This has absolutely nothing to do with my post.
A country that issues its own currency does not have to borrow in its own currency. If no one bought the bonds, then the Fed would buy them, as it's been doing which is effectively just financing the government. The US government doesn't even need the Fed to buy the issued bonds. It could direct the Fed to print up as much money as it needed.
Also saying that the US borrows from China, brings up these false notions that the US is somehow subservient to China, or that China is the US's banker or that the US is dependent on China. The US doesn't need China to keep on financing its government.
I think Rand should lose the borrowing from China stuff as well as the need for a balanced budget. His explanation on both is wrong and bad.
Though when the Fed buys bonds, it's inflationary. When non-government entities and foreign governments buy bonds it's not inflationary.
I would add that the standard you are holding him to is pretty high. That was the first speech he's ever given to that type of audience. I thought it was great and he came well prepared. The guy isn't superman and if he didn't connect with that audience he'll learn from it and correct. And as far as explaining economics, he might not be perfect but he is better at articulating concepts than any politician that I have heard in my lifetime.
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