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 ...
That may be true but I don't think it's a good idea to make America the model of a bad investment.
The first cut should be to eliminate ALL foreign aid.
He wanted a "clean" increase in the debt ceiling.
His Treasury Secretary said the AAA was not at risk.
His press secretary mocked the one bill that would've avoided this, "Cut, Cap & Balance" as "Duck, Dodge and Dismantle" while the Senate never even held a debate on it.
I think this turn of events can help the Balanced Budget Amendment (BBA) push.
I do wish this happened in Aug. 2012 though. It would've been devastating to his campaign.
For this to help Obama in 2012, Republicans have to be utterly incompetent on message. Oh wait…
Yup
Time for the TEA Party adults to take over.
America is the model of shyster investment. We are the bubble butts of the universe.
Still, the chicoms can stick it where the sun don’t shine.
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