UNCLE JOE

I am one of those people who in the last election voted for Jill Stein. It was that or not to vote at all. No, I don’t feel guilty for Trump either. But it’s the present election I want to discuss.

I won’t tell anyone who to vote for, but here is some information on “Uncle Joe” Biden: I saw two videos of him recently. In one he called young people lazy and lacking in the work ethic, because they can’t get off their couches they are having economic problems. I actually heard him say this.

In the second, made about 14 years ago, he sounds a lot like Trump himself. This was a talk in Arizona he made in which he said he would love to build a fence on our border, that the Mexican government is so corrupt that we can’t treat it like a real democracy, and Mexicans are rushing across the border bringing drugs.

Joe Biden was vice president when the 2014 coup occurred in the Ukraine aided by the US government. He sent aid to the opposition. When they came to power here is what came with them, the Azov brigade. Heard of them? They are neo-Nazis in every sense of the word and whenever the US sent military aid to the Ukraine, they received a lot of it.

This is the Joe Biden who is the probable Democratic candidate for 2020.

~  ROCHELLE GLICKMAN

VIA EMAIL

FAIR PLAY?

In the midst of the Trump administration’s battle over what constitutes fair and unfair trade, while tariffs are being batted about by both nations, a speculation has arisen that China may seek to damage (some would even say destroy) the value of US currency by selling off the huge cache of US Treasury bonds it holds.

Large scale selloffs of bonds generally devalue the fiat currency they represent. This poses obvious dangers for China itself as much of the wealth both the Chinese government holds and much of the private wealth held by their citizens in US Treasury bonds. Harming the value of US currency may be satisfying emotionally from the little man perspective of the “One Hundred Years of Humiliation,” but doing so at the long- and short-term expense of one’s own government and citizens is not the act of a responsible world power, but of a petulant child with an unresolved inferiority complex.

There is, however, yet another danger for China that perhaps it has not yet considered. In 1911 the dynastic government of China fell to a more Western styled Republic led by Sun Yat-sen. In 1913, in an effort to begin a program to bring China into the modern world, China floated a railroad bond internationally. Soon, China was floating hundreds of bonds for electricity, sewers, water and paved road improvements. When Sun Yat-sen died, who would lead China became a unresolved issue and warlords began fighting for control, each claiming to be the government of China and each issuing infrastructure bonds.

Eventually, Chiang Kai-shek consolidated power and became the leader of the generally recognized government of China, as the Japanese Empire invaded and attempted to claim it was the real government of China.

Simultaneously, Mao Zedong and the communists fought against Chiang and the Japanese. During this entire time, Chiang, as leader of the nationalist government, sold war and infrastructure bonds and Chinese municipal governments continued to sell infrastructure bonds. It has been an agreed to principle in international law that successor governments pay the debts of the prior government, even in the case of revolution, but China flatly states, “No, that was THEM. We are not paying.”

At the present time, these debts held by American banks and many citizens are worth $1.5 trillion with continuing compounding interest. This does not include the additional trillions owed to the British, Germans, French, Dutch, Italians, Canadians, Australians, and so on. By abrogating its debt for 73 years, China has gotten a free ride at the expense of the rest of the industrialized world, and has, in effect, re-loaned us our own money. As China attempts to use US Treasury bonds against us in a trade war, what happens if someone in the Treasury says, “Hey, wait a minute, they owe us $1.5 trillion they are not paying. Let’s cancel their serial numbers for the $1.5 trillion they bought and call it partial payment.”

Then what happens when everyone else who owes China money, but who China has never repaid, does the same? China crumbles.

Turnabout is fair play.

~  STEVE LAMB

ALTADENA


LETTERS WANTED:

Send letters to kevinu@pasadenaweekly.com. For news tips and information about happenings and events, contact Kevin at the address above or call (626) 584-1500, ext. 115. Contact Deputy Editor André Coleman at andrec@pasadenaweekly.com and at ext. 114.