On Thursday, June 9th, Alan Greenspan, Chairman of the Federal Reserve, gave testimony to members of Congress. One of the things he said about our enormous borrowing from foreign countries was that this was “not borrowing, but countries anxious to invest in the United States .”

Here are the results of an auction of 10 year Treasury bonds taken from a press release by the Bureau of Public Debt titled “Public Debt News” on the same day Mr. Greenspan made this comment:

Does this look like foreign countries are beating the door down to invest in America? We put up $20 billion in 10 year treasuries, and $9 billion are sold, less than half. And this was a good day. Sales are usually less than this forty-five percent.

Here’s another. This time on 5 year bonds offered for sale on June 8th, the day before Mr. Greenspan’s statement:

Draw your own conclusions.