So, worried yet?

The country's drunken spending spree has worried wonks who go on and on about such things, but the deficit is reaching a tipping point if people are paying attention. Last week, China said that they would no longer tie their currency to the dollar, and with that change, the dollar didn't do much yet, but it could. The worry some people have is that the dollar will no longer be attractive to investors, so no one will buy our debt.

China has a lot of it right now, over $750 Billion of it. To the hard-line right-wingers out there, YOU should be upset that so much of our debt is in the hand of an enemy...they are an enemy, right? I can't keep track any more.

For me, I'm more worried that Bush's plan to deal with the debt is to let the dollar go into free-fall, that way the debt will remain the same in dollars, but be worth much less across the board as foreign currencies become the benchmark, and wealthy Americans who have been putting their money in other currencies and getting out of bonds (which Bush claims are worthless IOUs) will be fine.

This is probably an AMAZINGLY over-simplified version of things, and I'm no economist...but I do think we should be worried that our debt is reaching a point where foreign countries don't want to buy it because we might default.