You're watching...
Former U.S. Ambassador to the U.N. John Bolton on the consequences of the U.S. government’s rising debt.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- Well Obama care is helping dig the US deeper into debt.
And now are monstrous debt sixteen trillion has people wondering if that's the real reason the US keeps talking tough.
But won't get tough with China.
This is all over the numerous cyber attacks China is accused of waging against US companies.
And government agencies with more on this John Bolton former United Nations ambassador and a Fox News contributor great to have you back on the show.
So it -- -- the US government wants to talk a tough game but there's absolutely nothing behind it.
And how can there be something behind it -- we owe China so.
It's money well talk with nothing behind it is unfortunately typical of the Obama administration but the point you're making about the debt is is significant and I think.
It's been a problem for the United States in the wrong way it comes up when people say whatever we have an issue with China.
Basically they -- -- we can't do anything about that look at all the debt they hold.
And then we don't do anything about it well if you never challenged China you never forced them to use the debt is leveraged so they went for free in the conclusion is -- in Beijing is.
But not as well push from a little bit harder that sort of point one.
Point two I think the leverage the debt of Ford's China is greatly overstated.
Because their economy is just as dependent on ours is ours is on them and we are -- market for their good for one for one party or the other -- risk retaliation economically is a beggar thy neighbor policy that that I don't think.
So people who think their federal that is our biggest national security issue do you not think that's true I think it's a huge national security issue I'd like nothing better than for China to say we're not buying any more of your debt -- might forces to have some fiscal discipline you can't have.
A strong presence internationally especially militarily without a strong economy to the extent.
That the deficit each year as -- the debt and saps our domestic economy thus preventing it from covering absolutely it's a national.
International security so many different ways -- -- -- make a great point or kind of alluding to in talking about here's this -- report.
Which said the Chinese Government is involved in hacking and stealing ideas.
Stealing memos ceiling emails stealing information from our federal government and they even named the unit.
Of the China's people.
Liberation army -- 61398.
Unbelievable to me.
I mean if he told me this story I would it's -- with sap from Jon Stewart because I can't believe it's true.
-- well I'm very glad this report this unclassified report is out it's not the first time that that we've concluded what the source of many of these taxes the Pentagon is thought for a long -- -- essentially every American.
Every major corporation has been attacked by the People's Liberation Army.
So what the Chinese are doing are looking for there a symmetric point advantage they can't match -- and conventional forces are clear forces are naval forces so they're going after our vulnerability our reliance on information technology they are way ahead of us in this area.
Or do we get me the president put out an executive order some fines or something silly I'll tell that I.
Silly silly is exactly it's a -- look it's a deal is likely to commercial espionage is a piece of it through legal means but we have to understand that for China Russia Iran other countries this is a form of warfare.
I'm not suggesting that the government -- information security but I think there are areas where government private sector cooperation here is important.
How to create defenses and for the government what kind of offensive cyber capability we need to deter the Chinese and others from doing.
It's what it but there all kinds of different levels right yeah there's out and out intellectual property theft.
There's.
You know wouldn't go for not -- kids here in the US you can do this kind of thing hacking and others -- what what is out now war.
Fair outline -- we need conceptually and a ladder of escalation like we've had for many years in the nuclear area what you know espionage fits in there.
And we need to know what are appropriate response -- right now we're just floundering around we we are taking steps I think we can catch up we certainly have the capability.
We have not focused on this -- The leader in information technology -- only possibly.
Find out.
Us because we haven't seen the vulnerability that the Chinese -- -- -- that's why welcome this report I mean people need to understand this hi I'm confident we can develop defenses and I'm confident we can develop an offensive capability to but we've got to get on it.
Well that's why wouldn't cut our defense budget this is not -- a battlefield that's gonna replace existing battlefields this is one.
More new front that we have to be prepared for our investor thanks for coming on it's always great to see thank you I don't Irish.
Fascinating story well.
