Erik Rush, one of the looniest of the Worldnutdaily columnists (yeah, that’s saying a lot), has a whole new Obama conspiracy theory, one based on unnamed sources. It fit rights in with the old right wing conspiracy about the Chinese taking over America:
Let me share that which was related to me via one international business interest with strong ties to the nations highlighted in the following scenario:
According to this source, President Obama had a mid-level U.S. official meet with a Chinese officer in 2011 to find out if the Chinese were open to a land and resource swap for debt forgiveness. The upshot of this is that the Chinese are now engaging in experimental “farming” and “scientific” studies in several locations in the U.S. (in various states). The personnel involved are all Chinese military, and the plan is to use these as the base for the expansion of “land settlements” in payment of the U.S. debt to China.
Also in 2011, the Bank of China reportedly sent a team to the U.S. to do land analysis and valuations based on resources that have been identified on federally held lands. The group was tasked to visit various preselected sites, including some on the Gulf of Mexico, and arrive at resource-based values between $2 trillion and $5 trillion (enough to satisfy America’s debt to China). According to this scenario, the issuing of new drilling licenses in the U.S. have been stopped on federally held land until the Chinese can be in position to take over new oil production.
Now that’s just laughable. First of all, our “debt to China” is nothing more than t-bills, which are sold at public auction. We don’t actually take out loans from China, much less ones that could be “called in.” T-bills have a set payback schedule. China owns about 8% of the t-bills we’ve issued to cover our federal debt, or a little over $1 trillion, with another 38% owned by other countries. The notion that we would need to swap land for debt to China is absurd.
But still, seriously? The John Birch Society crowd has been pushing this “China is going to take over” bullshit for half a century. It’s never been true and it never will be. And does anyone think this could actually be kept secret even if it were happening? Just more ridiculous paranoia from right wingers.