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Moreover, in our interrelated world, deflating the dollar also diminishes global earnings on dollar investments world wide. The USA will never be an island-unto-itself, so the US leaders need to learn to heed global warnings, such as the British and European banks and economists who consistently warned the USA against its high-debt path for the past 3 decades.
Finally, Americans need to be able to save and to be able to invest in their own homeland's economy and national debt as well. However, currently foreign owners have now become the big new boomer owners of American debt. This is because many Americans have too much debt and the stock market where they place their savings have been run like casinos.
These pro-FIRE governmental trends in the USA has gotten to be so bad that one single bank Citibank, has had to be bailed out by foreign investors and the federal government more often than any other institution in the USA--and the world--over the past 20 years.
(And this same bank has been involved in more scandals world-wide than any other USA bank.)
In short, no blank check of 800 billion dollars can be afforded nor paid for by USA tax payers.
NOTESPhillips, Kevin , AMERICAN THEOCRACY, New York: Viking, 2006.
