Dagong Rating Agency: "The US Has Already Defaulted"

Tyler Durden's picture

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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

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.

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.

EscapeKey's picture

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

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....

ArgentDawn's picture

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

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!

SheepDog-One's picture

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

MONEY is money!!

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

HamyWanger's picture

Then why does China continue to buy Treasuries???

SheepDog-One's picture

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

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...

SheepDog-One's picture

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

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.

DaveyJones's picture

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

Almost Solvent's picture

Public statements not intended to be truthful

Pladizow's picture

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

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

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

 

kito's picture

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

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.

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...

kito's picture

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

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.

kito's picture

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

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.

Founders Keeper's picture

 

A "monacle holster"? That was hilarious!

Thanks, SheepDog-One.

 

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?

DaveyJones's picture

and gold and farmland and rare materials and...

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.  

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.

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.

Stuck on Zero's picture

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

Urban Roman's picture

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

 

redpill's picture

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

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.

three chord sloth's picture

Heh. Damn straight!

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

Bindar Dundat's picture

Looks like the gloves are off!

the not so mighty maximiza's picture

Dagong, we are good for it, trust us.

bigdumbnugly's picture

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

 

Conrad Murray's picture

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

redpill's picture

Just another shot fired in the currency war.

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.

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.

buzzsaw99's picture

China ain't seen nothin' yet.