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China
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The Cold War was all about controlling Debts and is ongoing. America successfully disarmed Europe by providing U.S. military bases and protection. China's economy will implode without Walmart customers. The oil industry of Russia can be drained if U.S. production is restrained.

Why does the FED have to borrow money? They can print as much as they need. Either way, Borrowed or Printed, the value of the Dollar decreases. Borrowing means continued interest payments creating a revenue stream for the recipient. It buys influence in that nation without the donor population realizing the theft.

Politicians can hide tax increases by promoting foreign trade, driving manufacturers out with incentives, and receiving a kickback via loan from the benefiting nation (China). The process buys control of a rival nation. It also receives policy endorsements along with campaign contributions from domestic corporations enjoying this offshore tax shelter.

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