Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 11/09/2010 9:04:47 AM PST by The Comedian
Tuesday, November 09, 2010 10:08:03 AM (CH) Chinese rating agency Dagong Global Credit downgrades US credit rating due to QE program (update) - Chinese press - Cut long term US sovereign rating one notch to A+ from AA, with a negative outlook. - "The serious defects in the U.S. economy will lead to long-term recession and fundamentally lower the national solvency. The credit crisis is far from over in the United States and the U.S. economy will be in a long-term recession." Weaker dollar will hurt US ability to attract dollar capital reflow. "In essence, the U.S. government's move to devalue the dollar indicates its solvency is on the brink of collapse"
- NOTE: Dagong cut the US sovereign rating from AAA in July 2010.
(Excerpt) Read more at tickerforum.org ...
Yes we most certainly are. Unless we get rid of Obama and Biden is a pliable new President, then I am sure that we’ll end up officially a Third World nation.
But I thought Glenn Beck was “depressing and nuts and a fear monger”? He only keeps beating this into our heads on every single show.
Just great.
Here we go...
Is the US itself now considered “too big to fail”? And if so, to whom (or what) does the US look for “assistance”?
Apparently not since Mod’s moved this to “Bloggers”
I don’t blame China one bit. They are trying to send us a strict message. I don’t know if this is a tipping point, but it sure is a warning.
Actually if this country starts to falter, then we had better but our boots on and get to work on being self sufficient.
Our government / Fed is trying to play financial poker and bluff a player holding four aces.
And so it begins...
US debt should get to junk status soon
The dominoes are starting to fall?
Here's another link to the information through a different source:
http://www.businessinsider.com/dagong-downgrades-us-credit-rating-2010-11
at this rate we won’t be able to borrow anything from foreign countries. That means we will keep “easing”, which means hyperinflation.
We need massive spending cuts, we need to end some entitlements.
Like ending free cellphones and the Presidents plan for broadband internet for the poor. Seriously, we need to cut down on welfare, we need tougher standards on who qualifies and we need fewer welfare programs too. End all corporate welfare and agricultural subsidies. ADM will hate me.
Then we can start looking at other things.
I miss the Cold War years.
Back then, WE were the ones that, correctly, pointed out to the ChiComs that THEIR economic policies were doomed to catastrophic failure.
From the WSJ:
“Needless to say, the markets don’t find this credible. Bond yields haven’t done anything. As the Journal’s Joy Shaw reported, Dagong was little-known before it surprised the credit-rating world in July by publishing sovereign ratings for China that were higher than those for the U.S., the U.K., Japan and other major economies. The results differed from those issued by major credit-rating firms.”
http://blogs.wsj.com/marketbeat/2010/11/09/chinese-credit-rater-downgrades-us/
The other laughable part of this is that since the FED is buying up US Treasuries it doesn't matter what the risk is, the FED will be buying even if US bonds are rated junk. And we're headed there.
The Chinese recognized what you and I were talking about a year ago. As the downhill slide continues Americans cheer on their favorite team.
” Is the US itself now considered “too big to fail”? And if so, to whom (or what) does the US look for “assistance”? “
It occurs to me that the historical ‘model’ we might need to be looking at is not so much “Weimar and Zimbabwe”, but rather the collapse of the Soviet Union....
Ignoring, for the moment, the “Communists=Evil” aspect, here is a Nation that had dug itself into such an economic hole that not only its Government fell, but its *form* of Government was discredited and abandoned...
And, even then, the only thing that saved them from utter chaos was the massive infusion of American aid and Capital - the price of our help being the formation of a nominally ‘democratic’ form of government... (And, I tend to believe, even with all that, it was a close-run thing...)
Who, out there, might be willing -and able - to drag the US up from the ashes - and what price will they demand in return??
/end idle musings....
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