The Wall Street Journal-20080204-Those Dollars Would Buy Lots for Chinese Consumers

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Those Dollars Would Buy Lots for Chinese Consumers

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I do wish that Holman Jenkins had not entirely glossed over the most damning aspect of these new-fangled sovereign Ponzi schemes in his recent opinion ("Sovereign Wimp Funds," Business World, Jan. 23). The point is that the monies in question are not the governments' to spend or invest. I'm sure that underpaid Chinese workers, for instance, could find good and immediate use for their rightful share of the wealth that the People's Party is so eager to fritter away in sour investments.

By contrast, America is a paragon of accountable governance: The burden of our "Sovereign Debt Fund" is equally distributed among all taxpayers each year. I expect that when the Treasury pays back its IOUs and begins accumulating wealth, we'll all be receiving fat dividend checks from Uncle Sam.

Robert Walker

Rockville, Md.