Merry Christmas, America: You Are About To Have a Brand New Entitlement

It looks like we are about to receive our Christmas present from the ruling Democratic party: health care reform.

Undoubtedly, you feel somewhat grateful that I have not offered any comments on this great American debate.

Not wanting to tarnish my record, I will continue to maintain my steadfast silence.

Instead, I will offer some recent words from our bankers, the Chinese government. After all, the new entitlement is going to require more spending, and thus, greater borrowing. And when you are about to spend a lot of money you do not have, it is useful to check in with your banker.

Cue to Zhu Min, deputy governor of the People's Bank of China, who said recently: "The world does not have so much money to buy more U.S. treasuries."

Link to longer article here.