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"content": "Japan can auction the assets of Japan. Likewise, the Federal Reserve System in America cannot auction the State because it is the Stateās treasury. Therefore, one of the reasons why that debt in those countries will be sustainable even if it is high compared to the GDP is because it is owned by the National Treasury. It is easy for it to write it off by mere paper accounting. That is not the case in our country. Also, the debts in the countries with high levels of debt to GDP ratio is backed by a very strong manufacturing industry. The example I have given of Japan suffices. Japan is the biggest creditor on earth. It has assets of over USD3 trillion in form of foreign currency and investments. Madam Temporary Speaker, one may ask, what does this country manufacture and what foreign reserves or investments do we hold? It means, therefore, if we default and we are likely to do so, this country will lose the JKIA as it is almost happening in Zambia. The same country is about to lose the power utility firm which is the equivalent of Kenya Power to Chinese creditors. A country like Sri Lanka is almost losing the main sea port in Colombo to Chinese creditors. So, those who continue to delude us that our debt levels are sustainable must be condemned in the highest terms possible. I end my remarks by saying the following statements. Those who are in one way or the other responsible for bankrupting Kenya and placing our country into a course of irredeemable debts will pay dearly in life or in death. I support the recommendations of the Committee."
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