Americans like to live on credit. , An average American family , I am told , has 14 credit cards. The Americans borrowed money from China. China buys bonds from America.
While still living, the Americans live a luxurious life, on future money and on the money borrowed from China. The Chinese, meanwhile, live with a prudent life. All their lives they live a frugal life, just to save enough money to lend to Americans to spend.But when the bubble burst in America, the Chinese are holding toxic assets.
When the Americans finally die after living a luxurious life for the last 70 years, they owe trillions of dollars to China.They die bankrupt. After living a poor and frugal life for 70 years, the Chinese die but with trillions of toxic assets in their hands. Who is more intelligent?
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