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Barack Obama assures Asia that US borrowing will not spiral out of control
Telegraph (UK) ^ | 7:36PM GMT 15 Nov 2009 | Ambrose Evans-Pritchard

Posted on 11/15/2009 3:32:12 PM PST by Pan_Yan

President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.

"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit," he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. "Debt-driven growth cannot fuel America's long-term prosperity."

The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.

China, Japan, and other Asian states with large holdings of US Treasury debt fear that Washington may be embarking on a course that will lead to "stealth default" through dollar debasement and creeping inflation. The public mood in the US has also been shifting as the Republicans score points with calls for a return to fiscal rectitude.

The US deficit reached $1.42 trillion in the fiscal year of 2009 and it is expected to top $1.5 trillion in 2010, roughly 10pc of GDP.

APEC leaders said the world economy would never be the same again after the financial trauma of the last year. "The post-crisis landscape will be different. We need a fresh model of economic integration. We cannot go back to 'growth as usual'," they said.

[snip]

Mr Obama gave warning to Asian exporters that they must stand on their own feet in the future rather than feeding off US markets. "We cannot follow the same policies that led to such imbalanced growth.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Breaking News; Business/Economy; Foreign Affairs; Front Page News; Government
KEYWORDS: asia; bhoasia; bhochina; bhodeficit; economy; evanspritchard; obama
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To: Pan_Yan

Translation: Obama plans to spend just as much but tax more.


81 posted on 11/15/2009 6:18:00 PM PST by Blood of Tyrants (The Second Amendment. Don't MAKE me use it.)
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To: glock rocks
And our former financial allies believe this lying sack?

I don't think they believe him any more than we do.

82 posted on 11/15/2009 6:26:43 PM PST by Pan_Yan (All gray areas are fabrications.)
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To: Pan_Yan

83 posted on 11/15/2009 6:39:10 PM PST by myknowledge (F-22 Raptor: World's Largest Distributor of Sukhoi parts!)
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To: Da Coyote

How much longer will he be out of country? I love it when he’s gone.


84 posted on 11/15/2009 6:43:04 PM PST by katykelly
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To: Pan_Yan

Silly.... I was referring to Congressman Joe’s outburst as Lord Zero was giving his speech about the health care plan.....not to what you said.


85 posted on 11/15/2009 6:57:53 PM PST by Victor (If an expert says it can't be done, get another expert." -David Ben-Gurion, the first Prime Minister)
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To: Pan_Yan
Barack Obama assures Asia that US borrowing will not spiral out of control,

Because it has already been out of control for decades.

86 posted on 11/15/2009 7:41:13 PM PST by Carry_Okie (Islam offers three choices: surrender, fight, or die.)
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To: Doe Eyes

no its if you owe the bank billions they own you


87 posted on 11/15/2009 7:44:55 PM PST by dalebert
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To: Doe Eyes

no its if you owe the bank billions they own you


88 posted on 11/15/2009 7:44:58 PM PST by dalebert
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To: Sooth2222
It looks like he's fondling himself.

Cheers!

89 posted on 11/15/2009 7:46:15 PM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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90 posted on 11/15/2009 7:48:01 PM PST by devolve ( . "I would caution you against jumping to conclusions!" - Barack Hasan Osama Junior - mmm mmm mmm)
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To: Pan_Yan
President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.

Too late!

91 posted on 11/15/2009 8:46:30 PM PST by politicalmerc (Washington DC Tea Party? What Tea Party? Who are all these people Michelle....?)
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To: Pan_Yan
Barack Obama assures Asia that US borrowing will not spiral out of control...

This from the man who lies every time he opens his mouth!

92 posted on 11/15/2009 8:52:23 PM PST by luvie (Two wins, in Va and NJ=a good start!)
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To: Pan_Yan

Let me translate this one for you, Mr. Wen.... BUY GOLD!!!!!!!!!


93 posted on 11/15/2009 8:56:27 PM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: AliVeritas
The non wee-weed version. Also mentions the necessity of an exit strategy in Afghanistan. The imposter-in-chief is a deliberate failure.
94 posted on 11/15/2009 9:01:10 PM PST by taraytarah (Our Constitution must be defended and protected from all domestic enemies.)
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To: Pan_Yan

Don’t worry Asia - we’ll “draw” you a profit. :)


95 posted on 11/15/2009 9:08:00 PM PST by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: Pan_Yan
The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.

The October "emergency" stimulus was neccesary to save the world financial system from immediate collapse due to some bad mortgage loans, but it will now take deficits of $1.8T per yeat 'till 2019 to push the debt into the "danger zone"?

WHAT?

96 posted on 11/15/2009 9:29:02 PM PST by jonathonandjennifer
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To: Pan_Yan

On this point, I agree with our dear leader although the method to avoid borrowing will be different than he envisions. We will not be able to borrow to fund our monstrous deficits. We will simply roll out the printing presses.

Obama makes an important qualification about his plans. He indicates that the borrowing will stop when the economy recovers. The economy is not recovering at least as we are usually accustomed.


97 posted on 11/15/2009 9:53:18 PM PST by businessprofessor
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To: Pan_Yan

Just remember your new role in the new ecnonomy, volunteering for Americorps.

Just kidding


98 posted on 11/15/2009 10:35:54 PM PST by TheDailyChange (Politics,Conservatism,Liberalism)
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To: Pan_Yan
President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.

"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit," he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. "Debt-driven growth cannot fuel America's long-term prosperity."

Yeah, starting when you dumb ass 0bozo???? So far you've done everything you can to destroy our economy and bankrupt our country. Stay the hell out of our country and don't come back!!! That would really be the first step towards recovery.

99 posted on 11/16/2009 12:02:09 AM PST by rcrngroup
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To: TommyDale
AAiy!!....remember to look eye Daniel son


100 posted on 11/16/2009 4:00:26 AM PST by F. dAnconia (We say: "It is, therefore, I want it. They say: "I want it, therefore it is")
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