China downgrades US credit rating

http://tickerforum.org/akcs-www?post=171700 ^ | Nov. 9, 2010 10:08am | Tuneman

[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.

[Freedom56v2]

Would be nice if this was a news source and not a forum....i am going to google this—

[1rudeboy]

Check Breaking News, first . . . .

[Pessimist]

“Who, out there, might be willing -and able - to drag the US up from the ashes - and what price will they demand in return??”

The EU, and the price is more euro style socialism here in order to correct what they see as our unfair advantage in world trade.

[FromLori]

Forget Parabolic: Silver Is Now Asymptotic, Hits $29

http://www.zerohedge.com/article/forget-parabolic-silver-now-asymptotic-hits-29

[BenKenobi]

Why shouldn’t it be? China obviously rates itself AAA, so these ratings are totally bogus.

Why does anyone bother citing them? I’d believe them if they didn’t have China up there, but this is all propaganda.

[JohnKinAK]

Actual Report can be downloaded:

http://www.dagongcredit.com/dagongweb/uf/USARatingReport.pdf

[The Comedian]

The dominoes are starting to fall?

I believe that the starting point was the Real Estate Scam/Economic Holocaust point. We're now moving on to point 2, Dollar Death/Economic Holocaust (btw Clif has seen this one for years). Point 3 is Logistics Failure/Economic Holocaust (which I thought was probably due to the Multiquakes but maybe it's just economic).

Co-resident with this set is my own discovery, (which I don't like the sound of at all) that I mentioned to you a few days ago:

Insanity/Wave.

Frankly, I would be happy to wait forever to find out what that means. Sounds like the actualization of something from Stephen King's "Cell" or the movie "The Signal". Some sort of planet-wide homicidal/suicidal mental destabilization. It showed up, what, 72 hours ago or so?

I encourage everyone in the strongest terms possible to be on exceptionally high personal alert for, well, geez... Everything I guess...

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[AngelesCrestHighway]

[KarlInOhio]

Back then, WE were the ones that, correctly, pointed out to the ChiComs that THEIR economic policies were doomed to catastrophic failure.

In both cases the more capitalist country was correctly warning the less capitalist country.

[Uncle Ike]

” Back then, WE were the ones that, correctly, pointed out to the ChiComs that THEIR economic policies were doomed to catastrophic failure. “

” In both cases the more capitalist country was correctly warning the less capitalist country. “

QED?

[Psalm 144]

Our government / Fed is trying to play financial poker and bluff a player holding four aces.

***************

Good analogy.

[Tolerance Sucks Rocks]

Maybe the Mod in charge of this thread works for the Fed.

[Psalm 144]

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.

************************

Then we traded economic policies. Ditto Soviet Union - Russian Federation.

[The Comedian]

Forget Parabolic: Silver Is Now Asymptotic, Hits $29

Good find!

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[Tolerance Sucks Rocks]

Insanity/Wave.

Frankly, I would be happy to wait forever to find out what that means. Sounds like the actualization of something from Stephen King's "Cell" or the movie "The Signal". Some sort of planet-wide homicidal/suicidal mental destabilization. It showed up, what, 72 hours ago or so?

I encourage everyone in the strongest terms possible to be on exceptionally high personal alert for, well, geez... Everything I guess...

Excuse me? I haven't heard of any worldwide pandemonium or craziness, so why should I worry more than usual?

[Quix]

END TIMES/ DREAMS/ VISIONS/ PROPHECY PING LIST PING:

INDEED, TC:

To: Quix; houeto; null and void; All
The dominoes are starting to fall?
I believe that the starting point was the Real Estate Scam/Economic Holocaust point. We’re now moving on to point 2, Dollar Death/Economic Holocaust (btw Clif has seen this one for years). Point 3 is Logistics Failure/Economic Holocaust (which I thought was probably due to the Multiquakes but maybe it’s just economic).

Co-resident with this set is my own discovery, (which I don’t like the sound of at all) that I mentioned to you a few days ago:

Insanity/Wave.

Frankly, I would be happy to wait forever to find out what that means. Sounds like the actualization of something from Stephen King’s “Cell” or the movie “The Signal”. Some sort of planet-wide homicidal/suicidal mental destabilization. It showed up, what, 72 hours ago or so?

I encourage everyone in the strongest terms possible to be on exceptionally high personal alert for, well, geez... Everything I guess...

[KarlInOhio]

Why shouldn’t it be? China obviously rates itself AAA, so these ratings are totally bogus.

Why does anyone bother citing them? I’d believe them if they didn’t have China up there, but this is all propaganda.

This is likely a reflection of the official Chinese government position. This means that the Chinese government is downgrading our debt and warning us that they will not finance our extravagance at the current interest rate. Someday soon the Federal Reserve with a warehouse of monopoly money will be the only bidder on our bonds.

[Alamo-Girl]

Thanks for the ping!

[jpl]

And Obama and Bernanke are the fish at the table. We’re so screwed.

[Logic n' Reason]

". . . then we had better put our boots on and get to work on being self sufficient."

It is most likely past time for that. There are too many folks in the country (legal and illegal alike) that have their hands out for governement (federal, state, and local) largess.

That is not likely to stop. Promises built on "future solvency" (Medicare, pensions, Medicaide, 401Ks, Social Security and the like) are not going to be able to be kept.

Simply (perhaps over simplified), folks need funds on which to live. There is some "cutting back" that can be done, but folk's basic needs must be met.

So...in a short while, folks who thought and had been promised that there would be a "nest egg" won't have one. Or have very little left of one. They will have markedly less money with which to cover basic necessities. Prices continue to rise for these necessities. Basic necessities for things like medical care, housing, food, basic utilities will reach a tipping point of being too expensive.

Survival techniques such as selling possessions like precious metals, houses, cars and the like (tho who will offer to purchase them and at what price is certainly debatable), moving extended families into single housing units, attempting to grow or raise part of one's food requirements will be tried; however, some or all may well be less than successful or fail entirely.

As time progresses, there will be less and less revenue moving into local, state, and federal coffers. Conversely, there will be more and more demands for support and services from the populace. This leads (and has lead) to the borrowing (using future income streams as "collateral") of money from various "lenders". The lenders are not stupid. They see a country that cannot or will not control itself, deepens it's debt with - at best - weak to non-existent collateral, and shows no signs whatsoever of being able to pay back even the interest on the debt...never mind the principle.

So...possible sources of "borrowed money" have begun to dry up, or the interest rate on available funds becomes extreme to the point of not being able to get a loan.

This is where the US stands right now. RIGHT NOW.

Cures? Will lessening the growth curve of debt be enough? NO!
Will holding debt at present levels be enough? NO!
What it will take is a massive drop in the principle owed to the "new owners" of America.

To begin to pay off principle, funds that now are being borrowed must cease. Funds that are being used to pay for "benefits" must be massively reduced. What is "massive"? Try 35% to 45% decreases annually.

Now...what local, state, or federal politician (what business leader or union official for that matter) is going to stand up before the "promised" and say; "We're going to have to break our promises to you! The money you counted on...the services you counted on - are simply no longer there. Good bye and good luck."

You thought France had "riots"??? The upheaval in the US when these "announcements" come (as surely they must) will make what occured in France and Greece (remember Greece) look like....well....like tea parties.

I always thought that if the US ever "lost", it would take come kind of country to actually beat us. And if we fought the good fight and still lost, well then, OK...so be it.

But to lose America because we can no longer pay our bills...because we can't manage our money....because we just won't take "NO" for an answer???? What a poor poor way to leave the world stage. One can only wonder what history 100 years from today will say about the demise of "the last, best hope for mankind" (hell, the history book will probably be written in Chinese. Bear in mind, the winners write the history.)