On February 12, 2009, Director of National Security (DNI), Dennis C. Blair, testified before the Senate Select Committee on Intelligence. DNI Blair provided the Committee with the Annual Threat Assessment of the Intelligence Community. The first sentence of the assessment states:
“The primary near-term security concern of the United States is the global economic crisis and its geopolitical implications.”
This was the first time in six years that terrorism was not listed as the primary threat to the country. Fraud and other criminal activity resulting in the laundering of illicit funds have always been considered a threat to our national economy. The current financial crisis was primarily driven by the frightful combination of fraud, greed and arrogance. The magnitude of that fraud, greed and arrogance has clearly shaken not only our national economy but the global economy as well. In so doing, as noted by DNI Blair, the resulting international instability created by the financial crisis has become the most significant threat to our national security. -- Counterterrorism Blog
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"Inside China there has been a lot of debate about whether they should continue to buy Treasuries," said Frank Gong, chief China economist for JP Morgan.
"Without China's buying (Treasuries) and continuing to fund U.S. deficit spending, interest rates could have been much higher. That could be very destabilizing in this very recessionary environment," he said.
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