Posted on 08/06/2011 7:44:52 AM PDT by markomalley
China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.
Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.
China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.
"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," China's official Xinhua news agency said in a commentary.
After a week which saw $2.5 trillion wiped off global markets, the move deepened investors' concerns of an impending recession in the United States and over the euro zone crisis.
(Excerpt) Read more at reuters.com ...
China sells junk
This is going to get messy.
One world currency is almost here.
Taiwan is almost China’s possession.
Some of you experts tell me how much will the dollar be worth on Monday? Gold? Silver?
I guess the only thing dumber than being a damned deadbeat is borrowing a shitload of money from a damned deadbeat.
You do know that everything in China is fake , even the money being borrowed is probably counterfeit
George Soros getting his wish, knocking us down for his sadistic pleasure.
The total GDP of the EU is about the same as the US - about $14 Trillion, if they owe $1 trillion, the US owes $14.5 trillion then the Euro is perceived to be more valuable. Plus they actually instituting austerity measures and the US is not
We should have let the JAPS have their way with this WORTHLESS COUNTRY(China) and let the Nazis RAPE the HELL out of the Soviet Union(throw France in there too).
China is racist. Obama is our first black president, he is a “lightworker”, Nobel winner and he is a mesiah all in one and so forth the only reason they say this is because they are racist. If I weren’t white and full of self loathing for my whiteness I would hate the Chinese for their racism, but I’m busy.
And we buy their junk happily while begging them to loan us more money..... =.=
Glad China did us a favor and told us to go stuff it.....
Your point?
No, no, they owe the fed over a trillion, that is not their total debt, i have no idea what their total debt is but they sell it just like we do. Looked it up in 2010, the EU debt was 80% of their GDP, over 9 trillion dollars.
Yep. From the article:
“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,” Xinhua said.
Even at 80% debt of GDP, the US is now at 100%
Good question: gold and silver should go up, but they have
been acting contrary lately.
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