China has 'canceled US credit card': lawmaker

AFP ^ | Apr 30, 2009

[george76]

China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

China has the world's largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country.

Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had "very legitimate" concerns about its investments.

"It would appear, quietly and with deference and politeness, that China has canceled America's credit card," Kirk told the Committee of 100, a Chinese-American group.

"I'm not sure too many people on Capitol Hill realize that this is now happening," .

[The Duke]

I expect to see China starting to own real property and businesses in the US, and the eventual return of debtors’ prison. Our own government will become their enforcer.

[SaraJohnson]

Unlike the US elite, the chi-coms look out for their own country’s interest. Pretty sickening for us as it shows just how evil our elite “citizens of the world” are.

[txhurl]

This happened with Japan here in Texas in the mid- to late- eighties.

They wound up crashing, and we got our stuff back at pennies on the dollar.

Only problem, China got nukes..

[bioqubit]

The Fed is buying the paper from the Treasury

---

The ultimate toxic asset

[OneWingedShark]

>so is lead

The kind coated with copper, especially.

[PhilCollins]

The article mentions Rep. Mark Kirk (my congressman). He says that he’s a Republican, but he’s pro-choice, pro-gun control, pro-gay marriage, pro-spending increases, pro-illegal alien, and anti-Iraq surge. He should run as a Democrat.

[Grampa Dave]

"If you’ve been following our “bizzaro” market...you’ll know that bad news makes the market go up."

Yep! At this time the Dow is up over 2%. Wall Street seems to have been take over with Obamabots, smoking and using what he did in college.

[mojito]

Ah, the ironies of history.

The Chinese communists preserve US capitalism by pulling the plug on Barry the Communist’s plan to socialize and enslave our nation with massive government debt.

[Vigilanteman]

WOuldn't it be ironic if this ChiCom move is what halts our stampede to socialism? Of course, Oba Mao could just print money, but then our other creditors (Japan, Arabs, etc.) may end up sitting on their hands at the next T-Bill auction too.

Then we have hyperinflation like Germany in 1923. We know where that led.

[Nickname]

The least they could do is build us some printing pre$$es.

[RWB Patriot]

Couldn’t happen as easily here in America. Too many entitlement types; even Nazi Germany demanded people work.

[Evil Slayer]

Obamastupid has set us up for blackmail. All China has to do is promise to buy more treasury notes if he give them more military secrets as well as ship them more high tech weapons.