Dollar to Be 'Discarded' by World: China Rating Agency

CNBC ^ | 7 Aug 2011 | Ee Sing Wong

[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.

[familyop]

So which is the globalist lie? China’s been pegging the yuan, or China is wanting the dollar to adjust downward? The yuan just went up again, and the Chinese are in the same boat of slavery.

[proudtobeanamerican1]

I hope when they discard them, they mail them directly to me. I have some fixed rate loans I would like to pay off with the worthless paper!

[Sola Veritas]

Just another sign to me that we are on the path to a war with China. They are attacking us. If they can’t beat us economically, they will militarily....possible both.

We should treat China as a hostile country in our foreign policy.....better now than until a “Pearl Harbor” type attack.

[Scythian]

Obama Says : “MISSION ACCOMPLISHED”

[RWAubrey]

Does this mean they don't want their money back? Better not tell any of the world's dictators and Arab sheiks, the only investment they trust is here in the land of the free,good old U.S. treasury bills, notes, and bonds. We may screw up our currency but it is generally a sight more safe they currency issued by the Communist Chinese Military or the Russian Ruble.

[jurroppi1]

I just read a response on another thread where Canada had supposedly recovered from a downgrade to AA back to AAA in 3 or 4 years. I have no clue as to the veracity of the claim, but apparently it can be done if the postee was correct about that.

[Towed_Jumper]

“francis fukuyama says one extended family controls china; we know we can’t trust them.”

Would you happen to have a source/link that comment by Fukuyama? I would be very interested to read more about that....Thanks, T_J

[boatbums]

Hey, what are you doing for the next four years starting in November, 2012??? ;o)

We’d BETTER get some people in place to save this nation and the next chance we’ll have is the 2012 election. That is IF we get a next election.

[ari-freedom]

it would be funnier if the Chinese didn’t own so much of our debt

[TomasUSMC]

No Chance of Default, US Can Print Money: Greenspan
www.cnbc.com

PRINT AWAY BABY, SEND ME SOME TOO. Hell, just let me print my own so I can raise me debt ceiling.

Print the whole 16 trillion and let Communist China choke on it. Walmart can choke as well.

[ken21]

i believe i read it 10 or 12 years ago in this book:

Trust: The Social Virtues and The Creation of Prosperity by Francis Fukuyama (Jun 18, 1996)
(21 customer reviews)

Paperback Order in the next 19 hours to get it by Tuesday, Aug 9. $18.00 $9.86 $6.98 $0.99
Kindle Edition Auto-delivered wirelessly $13.99

[omega4179]

You just described Eastern Europe

[Eva]

I am reading The Witness and I just had to come back and tell someone what I read. Whittaker Chambers says that the communists started an anti fur campaign back in the twenties or thirties. They were hiring what Chambers called, gangsters to slash thousands of dollars worth of furs in non-union shops.

Chambers also described the communist agenda with the environment. He said that it was the goal of communists to prove that man and man alone could bring order to the chaos of nature because there is no God.

[Scott from the Left Coast]

Because of Obama, Reid and Boehner...the three stooges...we are being schooled in economics by Russia and China. Reagan is turning over in his grave.

[napscoordinator]

Such a freaking lie again. So sick of it. Japan has just said that they are sticking with the dollar.......disgusting display of lies and blatant too.

[napscoordinator]

We lose the reserve currency than we will ask for debt relief which I actually hopes happen. I am sick of forgiving everyone else’s debt but we still pay our bills......for example, we are broke and yet sending money to other countries.....so stupid.....

[Antoninus]

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.

Don't you just love the propaganda? As if timeliness had anything to do with it.

[antceecee]

BS.... I just tried to help a client out who has a factory in China and needs to buy fabric from another factory in China that I do business with and they WILL NOT sell to them!!! They emphatically state they will NOT sell to another China based company. No way... no how. will not happen. My China based vendors are very worried about losing their host USA for them to suck off of. This misinformation is BS....

[antceecee]

China needs us as much as we them. This is a symbiotic relationship, like it or not.

[antceecee]

The Chinese are screwed if we fail... and they know it.