Dear Log,
«During the Bush years, 92 percent of the nearly $1 trillion increase in publicly held debt has been financed by foreign lenders. Foreign ownership of Treasuries has tripled from the peak of the Reagan deficits in 1983. Because of this enormous dependency, anything that might affect foreign lenders' willingness to invest in Treasuries - including dismay over the United States' long-term fiscal disarray, better investment opportunities elsewhere, or geopolitical or economic strife - could cause the dollar to tank. »Funny that, given Texas's reputation for financial probity!
