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Dollar to Be 'Discarded' by World: China Rating Agency
CNBC ^ | 7 Aug 2011 | Ee Sing Wong

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 ...


TOPICS: Breaking News; Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: dncrico; geithner; kingofthedeficit; obama
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To: Antoninus

All propaganda. Look at what China companies are doing with us... look at their capitalistic side...not the political side...


141 posted on 08/07/2011 11:05:59 PM PDT by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: Ghost of Philip Marlowe

The US has the most voting rights in both the IMF and the World Bank and this has remained constant from US president to US president (both Republican and Democrat). So I am not buying the “Fabian Socialist” story.

If you study IMF policies, you’ll understand that they are quite far from “Fabian Socialism”. IMF policy has more to do with Friedman than Keynes. Ask any Latin American finance minister and he’d tell you that the IMF insists on deregulation of the economy, market driven exchange rates and lowering of trade barriers. That was the basis of the famous “Washington Consensus” and the main political proponents of that consensus were Thatcher and Reagan.

Please study the IMF response to the Asian economic crisis of the late nineties. The prescription was the same deregulation and market driven exchange rates. The result was a run on local currencies like the Thai baht and economic disaster. Predictably, Asian governments junked IMF advice and accumulated vast reserves of foreign currencies (primarily dollars) to ensure that such events never occur again.

Why do you think the US insisted that the British and French dissolve their empires? The British and French empires had elaborate tariff structures that prevented the Americans from selling their goods to wide swathes of the World’s population.

Free trade was good when America benefited from it.

Fifty years after going around the World preaching the virtues of “Free Trade”, you cannot simply pull the plug, retreat into a shell and expect to thrive. It just won’t work.


142 posted on 08/08/2011 1:23:24 AM PDT by AfricanChristian
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To: jurroppi1

Looks like Fox New’s 9 years is correct.

http://business.asiaone.com/Business/News/Story/A1Story20110806-293018.html

Standard & Poor’s took away Canada’s AAA rating on debt denominated in foreign currencies in 1992.

But Ottawa recovered the grade in 2002 after reducing government spending as a fraction of GDP by more than eight per cent, through a series of stringent spending cuts. (Canada’s sovereign debt as denominated in Canadian dollars was never downgraded.)


143 posted on 08/08/2011 3:20:09 AM PDT by ozarkgirl
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To: Ghost of Philip Marlowe
Re: post #77 number 29

Cokie Roberts on Downgrade: 'The Problem That We Have Here Is the Constitution'

144 posted on 08/08/2011 5:02:07 AM PDT by Dubya-M-DeesWent2SyriaStupid! (It is possible to both promote Palin and support Bachmann at the same time, ya know.)
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To: Dubya-M-DeesWent2SyriaStupid!

Cokie Roberts is a buffoon.


145 posted on 08/08/2011 5:16:35 AM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: Oceander

Yes but how many idiotic non political junkie Americans watch her and think she is a non biased, professional; therefore they accept her opinion as fact and accurate news?


146 posted on 08/08/2011 5:55:48 AM PDT by Dubya-M-DeesWent2SyriaStupid! (It is possible to both promote Palin and support Bachmann at the same time, ya know.)
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To: Dubya-M-DeesWent2SyriaStupid!
Yes but how many idiotic non political junkie Americans watch her and think she is a non biased, professional; therefore they accept her opinion as fact and accurate news?

Even one is too many; however, I suspect that she is largely preaching to the choir by now - i.e., mostly to other hard-core liberals who have drunk so much kool-aid they will never be able to see the falsehoods in what Madcow is saying, no matter how much their noses are rubbed in it (see, e.g., the responses to the S&P downgrade - talk about getting rug-burn on your nose).
147 posted on 08/08/2011 6:00:23 AM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: barmag25
'We The People' of America to China: "You wish."

2012 will be here soon enough and we will take our country back and restore its fiscal sanity.

148 posted on 08/08/2011 6:13:10 AM PDT by Servant of the Cross (the Truth will set you free)
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To: ozarkgirl

Thank you for providing the info, very insightful!


149 posted on 08/08/2011 6:15:57 AM PDT by jurroppi1
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To: GOPJ

“..will come in to steal what we have.”

They’ll tear down all our worthless windmills and mine the coal and drill the oil American refuse to. Ha, doing the job Americans refuse to do.


150 posted on 08/08/2011 6:34:55 AM PDT by demshateGod (The fool hath said in his heart, There is no God.)
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To: jpsb

Their growing middle class is because they’re the world’s factory, is it not? When they have no one to sell their junk to, then what?


151 posted on 08/08/2011 6:37:52 AM PDT by demshateGod (The fool hath said in his heart, There is no God.)
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To: ctdonath2; Cringing Negativism Network
““Free traders” have given away the prosperity of America.”

No. Socialists have driven prosperity out.


Free Traders are communists in business suits who have taken economic theories from Smith and Ricardo that are based upon a world that does not exist and foisted them upon us.
152 posted on 08/08/2011 6:38:00 AM PDT by algernonpj (He who pays the piper . . .)
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To: barmag25
“after policymakers in Washington failed to act in a timely manner to lift its debt celing”

This is such a lie!

S&P wasn't worried about us not lifting the debt ceiling - they said they were worried about the spending and how much debt we are accumulating but never paying off.

153 posted on 08/08/2011 6:45:14 AM PDT by allmendream (Tea Party did not send the GOP to D.C. to negotiate the terms of our surrender to socialism.)
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To: allmendream

My new tag line. Thanks.


154 posted on 08/08/2011 6:57:28 AM PDT by Dubya-M-DeesWent2SyriaStupid! (S&P wasn't worried about us not lifting the debt ceiling - they are worried about the spending)
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To: upchuck

Obama did a good job . He buried us and drunken Boner held the shovel!


155 posted on 08/08/2011 7:01:19 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Dubya-M-DeesWent2SyriaStupid!

:)


156 posted on 08/08/2011 7:19:07 AM PDT by allmendream (Tea Party did not send the GOP to D.C. to negotiate the terms of our surrender to socialism.)
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To: barmag25

china also wants the US to cut miliary spending....

this is self serving BS.

Just like the last 100 years of S and P.

regardless of our mess, s and p should be examined for their demand that policians obey THEM and not the voters.


157 posted on 08/08/2011 7:39:56 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: ken21

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

Didin’t Francis Fukuyama claim in the 90’s that civilization has ended in a liberal democracy?

So much for being right.


158 posted on 08/08/2011 5:17:47 PM PDT by JadeEmperor
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To: AfricanChristian

Well, you’re pretty much just wrong. Sorry.


159 posted on 08/08/2011 6:39:02 PM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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To: Ghost of Philip Marlowe

Prove me wrong.


160 posted on 08/09/2011 5:53:54 AM PDT by AfricanChristian
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