Posted on 08/07/2011 9:08:35 AM PDT by barmag25
The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.
In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”
Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing.
However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously.
(Excerpt) Read more at cnbc.com ...
We are only 1/4 of the trade for china.
My guess in either Russia or India.
China’s crash will follow ours. And it depends on who is left standing after WWIII
We can thank Republicans and Democrats.
Soros is making money off the downgrade as we read this...
Standard and Poors isn’t the only game in town, too. What was Moody’s last pronouncement, can’t remember.
need a picture of the recent Chinese high speed rail crash
Either that, or we can all learn to speak Chinese.
When it comes to Central Planning and State run capitalism, we can’t beat them at that game. They are Masters. 4th degree blackbelts in the ancient martial art of Hu Flung Poo. They’ll kick Obama, Reid and every leftist editorial writer up and down the sidewalk for global public entertainment.
We can’t beat them at their own game. Try freedom. It’s uniquely American.
This freaking worst economy since Carter, we just all have to LOL. This is beyond Carter. The old coots didn’t realize what marxists we had in place. The old coots wanted a commie regime. We’ll take care of that next election. Obama gave them that tool. We MUST remove the commies from within. McCarthy was right. He was 50 years too late.
China loves any one world government. They win every “election”.
amen.
an excellent book is “blacklisted by history” by m. stanton evans.
ann coulter called it the most important book since the Bible.
mcarthy got done in by democrat progressives and rino-progressives.
This is BS.Warren Harding figured it out in 1920...
Congress and the Executive Branch have lots to do.
So far they’re not doin’ it right..
Its been done before..
Harding cut the government’s budget nearly in half between 1920 and 1922. The rest of Harding’s approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserve’s activity, moreover, was hardly noticeable. As one economic historian puts it, “Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.” 2 By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and was only 2.4 percent by 1923.
http://www.firstprinciplesjournal.com/articles.aspx?article=1319&loc=r
BTW..ole Warren ALSO fixed immigration...
Mr. Harding signed into law the Emergency Quota Act[3] which sought to control immigration following World War I and preserve the distinctive American culture by ensuring the majority of immigrants came from the historically compatible cultures of Northern Europe. This law aimed to bring wages of hard working Americans under control by limiting immigration to 3% of the 1910 census. It was followed on by a similar act in 1924, after Mr. Harding’s death.[4]
A warren Harding prescription...if filled ...would ignite the afterburners on the US job machine and the economy. However DC would have to yield on a tremendous amount of power. Our job as We the People...is to persuade them of the “utlitity” ..shall we say..of doing so.
thanks.
Retirements have already been taken over folks.
The market has been govt. tooled by bailout #I and this debt ceiling raise further diluting private 401Ks, retirements, by mixing them together with govt. and govt. contractor
retirements/pensions in the former free market.
And thus is a homogenous government system.
These moves, down-grading etc.,, will be used by the government to extract more what is not theirs, by using the homogeneous ex-free market as blackmail.
Not so sure about that. Hillary tried to force Honduras to put Hugo Chavez's buddy as permanent ruler. I think Hillary is better able to hide her real agenda, and would have been a bigger threat to serve 2 terms.
Either one of them is ideologically and morally hideous.
Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing-—
Dagong It! when will we have statesmen running things instead of these political asses.
leaders who act nobly and behave humbly instead of the other way around.
teeman
Some certainly are, but that is a loaded comment. The US has a GDP of ~$14.6T on a population basis of approximately 375M total. Global GDP is ~$62T.
Based on simple math the US which has approximately 6% of the population produces approximately 24% of the global production of goods and services.
Put another way - if the other 6.2 billion people on the plant were as productive as Americans - the global GDP would be on the order of $226T. But they aren't as productive for a host of reasons.
Those envious people in other nations that like to take pot shots at our real warts and shortcomings tend to do so while turning a blind eye to the host of reasons that their nation cannot be as successful.
And they - with all do respect can piss off in my opinion and decline any aid from the US at their option.
A basket of currencies will likely replace it.
Read up on those SDR’s. I think it will be more related to a debit type card that is set up on a barter system for everyone. Only the extremely rich will have actual denominational assets.
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