Democrat Senator Evan Bayh opposes some of the Democrats' massive spending (good for him!), and notes the facts of life for a debtor nation:Washington borrows from foreign creditors to fund its profligacy. The amount of U.S. debt held by countries such as China and Japan is at a historic high, with foreign investors holding half of America's publicly held debt. This dependence raises the specter that other nations will be able to influence our policies in ways antithetical to American interests. The more of our debt that foreign governments control, the more leverage they have on issues like trade, currency and national security. Massive debts owed to foreign creditors weaken our global influence, and threaten high inflation and steep tax increases for our children and grandchildren.Undeniably true. Should nations which hold massive amounts of debt dump it, they could wreck the American economy. But at the cost of severely harming their own economies, of course. That is a fact of life...(Read Full Post)