Economic Threat Quotes
What makes this quote significant is the data—the end of the 19th century and here was an author, in a prestigious journal, warning about the potential economic competition from China which at the time was seen by most as a backward, primitive civilization which could never compete with the West. Also, Hearn was the first writer who communicated information about Asia to Americans on a large scale.
At the time, the George W. Bush Administration policy was to have the United States running a very large trade and budget deficit—the largest in the history of the world. In order to finance the deficit, the U. S. Government had to borrow money and it did so by selling bonds and other financial instruments. Many of these were purchased by Asians, but Paul’s point was that they were “propping up” American spending habits and might not continue to do so.
Bin Laden made this statement warning of attacks on economic targets in the West in an audio tape released after the attack on the French oil tanker, the Limburg, off the coast of Yemen in October 2002
The Grammar Curmudgeon
For another of his immigration quotes and that of another labor leader, see {639891} and {639896}.