Dagong Rating Agency: "The US Has Already Defaulted"

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Fri, 06/10/2011 - 09:01 | 1357445 margaris
margaris's picture

you chose the perfect picture for this post.

How did it go? Did you first write this post and THEN search for a suitable picture?

 

Or did you find the picture first, and thought... hm... that inspires me to write a nice article

Fri, 06/10/2011 - 09:05 | 1357486 Dapper Dan
Dapper Dan's picture

Speaking of pictures, how far away is China from the area in this photo posted below?

http://pointscope01.jp/cgi-local/f1np/f1np1/imageview.cgi?mode=past_frame

Check out the date of photo.

Fri, 06/10/2011 - 09:08 | 1357503 redpill
redpill's picture

Not far enough.

The willfully ignored/forgotten Fukushima disaster continues unabated, and eventually the full scope will force itself into the currency markets like DSK on a hotel maid, not to mention irradiate the island and everyone on it. The wobbly three-legged table that is the international currency market will crumble like a dry MOX fuel rod.

Fri, 06/10/2011 - 09:13 | 1357517 EscapeKey
EscapeKey's picture

Meanwhile, NFLX is still a strong buy, as Apple hurtles through $500.

Fri, 06/10/2011 - 11:51 | 1358114 kumquatsunite
kumquatsunite's picture

Exactly. And that means start your gardens....

 

AS to China, when you don't have enough food or enough water or enough medical supplies or enough of anything (China, Japan, India and Africa) what are you gonna do?

When you answer that question you've answered every question about the next ten years that you might have. And it ain't purdy....

Fri, 06/10/2011 - 09:09 | 1357505 ArgentDawn
ArgentDawn's picture

You will catch on to ZH's unique memes soon enough.

Fri, 06/10/2011 - 09:37 | 1357576 He_Who Carried ...
He_Who Carried The Sun's picture

"Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies - eroding the wealth of creditors including China, Mr Guan said".

 

Why is this worth a commentary on ZH?

Its about as significant as that moment when a certain bag of rice suddenly fell over last week. Time is money, guys!

Fri, 06/10/2011 - 10:27 | 1357775 SheepDog-One
SheepDog-One's picture

Time is money? I thought you said opium is money?

MONEY is money!!

Fri, 06/10/2011 - 11:28 | 1358003 Pegasus Muse
Pegasus Muse's picture

"you chose the perfect picture for this post.

How did it go? Did you first write this post and THEN search for a suitable picture?"

Cute comment .... this pic goes perfectly with it:

 http://www.dailyhaha.com/_pics/clinton_poop.htm

Fri, 06/10/2011 - 08:55 | 1357446 HamyWanger
HamyWanger's picture

Then why does China continue to buy Treasuries???

Fri, 06/10/2011 - 09:00 | 1357462 SheepDog-One
SheepDog-One's picture

Hamy...I guess they just love us so much. BTW whats your proof they ARE continuing to buy any treasuries?

Fri, 06/10/2011 - 09:25 | 1357543 Cdad
Cdad's picture

I'm sure that the BlowHorn [CNBC] will shortly warn its viewers that flows are continuing into fixed income [on the fear trade signaled by the equity market...if not signaled by the VIX] so that folk do not get caught in the Pachinko S&P or the fractal algo'd NASDAQ.  This because the BlowHorn ALWAYS alerts its viewers when money is leaving the fixed income market announcing that the equity train is about to leave the station in a curiously thin and bouncy rally.

I'm sure any minute now, the BlowHorn will alert viewers to this fixed income trade.  Holding my breath...

Fri, 06/10/2011 - 10:29 | 1357763 SheepDog-One
SheepDog-One's picture

'Fixed income'....WOW the Blowhorn is roto-rootering new all time lows!

Fri, 06/10/2011 - 09:32 | 1357568 Nacho.Libre
Nacho.Libre's picture

You know, about three weeks ago I went to a luncheon put on by the Fed Bank of Dallas and the speaker was Fisher.  He told all the bankers, community leaders, and business leaders in the room that China was still buying our debt.  I didn't want to be escorted out, so I contained my very strong desire to stand up and yell "I call bullshit!". 

I think I saw Hamy there, so that's probably where he got the idea.

Fri, 06/10/2011 - 09:41 | 1357598 DaveyJones
DaveyJones's picture

What do a Fed Reserve speaker and Fukushima plant manager have in common?

Fri, 06/10/2011 - 10:41 | 1357813 Almost Solvent
Almost Solvent's picture

Public statements not intended to be truthful

Fri, 06/10/2011 - 09:44 | 1357600 Pladizow
Pladizow's picture

In honor of your avatar and corn hitting a multi year high:

http://www.youtube.com/watch?v=1kLBjdxVKbI

Fri, 06/10/2011 - 10:55 | 1357897 Nacho.Libre
Nacho.Libre's picture

Thank you.  And when you are a man, sometimes you wear stretchy pants...in your room.  It's for fun.

http://www.youtube.com/watch?v=N14Y81L4IXE&feature=related

 

Fri, 06/10/2011 - 09:00 | 1357467 kito
kito's picture

because there are no other viable options for them. damned if they do, damned if they dont.

Fri, 06/10/2011 - 09:08 | 1357489 SheepDog-One
SheepDog-One's picture

'No other viable options for them' really Kito prove China IS buying any Treasuries at all. I dont see a big sell off, but no increase in amount owned either.

Fri, 06/10/2011 - 09:10 | 1357494 Nepenthe
Nepenthe's picture

Beijing cut its holdings of US Treasury securities for the fifth month in a row to $1.145 trillion in March, down $9.2 billion from February and 2.6 percent less than October's peak of $1.175 trillion, US data showed last month.

Damned if you continue to play the contrarian moron...

Fri, 06/10/2011 - 09:29 | 1357553 kito
kito's picture

nepenthe, this is zerohedge, the site of contrarians.........

Fri, 06/10/2011 - 09:41 | 1357585 Nepenthe
Nepenthe's picture

Thanks for setting me straight- after reading your drivel I keep thinking I'm at yahoo finance. I realize now you aren't a contrarian, just a moron.

Fri, 06/10/2011 - 09:59 | 1357671 kito
kito's picture

nepenthe, keep that bag over your head, lest we all suffer from brain smoke inhalation.

Fri, 06/10/2011 - 10:32 | 1357635 SheepDog-One
SheepDog-One's picture

'The site of contrarians' mmm yessss Kito you get the 'Golf Clap and Chortle of the Day' award which is a monacle holster.

Fri, 06/10/2011 - 12:59 | 1358342 Founders Keeper
Founders Keeper's picture

 

A "monacle holster"? That was hilarious!

Thanks, SheepDog-One.

 

Fri, 06/10/2011 - 13:29 | 1358454 kito
kito's picture

your prize is generous, i will pass it to the one eyed king, who is busy having its yields trampled as the world is flocking to it today, as usual, when there is a flight to safety. whats gold been up to lately?

Fri, 06/10/2011 - 09:44 | 1357611 DaveyJones
DaveyJones's picture

and gold and farmland and rare materials and...

Fri, 06/10/2011 - 15:22 | 1358881 Things that go bump
Things that go bump's picture

The girls in Boise will be competing for all those nice Chinese boys.  This is actually an old trick.  Because of overpopulation and primogeniture, in the tenth century the Danes began colonizing northern Britain (by force).  After things had settled down a bit the Anglo Saxon girls found their new neighbors quite attractive.  They were wealthier, as they had taken a lot of the good land and they bathed more often then the Anglo Saxon men. The same thing happened in Normandy too.  William the Conquoror was a direct decendent of Rollo the Viking.  

Fri, 06/10/2011 - 09:02 | 1357475 lizzy36
lizzy36's picture

DIP financing.

Fri, 06/10/2011 - 09:19 | 1357519 hedgeless_horseman
hedgeless_horseman's picture

Perhaps the most absurd argument of Reaganomists was that we should not worry about growing public debt because it is being matched on the federal balance sheet by an expansion of public "assets."

 

http://mises.org/daily/1423

Do the chi.coms have a UCC filing on the Hoover Dam? 

I Love Lucy.

Fri, 06/10/2011 - 09:21 | 1357541 LawsofPhysics
LawsofPhysics's picture

Are we talking about the same Hoover damn that is currently below half-pool?  The pile of concrete isn't valuable, it is all the fresh water that used to be behind it.

Fri, 06/10/2011 - 09:33 | 1357548 hedgeless_horseman
hedgeless_horseman's picture

Write downs are so 20th century.

Mark to myth.*

 

 

* This accounting standard has been approved by the FASB.

Fri, 06/10/2011 - 15:11 | 1359003 Stuck on Zero
Stuck on Zero's picture

You misspelled it.  It's "Mark to mirth."

Fri, 06/10/2011 - 17:41 | 1359654 Bastiat
Bastiat's picture

or "mark to meth"

Fri, 06/10/2011 - 09:43 | 1357595 Urban Roman
Urban Roman's picture

They can BTFD in Lake Meade and get in on the fresh water boom.

 

Fri, 06/10/2011 - 09:19 | 1357526 redpill
redpill's picture

The Chinese are very good at the fiat funny money game. Perception is reality when peddling worthless paper.

Fri, 06/10/2011 - 10:01 | 1357668 Slim
Slim's picture

So if allowing your currency to depreciate it default...this is maybe the best pot calling kettle black example I've ever seen.

Fri, 06/10/2011 - 13:32 | 1358476 three chord sloth
three chord sloth's picture

Heh. Damn straight!

The only way it could be better is to accuse the US of mercantilism.

Fri, 06/10/2011 - 08:58 | 1357448 Bindar Dundat
Bindar Dundat's picture

Looks like the gloves are off!

Fri, 06/10/2011 - 08:56 | 1357454 the not so migh...
the not so mighty maximiza's picture

Dagong, we are good for it, trust us.

Fri, 06/10/2011 - 09:01 | 1357470 bigdumbnugly
bigdumbnugly's picture

"we will gladly pay you tuesday for some more cheap imports today."

 

Fri, 06/10/2011 - 08:57 | 1357455 Conrad Murray
Conrad Murray's picture

How dare they so flagrantly assassinate our character. Let's show them what default really looks like.

Fri, 06/10/2011 - 09:00 | 1357456 redpill
redpill's picture

Just another shot fired in the currency war.

Fri, 06/10/2011 - 09:00 | 1357466 ursus.peracto
ursus.peracto's picture

Money$hot?

Fri, 06/10/2011 - 09:24 | 1357549 aheady
aheady's picture

lulz

Fri, 06/10/2011 - 08:59 | 1357463 ursus.peracto
ursus.peracto's picture

"Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies - eroding the wealth of creditors including China, Mr Guan said."

Ron Paul said this nearly verbatim the other day.

Fri, 06/10/2011 - 09:04 | 1357469 SheepDog-One
SheepDog-One's picture

And just think, the ONLY answer any of them have to the present deteriorating economic situation is to weaken the dollar further.

Fri, 06/10/2011 - 09:08 | 1357487 buzzsaw99
buzzsaw99's picture

China ain't seen nothin' yet.

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