Fact 1. Janet Yellen is not Yelen.
Fact 2. She WAS the Chairperson of the Federal Reserve.
Fact 3. She is now Secretary of the US Treasury.
Fact 4. The US Govt does not have to go to any other govt to borrow money. It simply issues more Treasury Bonds and the usual buyers, including China, buy them up.
Fact 4. The propagandist who wrote this piece of crap is an Ignoramus of the Highest Order but probably paid very little. A wumao, a 50 cent troll.
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Yesterday , the Chairperson of the Reserve Bank of USA , Yelen , who is like our Governor of Central Bank , quietly and without any fanfare flew to Beijing, China to have unofficial discussion on monetary matters !
What is actually the urgent matter is everybody’s guess . But officially Yelen announced that the US Treasury is running out of Cash !
Yes , Cash !!! And she indicated that if Congress does not increase the limit of loans the Govt is allowed to raise , there is no money to spend by November this year . In short , the US Govt is broke !
And needs to borrow more or print more money !!!
But why the trip to China ??? On record , China has Foreign Reserves of equivalent to USD 3.2 Trillions !!! Of this about USD 1.4 Trillion in US Dollars or USD IOU Notes !
I suspect the Redemption Dates of some of the IOU Notes are due and the interest on other IOUs needs to be paid on the due dates .These payments perhaps need some negotiationsas US is short of funds!!???*
Can you imagine that ??? If this is the situation , the powerful, rich and master of the world nation is broke ! It actually owes everybody else some USD 28 Trillions if I am not mistaken . And they need to spend some USD 3+Trillions more under the forthcoming domestic infrastructure repairs , and improvements programme ! The signs are bad ! *China seems to be the *Ah Long lender now to USA* !!!