Broke -- And Soon To Be Broken

clipped from www.zerohedge.com America's biggest creditor - China - has called our bluff. As the Financial Times notes, the head of China's biggest credit rating agency has said America is insolvent and that U.S. credit ratings are a joke: The head of China’s largest credit rating agency has slammed his western counterparts for causing the global financial crisis and said that as the world’s largest creditor nation China should have a bigger say in how governments and their debt are rated. Indeed, Guan is even dissing America's military prowess: “Actually, the huge military expenditure of the US is not created by themselves but comes from borrowed money, which is not sustainable.” The fact that America spends more than the rest of the world combined on our military means that we can keep an artificially high credit rating. But ironically, all the money we're spending on our military means that we become less and less credit-worthy ... and that we'll no longer be able to fund our military.