Dear Log,
«For the past few weeks, the European and US media have been focusing on two issues, the US presidential election and the war in Iraq. Yet the main answer to the question: "How could the Bush administration afford to fight two wars, cut taxes for the rich and run up massive trade and budget deficits, all at the same time?" is "China".[sfx: laff trak]It's only because over the past few years China has joined Japan in lending America hundreds of billions of dollars that the US government and US consumers have been able to indulge in their staggering spending sprees. The US is, in effect, borrowing from China the money its own consumers have already spent on Chinese goods.»
