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Gloating China Says "Has Every Right To Demand US Address Its Debt Problem", Asks For New Global Reserve Currency
China has released a scathing op-ed in Xinhua, the official Chinese news agency, in which the authors waste no time to humiliate a "debt-ridden Uncle Sam" following the S&P downgrade, in the most violent surge in the recent war of words between the ascendent and descendent superpowers. Some choice selections: "Dagong Global, a fledgling Chinese rating agency, degraded the U.S. treasury bonds late last year, yet its move was met then with a sense of arrogance and cynicism from some Western commentators. Now S&P has proved what its Chinese counterpart has done is nothing but telling the global investors the ugly truth", "China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets." It doesnt stop there, "[the US] should also stop its old practice of letting its domestic electoral politics take the global economy hostage and rely on the deep pockets of major surplus countries to make up for its perennial deficits." China takes the opportunity to give the US a little lecture on a broken way of life: "All Americans, both beltway politicians and those on Main Street, have to do some serious soul-searching to bring their country back from a potential financial abyss." And lastly, China once again gets back to its pissing contest about whose reserve currency is bigger: "International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country." Just wild fun. Read the whole thing below.
From Xinhua:
After historic downgrade, U.S. must address its chronic debt problems
The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered as its triple A-credit rating was slashed by Standard & Poor's (S&P) for the first time on Friday.
Though the U.S. Treasury promptly challenged the unprecedented downgrade, many outside the United States believe the credit rating cut is an overdue bill that America has to pay for its own debt addition and the short-sighted political wrangling in Washington.
Dagong Global, a fledgling Chinese rating agency, degraded the U.S. treasury bonds late last year, yet its move was met then with a sense of arrogance and cynicism from some Western commentators. Now S&P has proved what its Chinese counterpart has done is nothing but telling the global investors the ugly truth.
China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets.
To cure its addiction to debts, the United States has to reestablish the common sense principle that one should live within its means.
S&P has already indicated that more credit downgrades may still follow. Thus, if no substantial cuts were made to the U.S. gigantic military expenditure and bloated social welfare costs, the downgrade would prove to be only a prelude to more devastating credit rating cuts, which will further roil the global financial markets all along the way.
Moreover, the spluttering world economic recovery would be very likely to be undermined and fresh rounds of financial turmoil could come back to haunt us all.
The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.
It should also stop its old practice of letting its domestic electoral politics take the global economy hostage and rely on the deep pockets of major surplus countries to make up for its perennial deficits.
A little self-discipline would not be too uncomfortable for the United States, the world's largest economy and issuer of international reserve currency, to bear.
Though chances for a full-blown U.S. default are still slim now, the S&P downgrade serves as another warning shot about the long-term sustainability of the U.S. government finances.
International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country.
For centuries, it was the exuberant energy and innovation that has sustained America's role in the world and maintained investors' confidence in dollar assets. But now, mounting debts and ridiculous political wrestling in Washington have damaged America's image abroad.
All Americans, both beltway politicians and those on Main Street, have to do some serious soul-searching to bring their country back from a potential financial abyss.
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Do you let the bank that owns your mortgage tell you when to go shopping?
They can vote with their damn feet, if they aren't just pissing in the wind.
yep. no shitsky, s_777
unless they need a bailout of course, and would like to switch to "all FRN's all the time" like, uhnhh...europe? or, maybe japan will help china here
wtf is the problem, here? china can't sell fuking US Ts into this huge wave of buying/short covering and buy something else?
what will the rothschilds think of, next?
agree slewie the russians seem to be doing just that
May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun Jun May2011 2011 2011 2011 2011 2010 2010 2010 2010 2010 2010 2010 2010 2010
Russia 115.2 125.4 127.8 130.5 139.3 151.0 167.3 176.3 173.3 173.7 175.7 168.2 123.4http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/...
Of course, China did not have to buy US Treasuries with those USD they accumulate through unfair trade. The could allow the Yuan/remimbi to appreciate against the dollar. They sure have had no problem playing the game for the last decade when it was in their favor.
Of course they're laughing, just as it was reported that their leader laughed watching the video of 911 over and over and over...
Chop Suey Bitchez
Fuck China. Fuck trade agreements. Raise tarriffs now. I will be happy to pay a little more for MADE IN AMERICA, in fact I already do so when I can. But good luck trying to find anything made by Americans except financial fraud.
Good luck with that moron
A crashing US dollar does not make productive industry fall out of the sky. Productive industry is capital intensive and just when the US needs capital the most, it will have none.
"made in amerca" yeah, after the famine.
Fuck China. Fuck trade agreements. Raise tarriffs now. I will be happy to pay a little more for MADE IN AMERICA, in fact I already do so when I can. But good luck trying to find anything made by Americans except financial fraud.
DITTO. We could bring China to its knees in two weeks: CLOSE WAL MART.
What a joke, as if they can do anything. And who's currency would they use? The peso? They can't survive without our fiat currency and the leaders know it. Gold? Silver? Commodity based currency would destroy there government overnight and they know that too. So I say, go for it change the reserve currency with your mercantile economy and make our day!
Not so sure about that. China may be buying and mining prodigious amounts of gold & silver in a longer term plan to have their own currency backed by PM's. I think others, smarter than me, have speculated on this for a while.
And will we be able to believe their accounting???
That is agood point
Not to the oh so high standards of US banks, FED or government: who collectively gave us Sub-Prime Quality investments while selling the couterparties short!
Great point, if I dont trust Price Waterhouse (and I don't), I certainly don't trust "People's grand house of truth accounting unit".
And just what the hell is their gold and silver going to buy? From whom? At some point, the medium of trade is going to have to circulate somewhere........to someone.......for something. Fuck China.
Considering the Eurozone is their largest trading partner, who is a net creditor with no trade deficit, I think China and the Eurozone could hash out a deal. Also the ECB controls the worlds largest gold hoard and China is the biggest importer and producer of gold.
Good point re EU/China. A factor that will impact is that China is also now the worlds largest producer of renewable energy solutions: everything from wind turbines, hydro, solar panels, biomass/biofuel systems and even nuclear (sustainable, but risky: ask Japan).
Now consider that for the EU to hit its 2020 directive targets (20% of energy from sustainable sources) up from under 5% in last reports (end 2010), that means 400% growth in a relatively short time. The 2050 directive is for over 40% of energy from renewables (maybe more if transport gets biofuels).
A relatively simple trade deal between China and EU could avoid reserve currency risk (which it is and has been since debasement gain historic momentum) and secure EU energy targets while securing large chunks of China export over extended periods. In fact, the currency that mosts suits this type of deal is energy itself - a commodity with increasing buying power in a world of failing fiat.
Just a thought!
If China (and Russsia and others) do eventually get a basket reserve currency of some sort, and gold is in it but silver is not, what happens to the price/value of silver?
What a joke, as if they can do anything. And who's currency would they use? The peso? They can't survive without our fiat currency and the leaders know it. Gold? Silver? Commodity based currency would destroy there government overnight and they know that too. So I say, go for it change the reserve currency with your mercantile economy and make our day!
Seems like the only jobs left in Amerika are blow jobs...
Where do I send application - for receiving this 'job' - and given my physical limits it will probably be part-time anyway!
Timmy, You just tell those Chinese to take their USTs over to the "You'll Get Nothing And LIKE IT" window when it comes to redemption time.
Would be funny if DaGong and S&P merged to avoid any problems from the Obama DOJ investigation that is surely coming...
It's not the economics of the AAA rating that matters and the scary thing is TPTB know this. It is just one more chink in the armor of americanism that the government has allowed to occur because they are all corrupt and could care less about people. These assholes will of course blame each other, George Bush, the Tea Party, too much pork, not enough taxes.....and the band will play on as the Titanic sinks!
Even record low interest rates won't save the US government. In the end they still have the coupons to repay. And the Chinese government is getting a little uneasy about that.
They support the US to maintain their exports and their dollar reserves, but only for now -- the share of exportations in their national GDP is steadily shrinking every year, and their have begun to dump their dollar holdings for quite a time.
One day, either the US will default and give a f*** to China, or China will force the US into default when they are ready to profit from it.
The former is set to arrive sooner than the latter.
By the way, by 'default', I don't necessarily mean not paying back the debt. It will probably be done in ersatz money.
Its funny how we always treat China with kid gloves because we want China to "save face".
China has no such problems helping the US to "save face".
When the fuck did we do that? Seems to me we've been treating China like dumb, poor peasants, and taking the piss out of them on every world arena on every occasion for as long as I've been alive. Fuck me, some people's memories are selective.
Edit: I fucking loathe grown men playing the victim after a lifetime of bullying others. Grow a pair like all the others on this page telling China to go fuck itself. You're embarrassing.
yoou noo pay goood roundeye. yoou break rickshaw, and hurt me bad.
China doesn't have a god damn right to demand shit.
This is also a reason that the founding fathers wanted us to be an isolationist country. We were supposed to be reliant on ourselves. I guess when half of your country is like Africa you have no choice but to borrow to feed them all. We've become a zoo.
Watch the video in this article....hilarious
http://www.huffingtonpost.com/2011/08/05/suspects-lured-free-tickets_n_919936.html
So....they squared off against the world's biggest empire over mercantilist policies so they could...be mercantilists?!
Ring any bells (liberty or otherwise)?
The thing your people were most "reliant" on...was slave-labor.
Even today, you cry for "small government" all the while begging it to protect you from free-trade and build walls to defend you from competition due to a lack of skills.
Comical!
I'm not begging for anything.
I simply want to be left alone and stop being persecuted for being hard working.
And white people aren't reliant on slaves. WTF are you talking about? Black people can't even feed themselves, look at food stamp participation by demographic (or unemployment for that matter) At this point they'd probably be better off as slaves, it would be step up from how they are living now.
snowball, man your comments stink like shit. snowball yourself.
White people most definitely were (do note the tense of the verb conjugation, Blobolina) reliant on slave labor...they even went to war over it, or hadn't you heard?
As for black people feeding themselves, is that a "can't" or an "aren't allowed to"...they do seem to show up and put in applications quite often for not being interested in work, but I suppose you're blind to those realities as well. Only within the confines of your pointy little head are the those UE and welfare stats independent variables, Bobo.
The only stench wafting over these parts is your pathetic racist BS.
They weren't reliant on it. They had slaves because it made life easier, not because they were reliant on it. After the emancipation white people didn't fall apart, we continued to build industrial empires, we advanced science, and invented most of the things people enjoy today.
And are you really reallllly saying black people aren't allowed to feed themselves? REAAAALLLLLLYYYYYY
Maybe black people aren't as competitive and if they were they would have jobs and white people would be working under them. Who is keeping the blacks from eating in Africa? Rhodesia at one point had a thriving economy and ya know what happened? The blacks kicked out the whites, named it Zimbabwe and now they are starving again.
You are just to stupid to realize that the only people keeping black people down is black people. Maybe in a couple thousand years when they are more evolved and not fresh out of the jungle they will figure it out but for right now THEY ARE RELIANT on the white mans tax dollars to feed themselves.
Here ya go snowball, kinda looks like most black neighborhoods huh?
http://www.youtube.com/watch?v=hTUw0vKksGc
Guess you've never been to...
- Baldwin Hills, CA
- Bloomfield, CT
- Mitchellville, MD
or seen the white squalor of...
- Portland, OR
- Manchester, KY
- Gainesville, FL
http://www.youtube.com/watch?v=FNc1hPLrQvg
http://www.youtube.com/watch?v=-ywt00S4t-E
http://www.youtube.com/watch?v=nkkEbEIshns
bob dab -- if you're proud to be racist, just say it, pussy. Most recognize you're asshole scum anyway.
Do you have a single thing else to say in that little peanut sized brain of yours other than to call me a racist? Why don't you tell me anything I say that you think is wrong and explain why? You know why you won't? Because you can't. The last resort you have is calling me a racist, you chicken shit slime ball.
raycesssss!!!!, that's all you can fuckin' say.
Let me help... perhaps it was when you said:
"I guess when half of your country is like Africa you have no choice but to borrow to feed them all. We've become a zoo."
Nevermind that the slaves were brought to America against their will by people a lot like ...YOU... or that we don't believe you are very hard working at all, but simply a racist asshole who thinks he is better than others. Anything else you have to say is all garbage from the trash bin.
Guess what tonto? They were slaves to begin with in Africa. They were traded for stuff like rum and grain by tribal leaders.
Stop acting like we kidnapped them.
The rest of my comment is accurate. Look at food stamp participation by demographic and unemployment.
Buying a slave is morally different from enslaving???
Xinhua's piece was not as scathing as the loaded ZH introduction, although it was total bullshit.
Bullshit like this to assuage their mild criticism:
"For centuries, it was the exuberant energy and innovation that has sustained America's role in the world and maintained investors' confidence in dollar assets."
That should have started with, "For less than 70 years".
Get some perspective. Asking the US government to have "A little self-discipline" is not humiliating or a scathing attack for goodness sake, it's common fucking sense. At least they didn't use the word, "parasite".
They couldn't use the word 'parasite' as that would have made them look like copy-cats: and we know how they hate to copy!
As for your 70 yr comment, they said 'energy and innovation' - energy started with the oil industry in the 17th century, which led to great innovation - most notable being the industrial revolution (18th century): so I agree with their statement and find yours a couple of hundred years short of the mark: you cannot honestly believe that America first gained prominence after 1941!
LOL! But they also said, "sustained America's role in the world". In the 17th century, the USA didn't exist. In the 18th, the entire industrial output of the US was that of a small town in Britain, as well as plagued by colonial wars. In the 19th century, it was once again plagued by civil war, and America's role in the rest of the world was virtually nothing. Late 19th and early 20th centuries were interesting, but her wealth, military might, and prominence on the world stage came after WWII. In all the preceding years, it was Great Britain that sustained the role in the world.
A new global reserve currency? Why, so down the road we can end up with another worthless piece of shit paper currency that some god damn self-important bureaucrats have printed to infinity? Here's a better idea - Kill the government currency monopoly and let people decide wtf is going to be used for transactions. Yes, the power mongers will go ape shit but they'll have to get over it. This isn't their planet. They can live in harmony with rational people or they can fuck off.
Unless, of course, someone (like China?) is thinking of backing a new world reserve currency with GOLD........
My point was, why let any government decide what is currency? Once you do that you're subject to their manipulations. Like the U.S. did, China could back their currency by gold and then just reverse it when they've printed so much they lose all of their gold reserves. If people choose to use gold as currency, great, let them. If they choose to use fingernail clippings and belly button lint, that's ok too. Weird, but ok.
This is the 21st fucking century, it's time to get rid of central planning.
Utopian - and nice - sentiment, but flawed as long as DOW theory remains true (which it still does) - e.g. when all the people are saying one thing, do the opposite because the crowd is always wrong.
As for alternate reserve currencies: there is already a strong arguement that we have several 'defacto' currencies - oil definately, with PM's arguably. In the article China suggests 1st) having a world regulatory oversight for the reserve currency - so read 'screw trusting Ben & Tim, or any American politician - the world is too important for the self-serving to be trusted with its currency', 2nd) having an alternate official reserve currency, again with global oversight to prevent what the USA has done for 30 years.
While I agree that there is some audible cheers coming from the East (including Russia and India), the words 'about time' and 'deserved' are ringing loadly in the vacant space between my ears.
Reading those with less vacant space than I regarding the economic superpowers (USA, EU & China) it seems all are in a desperate state and applying much PR to cover cracks - to paraphrase Reggie: the last one to fail will be the winner as by default, they will suck up the slack from the collapse of the first two.
Given recent news, I will bet on China as it has the least problems and the greatest ability to hide those it has! In the game of politics and lies, they will win - then they will lie about how they did it (to the winner goes the spoils, and the writing of history).
How much is China spending on wars per day? How much are they spending buying natural resources, mines, productive enterprises and entering into beneficial agreements with resource rich countries around the world. Who is leading the way and who has a lot of catching up to do, if at all possible?
.
The Chinese people also have a 30% personal savings rate, because they don't have to pay social security, welfare, medicare, medicaid, turtle tunnels, and subsidies for labor unions, -- so they are not dependent on government welfare.
Who has slave labor camps with 15 year olds (foxconn and others all over China?)
You want us to be like China and bring slavery back? I'm all for it, thanks for your suggestion.
I think it's time for you to take your hand out of your cooter and STFU.
I think it's time for you to take your fist out of your asshole, insert it in your mouth, and STFU.
Make me, you faggot prick.
Make me, make you, you stinking cunt
Touchet.
touché
No, Touchet, Washington State.
That explains a lot.
Like you are living in Utopia with your cops fining 10-year olds with a lemonade stand.
Interesting. I remember when we got all upset because little kids made Keds in China. Why the silence re the goings on at foxconn in that dept.?
Excellent question; it occupies me also. The answer seems to be that the hive mind, ( or popular culture ), has changed to such an extent that "knowing anything"; ie. the souce of your Ipod, is "un-cool". Complete moral collapse, apparently.
shouting for a global reserve currency...only confirms that the CHinese are equally controlled by the Globalist......we are fucked ..no hope...its too tooo late
.
China: Fuck you and your democracy. Hurry up with your dictatorship and NWO enforcement already so we can get paid.
The only reason the Fed can print all the money they want is because USD is the reserve currency. US is exporting inflation everywhere in the process and hurting other countries. The rest of the world will of course do what is best for themselves. If it is moving away from USD, so be it.
We should have left them knee-deep in their rice paddies. Thank you Nixon.
Exactly correct. Our Federal politicians sold out the country. Nothing was imported from Communist China; it was illegal. the idea that anything would ever be imported from China seemed clearly to belong to the science fiction venue. But the corporatists bought the politicians, and here we are, no industry, no jobs, and china has all the money. "Suicide by politician".
I hope the American people will see through the "progressive" agenda expoused by Obama, and the media, and not buy into the idea that the government is the answer to all things. We need an accountable government, not one that is bought and paid for by a financial cartel, a 1.5TRILLION dollar privately owned company that is called the Federal Reserve and most all legislation (and i am not exaggerating) is paid for by this money interest and their agents, and we the people will pay from here to eternity, if we survive it all, for the theft of the groupthink concept toobigtofail, and we need the government to save us all.
Apparently you didn't hear Nancy Pelosi exlaining why unemployment checks are the best way to stimulate the economy.
Side note: People thought the Bushisms were bad? Now we have black people dancing barefoot in the rose garden at the white house. Can we get Bush back?
"Now we have black people dancing barefoot in the rose garden at the white house."
Is it that they have dark skin or that they were not wearing shoes that gives you the vapors? I wouldn't be barefoot out there, they have a dog.
Fucking [racist!] assholes like you who think Bush or Reagan were good Presidents are the reason the rest of the world are tired of America and hoping it slithers back under a rock so the rest of the world can go about their business.
We don't want Bush back. We want JFK back. think about it, it was what's called a defining moment.
I'm drunk on Korean soju.
So what the fuck do I know?
But fuck China in its yellow ass. Tthe Chinese Miracle is a hoax.
They are even more fucked up than us.
We're going into a deflationary global depression.
And that's just the way it is.
Fuck all you gold-worshippers, too.
There's no safe way out.
What's a boy to do?
http://geraldcelente.proboards.com
need to respond to this before you delete it
Drunk on soju? Man, I don't envy your impending hangover.
Hope its the grape flavored variety. You sure its not Oscar? That stuff will f you up. And with your dig against gold and silver, I'm kinda leaning that direction.
Gave up trying to being relevant while pimping that URL so now you are doing the drunk and angry routine?
Chinamans talk to USA like a Dutch Uncle. In that the us Citizens can not seem to apply force to solve the situation, and the Leaders of the political and economic system can not seem to solve the problem---- maybe we need a Dutch Uncle. Maybe Uncle Chinamans can send over a red star committee to address the economy that went over the edge of the cliff and show how we can improve. Maybe a United Nations mandate would help. We do need help from somewhere. Like a family intervention from the World.
My natural urge is to tell China to go fuck itself. They gladly endorsed every step we've taken to this point that empowered them and prevented negativity to themselves by pegging to the currency they now denounce. Unfortunately this has reached the point of the gambler blaming the bookie for letting him continue to bet.
I see the anti-Chinese sentiment is growing.
However, we must remember that nothing compares to General Tso's chicken,
pork flied lice and a shrimp roll. Nothing.
Anyone up for some Freedom Food on takeout? I hear they serve it in funny white boxes, and expect you to eat the shit using sticks!
I am loading up on "Good Mood Food"
Someone call the waaa-mbulance. poor china. They probably weren't complaining from oh, 1980-2007 when US trade helped bring them into their current status in the global economy.
Color me shocked. Landlord will send in blue helmets. Watch the fun begin.
Prickly vibe on this thread.
Despotism is getting harder to sell to public.
Yeah, we can bitch at this country but them commies better not.
are we allowed to speak truth in America anymore ? freedom of political speech ? our founding fathers fought (& died) for the freedom of (political) speech. i feel like a child again, some 60 years ago, slap my hand for speaking up. my freedom of (political) speech now will have to simply be whispered in private amongst trusted friends. regards to all wonderful people on ZEROHEDGE, best website ever for education. sincerely ....
get it on...bang dagong...get it on...
T-Rex was way ahead of its time.
Soooo....... i Guess long euro?
Kind of hilarious considering how debt-ridden, corrupt, and outright dishonest China is about their own economic situation. They will implode long before the USA does.
I think it's going to happen like dominoes and it won't matter the sequence. It seems to have been happening slowly over the past several years anyway. This is the impact of globalization...nobody is safe. Notice this past week's result in global markets as proof.
This is what I want to see.
On national television I want to see China's leaders come here and make Obama bin loser suck their cocks and lick their hairy scrotums. Ben Bernanke and Timmy can do their share as well - maybe get fucked in the ass afterwards. This would show the world just where everything stands and maybe the American public would finally realize just how fucked they are. White trash scum.
Why don't you give it a try you idiot?
Don't worry Timmaah...they tell me chinese dicky small, so bend over, not hurty too much, just the 1 billion of them to do you though. Enjoy and thank you for waiting.
BTW, I'm not a gold-or silver-bug like the rest of you motherfuckers.
But I love this downgrade, nonetheless. It gives the U.S. government a chance to throw the fraudsters in jail.
Don't fuck with Uncle Sam.
http://geraldcelente.proboards.com
Just because people see a tornado heading right at them and are prepared and go to the shelter doesn't mean they want their house destroyed.
People don't love the downgrade they just appreciate being right about it and planning accordingly ahead of the zombie masses that are played like puppets by their respective "representatives."
He's really just angry that the click-through to his site is down.
"not a gold-or silver-bug like the rest of you mothefuckers."---oh, I see; you're the stupid motherfucker. well, isn't that just precious.
you have got to love the way the PTB's use shit like this as a distraction, they just run it out there and America's collective ADD kicks in. Like a dog in a window we just have to start barking at whoever they decide to run up the street in front us. Orwells 2 minutes of hate, they just keep playing the redirect and john q public buys it every single time...
It was the corrupt bankers, regulators, judiciary and congressmen that has bought shame on America. No point in getting angry at those laughing at your predicament, get angry at those that betrayed your trust.
And the first step on the long road of soul-searching on the part of the U.S. must be to get rid of unnecesary display of non-existent power, bigmouthed grandstanding, a pullback from currently occupied territories in Germany and Japan (i.e. the end of the old post-WW2-era status quo) and the end to all global Rothschild-Rockefeller resource wars currently undertaken by America and its mercenary armed forces.
We should also consider a dissolution of NATO.
NATO is dead.
Oh, I forgot something:
Zhongguo wan sui !
(lit.: "China 10000 years" which means "long live China")
And the UN. Why don't we move the UN to Yemen where it could do some REAL good?!
Jack Daniels Old No. 7, true
American spirit, time
to rise up and fight back
everyone, MADE IN THE
GOOD ole USA
True, if we could just keep the UNION PIPEFITTERS et al and their damned BUMPER STICKERS out of Wal Mart parking lots!
As if we're going to hand over our sovereignity. China dumbfucks don't understand, it's the banksters issuing for bankster debt, yet it's still OUR problem.
No way do we have to give up our sovereignity to address this. It's called Glass-Steagall
I wonder if this is some monetarist schooled dipshit in China (there are a ton of them), toeing some monetarist's (which serves them) line.
It is amazing though
Congress doesn't have power of the purse. Nor the power to coin money. Nor war powers.
Now China (via some monetarist asshole) wants us to cede power of our money to an international body?
Where is the picture of a greek sculpture flipping off the germans?
The answer is Glass-Steagall, not more monetarist bullshit. China, becoming more monetarist, every single day....as well as fucking up more. People look to China? Why, they are trying to imitate the crack head dodging cars in traffic. What a person to look up to. That person, that way of doing things, is on the way up!
Glass-Steagall
Gold - what was old becomes new again...bitchez!
Here we go...Red Swan a swimming.....
Timmay Geithner, US Treasury Secretary
1500 Pennsylvania Ave NW
Washington DC 20220
MR. Geithner,
We are in receipt of your application for a credit line increase. After careful consideration we are unable to extend more credit to you at this time. In making a credit decision we gather third party information for verification of your application information. We made our decision based on a number of factors:
03 Excessive revolving debt (current spending in excess of 140% of receipts)
27 Current obligations too high in comparison to income (current debt to GDP over 100%)
33 Projected obligations impossible to meet in relation to income (entitlements)
42 Too many recent inquiries
Though we used a third party to gather information they did not play a role in our final credit decision. Under the FRCA you have the right to review your rating by the credit rating agencies for free. If you believe there is a mistake you can address that with the agency listed below.
Standard and Poors
55 Water Street
New York ,NY
10041-0001
We appreciate your interest in our services and hope you will consider us for your future financing needs once the factors listed above have been addressed.
Sincerely
The Communist Party of China
+1
Brilliant. One of those you really want to forward to everyone on your email list.
Looks like Mr. Wang and Mr. Li are now calling the shots on Mainstreet America.
Welcome to your new status as minion of the Great China.
Here's some nice music worthwhile listening to:
http://www.youtube.com/watch?v=UctriMuXYS0
Let them come and get their "dollars" hahahahaha fuck 'em they wanted to buy that shit, I sure would never, idiots.
This its like the drug dealer criticizing the junkie
The US has a plan, they can devalue the dollar, and fall back on their mega gold stash. Does China have a good plan?
Oh and thanks for all the nice stuff you sent us for soon to be worthless dollars. Who's crying now bitchez?
I'd expect China to have a plan before they run their mouths; whatever they've got, they're pretty sure they're capable of decoupling from this burning ship.
The US tends to talk shit and then do nothing: weekend memory-wipe. If you threaten the weekend memory-wipe, then you get our best export: the military/cia/pmcs.
Dear Chinwattle,
We always advise our clients to perform due diligence and certainly to avoid "egg-in-the-basket" investment strategies over any timeframe.
We suspect that the current outbreak of avian influenza that you refer to has an origin much closer to the plaintiff, and that you should investigate this more thoroughly.
We also regret that you voice dissatisfaction with your current investment profile and draw your attention to our previous urgings for diversification in this regard.
Might we also ask that in any subsequent reply, that you include the following order by return:
Many thanks
Byte Me
Ps -- Remember: "Business is War"
We should steal intellectual property, build vacant cities and kill our citizens when they say something we dont like .... then maybe China will like us.
Morally true ... but financially irrelevant.
Money dictates the shot caller. Period
G
wow, morons are piled up.
someone mentioned 15 yrs old slaves used by Foxconn, like they (and Apple, Dell, and countless other US companies) will give a shit.
die already.
Gold standard on the way. At some point soon we are going to cross the threshold of devaluing our own dollar more than the devaluation that would occur if creditor nations simply dumped their dollar dominated assets. We are playing global musical chairs. Nobody wants to be left holding the bag. I believe the the term is cutting your losses. But while they're cutting their losses, it seems pretty obvious creditor nations have a huge incentive for a gold standard considering they own large amounts of gold and would love being paid back by debtor nations in a currency that isn't created out of thin air.
love your screen name. yes, the gold standard is on the way; but these things take time; and silver will outperform gold. As for bondholders, and very possibly, MMF's; too bad about that.
The multiple passess of the WWII frontlines over Europe that chewed up the continent and turned it into rubble required the USA funded Marshll plan to reconstruct it. Add Japan to the project scope as well. For this act of generosity the USA got all there gold and a gentlemen's agreement that deposits for fuel delivery contracts would be posted in US dollars over the entire planet. This massive demand for US dollars made the US currency immune from the idiotic monetary and fiscal policies of the Federal Government or the self important FED. It would take a f#$k up of truly immense proportions to put a dent in the Petro reserve demand. That 14 with all the zeros after it is the previously unfathamable f#$k up of truly immense proportions.
True, precise, lucid.
This is what China is saying to their angry citizens that don't have a clue. In fact, the CCP decided long ago that holding US Treausry is a very small price to pay to secure their ruling status quo.
NewClear WAR
NewClear WAR
NewClear WAR
Destruction of the ultimate GOD is at hand. The EGO a.k.a. PRIDE. a.k.a. SELF-image. The SELF.
PRIDE goes before the fall...
2012....war already started....cyberwar, currency war, proxy wars (Koreas, Libya, Pakistan, others), weather wars, verbal wars (Wikileaks)...
MAYA = Illusion of the SELF.
I bet all holders of those AAA...oops, I mean AA Bonds feel like suckers.
Then again, they can't say....
"No one saw this coming."
Bill Gross has been outspoken warnign investors to stay away from treasuries.
All the jingoistic, chest beating comments on this, just go to prove one thing. Power corrupts, absolute power corrupts absolutely. The time is fast approaching for the American nation to start getting used to the idea of eating some humble pie and not be so (insert almost any profanity/derisive adjective here) If someone you had a financial interest in, incessantly refused to get their finances in order and partied like a drunken sailor at a cathouse, wouldn't you get a little pissed off with them? Put the boot on the other foot and then see if your comments would be the same.
But we're drunken sailors with a bad attitude and lots and lots of bombs and guns.
Party on, Wayne. Party on, Garth.
good article; glad to see your two polish 386's chained together with scuzy cable are pretending to be a server again. why not buy a real server?
PLEASE, PLEASE America, put up trade tarriffs and go all isolationist. No more Hollywood or gangsta rappers' crap, TV shows that appeal to the intellectually challenged, McDonalds, Ford or GM cars etc etc etc for the rest of us and more importantly NO MORE US BS....Heaven.
The World would be a better place and you know that.
I'm sorry, but delusion doesn't only exist in the minds of Washington politicos.
Bravo.
Durfan wrote ""China, the largest creditor of the world's sole superpower".
Perhaps that should have been ""China, the largest creditor AND the world's sole superpower"?
Does this mean China supports the Tea Party - China ordering the US to cut welfare ? Or are they peacelovers like Obama and there to help him curtail military spending ?
All so confusing...so many people told me they were the good guys.
I wonder if we will be looking back at this from China's future and say something like 'gone are the days when China can just build more ghost towns on a wing and a prayer to simulate GDP growth'.
Well if China wants to keep trading their goods for fake money, so be it. Especially fake money loose.
If China wants to impose some discipline on the USA as well as assist her own economy in the longer term to be more stable, it should either increase its demand for US goods or alternatively it should demand payment either in commodities or precious metals. Trade cannot be one way forever. The problem for the USA is that it has not curbed its demand whilst gutting its own manufacturing ability to meet its own demand.
Demand payment in commodities? They tried that last year at the G8/G20 summit in Canada. I think the US basically told it to go fuck itself.
If China wants to impose some discipline on the USA as well as assist her own economy in the longer term to be more stable, it should either increase its demand for US goods or alternatively it should demand payment either in commodities or precious metals. Trade cannot be one way forever. The problem for the USA is that it has not curbed its demand whilst gutting its own manufacturing ability to meet its own demand.
I am sick of our the U.S. government's self-loathing inward looking outward myopic view of the world. Sycophants to multi-nationals and insulting to U.S. citizens (Sheep). We give the power to China that's what so pathetic. Multi-nationals are selling out the country and their clever treasury functions pay minimal taxes to encourage growth and park currencies at different entities to wait out favorable currency conversions. All this to create jobs? How's that working out for us? We educate their scientists, managers, and engineers and then send them back to China to compete against the U.S. using a culture devoid of any respect for intellectual property. Go attend a graduation at Stanford and you might as well be at Qinghua. So not only do we export our manufacturing but we export our innovation. Our politicians are idiots and that plus education is path we are taking to primitivization. Worse yet (I can't let go of this) China was in no position to do this on it own. We gave it to them as a seed and carefully nurtured their growth to feed the profits of our MNCs. Immelt as the job czar? Excuse me I have to vomit. I am back and the most pathetic part is that we have done this before in varying degrees but to lesser competitors. My hobby is photography, and not of underage girls, despite my avatar. I clipped this from a photo blog: "When the time comes that defeated Japan is again permitted to enjoy the benefits of world trade, a vast market for photographic goods of all sorts will be open to American exporters. Japanese photographers recognize the superiority of our photographic products over theirs and are anxiously awaiting the the opportunity to purchase American cameras and equipment....Popular Photography I can't think of anything to add, beyond a very brief chronology: Even as this was being written in 1946, the Kodak Ektra was already defunct. By 1952, it would be followed by the Kardon, the Bell & Howell Foton, the Ciroflex, the Ansco Automatic Reflex, the Universal Mercury II, the Clarus, the Perfex.... in short, virtually the entire American photographic industry. In 1953, the list of Japanese marques being imported into the United States included Canon, Mamiya, Minolta, Nikon, Olympus and Ricoh.... every one of which is still with us fifty years later. Party on...
Let the Chinese compain all they want. They have been the biggest beneficiary of the short-sighted US policies over the last 20 years. When they bought US treasuries, it boosted the value of the US dollar, making US factories less competitive. The result was 50,000 factories closing in the US and an equal number opening in China. They've reduced us to a nation of people who have to work for Wal-Mart and Home Depot. I had to come all the way here to Qatar to work. It's 115 degrees here. I should be the one complaining fcrissakes.
Face it, they got swindled out of a $Trillion. Get over it. It happens. We have been at this game longer than they have. It wasn't long ago that they were working rice paddies, making fire crackers and building railroads. A little action from my friends Smoot and Hawley will set them back 20 years.
Our only real chance to regain control of our country is to regain control of our government and then our currency. If the fiat falls into the hands of the global government all is lost for every country even more so than now.
No matter how much real money people can put together to build their countries the way they want there are those that can print up what ever it takes to get their way.
Maybe this will help make the danger of fiat money clear.
Imagine you and me are setting across from each other. We create enough money to represent all of the world's wealth. Each one of us has one SUPER Dollar in front of him.
You own half of everything and so do I.
I'm the government though. I get bribed into creating a Central Bank.
You're not doing what I want you to be doing so I print up myself eight more SUPER Dollars to manipulate you with.
All of a sudden your SUPER Dollar only represents one tenth of the wealth of the world!
That isn't the only thing though. You need to get busy and get to work because YOU'VE BEEN STIFFED with the bill for the money I PRINTED UP to get YOU TO DO what I WANTED.
That to me represents what has been happening to the economy, and us, and why so many of our occupations just can't keep up with the fake money presses.
http://photos.imageevent.com/stokeybob/followthemoney/Supersingle640x537...
It never ends, the U.S. economy is tanking left and right and we are still doing a COSTLY power grid test that could really do some damage. PLEASE CHECK THIS INFO OUT
http://theintelhub.com/2011/08/05/costly-u-s-power-grid-tests-approved-w...
On June 27, 2011, CBS News reported: “…A yearlong experiment with America’s electric grid could mess up traffic lights, security systems and some computers and make plug-in clocks and appliances like programmable coffeemakers run up to 20 minutes fast…” [1] CBS News also reported that: “…Tom O’Brian, who heads the time and frequency division at the National Institute of Standards and Technology, expects widespread (unspecified) effects…” [1].
The CBS report did not specify who approved this test. This test will begin without public consent, substantial public notice or public debate in mid-July 2011 [1].
This test could disrupt so many businesses, state and local governments, and other government agencies, that it could quickly become a National Security nightmare and a massive public headache.
“A lot of people are going to have things break and they’re not going to know why,” said Demetrios Matsakis, head of the time service department at the U.S. Naval Observatory, one of two official timekeeping agencies in the federal government…This will be an interesting experiment to see how dependent our timekeeping is on the power grid, Matsakis said. [1-2].
Its seems now is crunch time for everybody.
One can only hope the existing financial system dies short and painless thus making way for soemthing new and hopefully better. To say a breakdown of the US hegemony without a mayor war.
This will not save the world from the pain but at least its then only an end with horror and not an horror without end.
Good Luck to everybody.
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