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As an afterthought, it seems you are taking our current overreaching centralized big governmental system and its failures as an argument against what I advocate, a small limited governmental system dedicated to economic, personal and political freedoms. You are, in effect, arguing my point.

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Business moves where they find the greatest amount of economic freedom. They are leaving the US because it is losing that freedom for centralized big government control--uh, what you seem to be advocating, apparently on a global scale.

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"Just when I think there's some hope for you, you lose it...."

Arrogance convinces no one.

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Recent figures that appeared in the American Conservative magazine over the past two decades, years during Greenspan's tenure are startling:

    * Home mortgage debt has risen from $1.8 Trillion to $8.2 Trillion
    * Consumer debt has risen from $2.7 Trillion to $11 Trillion
    * Household debt has quadrupled
    * The personal savings rate has gone from 11% to
      -1%
    * US federal deficit during the Reagan administration was $2 Trillion and is now $8 Trillion
    * The US trade deficit has gone from $150 Billion per year to $726 Billion per year ($3.0 Trillion cumulatively over the past 20 years)
    * $11 Trillion of US assets are now held in foreign hands (roughly 20% of all US assets)

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And based on those two assumptions, draw the conclusion limited, non-interfering government doesn't work.

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And your final conclusion begs the question of supporting what you advocate instead: A version of globalized government, or to use your words, "One coherent set of laws, guiding not blocking Free Enterprise so that it can expand without jumping through a million hoops is what's needed. Separate Regulations for each area are precisely what is NOT needed." --So much for "not advocating anything".

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Not only is the government borrowing wildly, but the general public is as well. We don't seem to be handling our own finances responsibly. Maybe at least some of that comes from a society that considers the government responsible for its wages, heath care, and retirement.

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Or I could point to our Constitution, which would convince any individual our government has no business.

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Section 8
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and
Excises, to pay the Debts and provide for the common Defence and general
Welfare of the United States; but all Duties, Imposts and Excises shall be
uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and
with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject
of Bankruptcies throughout the United States;

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It sounds more like a society that hasn't considered responsibility at all...

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All that said, the nationality of the holders of our government debt is irrelevant. We are eventually going to be forced to pay taxes to cover the interest and the principal, whether the bondholders live in Tokyo or Peoria. If you want a useful measure of collective liabilities, look at the total future commitments of the government (including payments promised under Social Security and Medicare as well as outstanding debt). Those figures are much more important indicators of future problems than the statistics on the balance of trade or the amount of government debt held by foreigners.