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March 01, 2005
Foreign Debt Finances Your Mortgage
Asian countries hold almost half of U.S. debt. That makes it possible for Americans to buy more imported goods. It also reduces home mortgage rates.
Japan, China, Taiwan, and South Korea hold 40 percent of our government debt. "By helping keep mortgage rates from rising, China has come to play an enormous and little-noticed role in sustaining the American housing boom" (NYT, Dec. 4, 2004). Read that twice. We owe our housing boom to China, because they want us to keep buying all that stuff they manufacture.
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Posted on March 1, 2005 01:15 PM by Mortga80.
Filed in Mortgage Calculator under mortgage rates.
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