves as a tax haven for American cash.
After the Caribbean, including the Bahamas, Brazil also holds a substantial chunk of American debt, and comes in fourth.
Foreign countries seem happy to continue scooping up American debt, which the American people will have to pay back later, with interest. The Obama administration continues to tax and spend in an effort to boost the economy and to pay for war, Obamacare, and other relatively extravagant programs.
© 2013, Distributed by NEWS CONSORTIUM.
Pope Francis Prayer Intentions for December 2013
General Intention: Victimized Children. That children who are victims of abandonment or violence may find the love and protection they need.
Missionary Intention: Prepare the Savior's Coming. That Christians, enlightened by the Word incarnate, may prepare humanity for the Savior's coming.
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