Sunday, January 11, 2009

US debt (from stimulus) could get blocked by China; UN Convention on Children stirs conservatives

Barack Obama’s plan for a vigorous stimulus package and his concern about how we will pay for it (there is already talk of cutting into entitlement programs heavily) weighs very heavily overseas.

The biggest concern might be expressed today by the Washington Post story in the Outlook Section Jan. 11 by Greg Ip, “Could the World’s Biggest Economy Go Broke: We’re Borrowing Like Mad? Can the U.S. Pay It Back?” link here. He goes into some technical discussions about how a US default would really occur.

But the problem is that the rest of the world – especially China – might not tolerate us. True, the rest of the world is in our recession (I suppose that in other parts of the Galaxy, business depressions are inter-galactic) but China may have a heads up, and have no reason to keep bankrolling us. Remember, they’re Confucian values and filial piety (they don’t have a Medicare or social security safety net yet) can make them less tolerant of ours pretty quickly, which may be one reason why Barack Obama seems to have targeted entitlements for seniors (at least with some means or other family) so quickly.

And, the oil producing states (Nigeria, Venezuela, and Saudi Arabia) can, at some point in the future, decide they need us less, although maybe not now.

UN Convention on the Rights of a Child stirs controversy

On page 17 of the Family Section Washington Times, Michael Smith (in “home schooling today”) has a column “U.N. treaty might weaken families” concerning the United Nations Convention on the Rights of a Child, which he says could undermine parental sovereignty over minor children in sensitive areas, like religion. The link appears in Free Republic here. Contender Ministries has a perspective on this issue here.

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