Posted on 08/06/2011 3:44:07 PM PDT by rabscuttle385
SHANGHAI — China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt.
The harshly worded commentary, which was released by China’s official Xinhua news agency, was Beijing’s latest effort to express its displeasure with Washington.
(snip)
“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,” read the commentary, which was published in Chinese newspapers.
Beijing, which did not release any other official statement on the downgrade, called on Washington to make substantial cuts to its “gigantic military expenditure” and its “bloated social welfare” programs.
(snip)
“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,” the Xinhua commentary said.
(Excerpt) Read more at nytimes.com ...
I like the idea. Would have worked in the early 1970s. But today, it's a pipe dream. Unfortunately.
There was a day when nearly all cars were made in the USA and the American people bought 75% of all vehicles in the world. It's not like that now.
A few months ago on Radio China International they mentioned a trade of part of Alaska in return for some of our debt. That’s probably what will happen. Anwar will be controlled by China.
They already have. See post 22
“Fine then ,The 2500+ Walmarts and 585 Sams here can be supplied with 25% less Chinese input,With American or other sources making up the difference,every time they act up, Home Depot and Lowes next.
I like the idea. Would have worked in the early 1970s. But today, it’s a pipe dream. Unfortunately.
There was a day when nearly all cars were made in the USA and the American people bought 75% of all vehicles in the world. It’s not like that now.”
You are right, plus we killed our manufacturing base.
“A few months ago on Radio China International they mentioned a trade of part of Alaska in return for some of our debt. That’s probably what will happen. Anwar will be controlled by China.”
I would not put it past,Kenyan Obama ,Now Bonehead, the Gobbler,Plus Reid and Pelosi would be on board in a micro second.
A couple hours ago we happened to catch a documentary on TV called “The China Question”. It’s well done, and gives some great info which makes a person stop and think be a bit scared. I don’t know if their website plays the entire documentary, but this is the link they gave: http://thechinaquestion.com/
I could see the Kenyan handing part of Texas over to the Chicons. Texas was also mentioned in the round table discussion. This was 3 or 4 months ago.
What a colossal embarrassment for the once proud and mighty USA. Our Nation is not immune from destruction. we cannot take our rights and privileges for granted. We can and will be brought to our knees if the current battle within, is not won.
“You are right, plus we killed our manufacturing base.”
Unions and government regulations killed our manufacturing base.
China has us by the balls. We best be nice. China could cause worldwide chaos if they start dumping out bonds.
Please see my tag. Now that the “debt crisis is over” (yeah, right) I’m back to reserve currency.
“I could see the Kenyan handing part of Texas over to the Chicons. Texas was also mentioned in the round table discussion. This was 3 or 4 months ago.”
True, the ChiComs are interested in Energy,that is where they will lay claim.
“You are right, plus we killed our manufacturing base.”
Unions and government regulations killed our manufacturing base.”
Exactly and the “R”s stood by!
Yeah, I don't think they want to be paid back with worthless dollars... That's how dems are going to deal with this crisis - they'll make it so a loaf of bread cost ten dollars...
They are. They are moving toward armed conflict.
The Chicoms are telling the Demscoms to do what the Tea Party wants?
I'm bewildered that our government would have allowed so much of our manufacturing, technology and wealth to be handed to the Chinese communist so easily.
This is a national security issue and it should be reversed.
Capitalism is one thing, hyperglobalisme is quite another.
We've gone beyond “most favored trading partner” for China, to giving away the whole damn farm.
Large corporations bought our congressional leaders and swayed them to enact and support legislation that has harmed our nation.
This country will die if we do not have the capability to produce and export products. Simply shifting dollars around through the service sector cannot provide the GDP necessary to pull our nation from her current peril.
Cheap Chinese goods America? Do you really want cheap Chinese goods or would you prefer jobs? A healthy vibrant economy...you know, like China?
Do we really want twenty million + illegal aliens in this country doing the jobs Americans won't do? Wouldn't you prefer to have Americans doing the jobs they've been told they do not want?
It is so sad to see this great nation struggle and flounder around helplessly.
Seems to me that the Chinese are making observations that OUGHT to be made by our own press, and would be if they weren’t such politically correct sissy boys.
Well put. Both parties have poisoned the well preventing real debate on the changes required to get spending under control. Prepare. The ride could be turbulent as a result of our dysfunctional government.
This country will die if we do not have the capability to produce and export products. Simply shifting dollars around through the service sector cannot provide the GDP necessary to pull our nation from her current peril.
Correct. We can't fund all the entitlements to which the public has become addicted on service sector jobs. Some of our population are not qualified to do anything beyond the job we were told "Americans didn't want."
I have watched one CEO almost destroy a once great American corporation by systematically destroying our manufacturing capability. He doesn't want to manufacture anything, but outsource everything. And Obama has the poor judgement to put him on the "Jobs" council.
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