Thread: Let's just sell California to China

Let's just sell California to China

Posted: October 28, 2009
1:00 am Eastern
© 2009

4 videos below

With China increasingly wanting equity for debt in buying U.S. Treasuries to finance the $1.4 trillion 2009 Obama administration debt, maybe the United States ought to sell California to China.

With unemployment at nearly 10 percent nationally, California is nearly bankrupt, and the federal government is in no position to finance California's state budget deficit.

There is precedent for selling California to China: the 1803 Louisiana Purchase in which the United States paid France to acquire the Louisiana Territory, and the 1867 acquisition of Alaska from the Russian Empire, then known as "Seward's Folly" after then-Secretary of State William Henry Seward.

This was the suggestion I made, only partly tongue-in-cheek, to the Constitution Party national meeting I addressed last Saturday in Phoenix. Ariz. A video of my speech is available at the Constitution Party of Arizona website or via the embedded video clips below.

Alternatively, maybe we could outsource the Social Security Administration to Bejing, since increasingly the Obama administration is dependent upon Chinese financing to keep the federal government operating.

With the Social Security Administration about to go into the red on a cash-flow basis, outsourcing the agency to Bejing would eliminate the middleman by allowing the Chinese to bypass Washington by mailing Social Security checks to American seniors directly.

Besides, the Chinese will probably be able to operate the Social Security Administration with less costly bureaucrats, a move that might also help President Obama reduce federal budget deficits.

To clarify the process, the federal government could add a notation at the bottom of all Social Security checks saying, "Paid Courtesy of the Government of Communist China."

Applications for Social Security retirement benefits are 23 percent higher this year, with a large number of baby boomers age 62 applying for benefits early, many because they are unable to find employment.

While Social Security is supposed to have $2.5 trillion in trust funds to cover such shortfalls, Congress has spent the Social Security trust fund reserve on other underfunded government programs, placing government IOUs in the trust fund to replace the otherwise absconded cash.

These suggestions are designed to be reductio ad absurdum in nature, picking up on several major themes develop in my new book, "America for Sale: Fighting the New World Order, Surviving a Global Depression, and Preserving U.S.A. Sovereignty."

There I demonstrate what U.S. Treasury GAAP accounting has documented – that the U.S. government had a $65.5 trillion dollar negative net worth in 2008, largely as a result of unfunded obligations for Social Security, Medicare and Medicaid.

The Obama administration has already admitted to a $1.4 trillion deficit in 2009, the largest federal budget deficit relative to the size of the economy since 1945.

Moreover, the Obama administration projects a $9 trillion addition to the national debt over the next 10 years, nearly doubling in one decade the approximately $11.9 trillion national debt accumulated since the founding of the United States.

A well-qualified Chinese economist has begun circulating among international economists a new plan under which the U.S. government would guarantee foreign investments, so foreign nations like China with large dollar holdings in U.S. Treasury debt could convert that debt into equity to buy and own U.S. assets, including businesses, or invest in U.S. infrastructure, including transportation infrastructure, without risk of loss.

Writing in the Financial Times of London, Yu Qiao, a professor of economics in the School of Public Policy and Management at Tsighua University in Beijing, proposed a plan for the U.S. government to guarantee foreign investments in the United States.

Yu observed that foreign nations now hold $1.6 trillion of U.S. government debt, with Asians, including China and Japan, holding half of the outstanding public-owned U.S. Treasury bonds. He also noted China directly or indirectly holds more than $1.2 billion of U.S. treasury bonds.

If the U.S. dollar collapses under the weight of proposed Obama administration trillion-dollar budget deficits into the foreseeable future, holders of U.S. debt would face substantial losses that the Financial Times estimated "would devastate Asians' hard-earned wealth and terminate economic globalization."

As ridiculous as the idea of selling California to China or outsourcing the Social Security to Bejing may seem, China may soon begin demanding the right to manage major U.S. ports or to operate key U.S. highways as toll roads as a condition of China's willingness to keep buying U.S. Treasury debt.

"The basic idea is to turn Asian savings, China's in particular, into real business interests rather than let them be used to support U.S. over-consumption," Yu wrote, reflecting themes commonly suggested by Chinese government officials.

"While fixed-income securities are vulnerable to any fall in the value of the dollar, equity claims on sound corporations and infrastructure projects are at less risk from a currency default," he continued.

The truth is America is for sale as long as we remain dependent on foreign countries such as China to finance trillions of dollars of budget deficits the Obama administration has no plan whatsoever to contain now, or for at least a decade into the future.

Truthfully, there is no alternative than to demand Congress balance the budget, regardless how difficult that may be to accomplish, rather than pass expensive new government social welfare programs, including the Obama administration's planned takeover of the private health system under a universal government-funded health insurance scheme.

Either that, or states will have to pass Ninth and Tenth Amendment resolutions under which the people of the state reclaim sovereignty and reject federal spending in a wide range of policy areas, including very possibly highway funds, hospital funds and welfare funds.

The only alternative to loss of sovereignty may be for "We the People," the true sovereign in the United States, to simply say "NO!" to a massive central government that appears to comprehend no spending limits.

Otherwise, trillion-dollar deficits will soon demand that the United States begin selling off assets and, as preposterous as it may seem, selling California to China might do quite well, if the United States were ever to hold a national referendum on the question. Order Corsi's brand new best-seller, "America for Sale: Fighting the New World Order, Surviving a Global Depression, and Preserving U.S.A. Sovereignty."

http://www.wnd.com/index.php?fa=PAGE.view&pageId=114250

I'm sure China would have a unique way of dealing with illegals.

Dr. Jerome Corsi, Pt 1
http://www.youtube.com/watch?v=rOBKwFa_ ... r_embedded


Dr. Jerome Corsi, Pt 2
http://www.youtube.com/watch?v=aylAUiOX ... r_embedded


Dr. Jerome Corsi, Pt 3
http://www.youtube.com/watch?v=VydKjipS ... r_embedded


Dr. Jerome Corsi, Pt 4
http://www.youtube.com/watch?v=P3VsimwI ... r_embedded

With China increasingly wanting equity for debt in buying U.S. Treasuries to finance the $1.4 trillion 2009 Obama administration debt, maybe the United States ought to sell California to China.

California has already been sold out to mexico long ago. Sorry china....

That would piss Mexico off, they are well on their way to obtaining it! Crimmany it almost belongs to them now, they probably have more citizens living there than we do!

Originally Posted by ELE

I'm sure China would have a unique way of dealing with illegals.

Yep, "Re-education Camps" come to mind! Honestly, I don't think China being in charge could do any worse than the Communists we have in Sacramento.