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China has warned that tortured efforts to raise the US debt ceiling had failed to defuse Washington's "debt bomb", and that it would further diversify its currency holdings away from the greenback.
"The months-long tug of war between Democrats and Republicans ... failed to defuse Washington's debt bomb for good, only delaying an immediate detonation by making the fuse an inch longer," the commentary said.
Rating cut
Also on Wednesday, Xinhua said Chinese rating agency Dagong, which has links to the government through its chairman, had downgraded the US's credit rating from A+ to
Originally posted by Violater1
Uhbuma was put into office to destroy his own country. So far, he has exceeded expectations.
Originally posted by minkmouse
Well I don't know, It seems like my neighbor couldn't pay his mortgage or his credit card debt and even though he's for the most part unemployed, some fool gave him a two trillion dollar Master Card! China and Russia are going to see this as any sentient being would...It's unsustainable!
Originally posted by Intoxicatedrum
reply to post by dingleberry77
China is probably one of the causes of the U.S. debt
Originally posted by davidgrouchy
Originally posted by Intoxicatedrum
reply to post by dingleberry77
China is probably one of the causes of the U.S. debt
[atsimg]http://files.abovetopsecret.com/images/member/ed5f910f7604.gif[/atsimg]
Guess delaying things doesn't fit their plans.
David Grouchy
Originally posted by Cosmic4life
reply to post by dreamfox1
A few more months of quantitive easing and you just might get that Trillion Dollar credit card...
....you'll need it to by that million dollar loaf of bread.
Cosmic...
A few more months of quantitive easing and you just might get that Trillion Dollar credit card...
....you'll need it to by that million dollar loaf of bread.
Cosmic...
Originally posted by OccamAssassin
I have to ask.... How much of this would or would not have happened if Enron hadn't fudged itself.
Sorta makes me wonder if this has been one big snowball of events that began with Enron being the straw that broke the camels back?
Whatever the cause, not much will change until people start spending again. Though I think the big economic task will be stimulating the export market. Once the US markets start to move then the employment situation will resolve itself and have a knock-on effect throughout the welfare and health systems.
Does anyone have a magic wand?