We deserved the downgrade, to be sure, but NOT the tongue lashing coming the ChiComs.
bump.
GAAP..”Generally accepted accounting principals”..can’t be translated into Mandarin (g)..the books are all COOKED..stir fried..
Even the Chicoms are threatened by this boobs incompetence. They don’t want the US economy in a depression because that will kill their exports and make economic modernization more difficult.
Chinese debt is at 200% of GDP.
Ours is at 100% of GDP
They are lecturing us about excessive debt.
Just sayin’
We are dealing with economic hypocrits here, the ChiComs.
Forget the tongue lashing.
China has whole cities, whole cities, that no one lives in.
The whole world is screwed. It’s all been a illusion, all along.
I swear I don’t understand how all the nations owe more many then they have and everyone owns everyone else’s debt. Who the heck is the one holding the real money?
I understand someone is banking on the growth of economies so that they will “make money” when they cash on the loan, but someone has to be either holding some massive reserves or going to take it in the shorts eventually and someone else will come out on top. It’s like one big ponzi scheme everyone is playing and you want to be the guy that got in on it first.
I’m confused. The way I read this is that the Chinese bought our debt with money that isn’t really worth what was thought. So where does that leave everybody?
LOL!
CIA World Factbook
Country Comparison: Current Account Balance
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html
They print money to hold down the value which makes it’s exports dirt cheap. And that is the “cash flow” they use to buy our debt with.
Hah ! ... and we, in turn, print money and buy their cheap imports.
Works out well for all involved.
Fire Up Those Presses !