Last year the deficit was $1.4T. This year, it's supposed to be $1.5T. Much of this borrowed money comes from China. When Obama promises subsidies to other nations, he's not committing his own money, he's committing someone else's.
Obama has put $100 billion in climate aid for developing nations on the table in Copenhagen.Typically, one makes loans to another entity with the intention of being paid back. This is like loaning someone money so they can go hand it out to the homeless junkies downtown. If I were Wen, I'd be pretty ticked off, too.
Dec. 18 (Bloomberg) -- President Barack Obama’s first closed-door meeting with world leaders in Copenhagen to forge an agreement to slow climate change had a notable absentee: Chinese Premier Wen Jiabao.The article referenced above says China is refusing to be monitored for compliance to the CO2 limits set in Copenhagen, but I would bet that a great deal of the irritation comes from a creeping sense of dread that all those dollars loaned to the US are going up in smoke.
Meanwhile, our Monks of Miscellaneous Musings have more.
President Chavez brought the house down.The time for talk is over. The time for action is now! Negotiations and voting don't apply during crises like these. It's time the EPA stepped in and did what Congress refuses to do.
When he said the process in Copenhagen was “not democratic, it is not inclusive, but isn’t that the reality of our world, the world is really and imperial dictatorship…down with imperial dictatorships” he got a rousing round of applause.
When he said there was a “silent and terrible ghost in the room” and that ghost was called capitalism, the applause was deafening.
There's a word for this.