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China Joins Russia in Blasting U.S. Borrowing

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posted on Aug, 3 2011 @ 12:59 PM
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China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation’s debt limit. People’s Bank of China Governor Zhou Xiaochuan said China’s central bank will monitor U.S. efforts to tackle its debt, and state-run Xinhua News Agency blasted what it called the “madcap” brinksmanship of American lawmakers. Russian Prime Minister Vladimir Putin said two days ago that the U.S. is in a way “leeching on the world economy.” The comments reflect concern that the U.S. may lose its AAA sovereign rating after President Barack Obama and Congress put off decisions on spending cuts and tax increases to assure enactment of a boost in borrowing authority. China and Russia, holding a total $1.28 trillion of Treasuries, have lost nothing so far in the wake of a rally in the securities this year.


Bloomberg


Well I think this write up fits in nicely with the following video.


My question is what happens when other countries collectively decide that the US will never stop feeding it's spending addiction, and "cut us off"? Now that the debt ceiling debate is over, and other news is slowly bleeding through the charade they have put on in Washington over the past few weeks, we are hearing that our economy is far from ok. (like we didn't already know)
News out today that jobs data is less than favorable (still), talk that we may have another round of quantitative easing coming out sooner rather than later, and to top it off it looks like our biggest backer financially is just a little more than unhappy. Not sure where all this is going to lead, but something is telling me that it won't be sunny beaches and cocktails for everyone.




posted on Aug, 3 2011 @ 01:28 PM
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The business guy on Canada's morning news feels that the world is still very nervous, which is why stock markets are for the most part, still going down.

Paying for the debt with more unaffordable debt, and all the childlike arguing, and now the "super-congress" isn't helping America's image. :shk:
Our economists have often come on TV looking both very confused and amused at how the US is doing business these days.

The US is still Canada's main trading partner, but we started looking towards other trading partners a few years ago, it seems like we expected the US economy to end up in the crapper.
edit on 3-8-2011 by snowspirit because: took out unnecessary quote



posted on Aug, 3 2011 @ 01:36 PM
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Originally posted by snowspirit

The business guy on Canada's morning news feels that the world is still very nervous, which is why stock markets are for the most part, still going down.

Paying for the debt with more unaffordable debt, and all the childlike arguing, and now the "super-congress" isn't helping America's image. :shk:
Our economists have often come on TV looking both very confused and amused at how the US is doing business these days.

The US is still Canada's main trading partner, but we started looking towards other trading partners a few years ago, it seems like we expected the US economy to end up in the crapper.
edit on 3-8-2011 by snowspirit because: took out unnecessary quote


Yes, and the list of countries looking for other options I am afraid is growing larger every day now. We just keep on spending like it will never have any negative effect on the dollar, or our economy. Some day the bill is going to come due, and we will only realize then that our government wrote a check that our wallets won't be able to cash.



posted on Aug, 3 2011 @ 01:40 PM
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reply to post by snowspirit
 


Ya and they said Trudeau was nuts,,, the man was a visionary,,,,,,and nuts ,,, lol



posted on Aug, 3 2011 @ 01:44 PM
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You know there is the scary thought that after raiding the servers of most U.S controlled Banks,, that it was found that the U.S Govt. was shall we say in the most polite of all terms,,, cooking the books,,

which of course led too,,the secondary stock market collape,, the first of course being the one shortly after 911.

thus began the raids on Swiss Banks,,, remeber,,, ALL those SECRETS hidden for YEARS,, locked away,, now completely open too U.S Federal Treasury Board,, review..,,,,,,,, such a short time ago,,,,


edit on 3-8-2011 by BobAthome because: (no reason given)


and thats why the price of gold is up,,,,, the swiss franc the swiss always know.,,,hey they read the secrets,,, there swiss,, there not stupid,,, lol
edit on 3-8-2011 by BobAthome because: (no reason given)



posted on Aug, 3 2011 @ 01:49 PM
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Originally posted by BobAthome
You know there is the scary thought that after raiding the servers of most U.S controlled Banks,, that it was found that the U.S Govt. was shall we say in the most polite of all terms,,, cooking the books,,

edit on 3-8-2011 by BobAthome because: (no reason given)


This I am certain takes place to a degree. Hell if you read up on what is spent on certain things, you would have to be certifiably insane to think that all the money allocated to certain "projects" actually go to those projects. Yet on paper it all looks so nice.



posted on Aug, 3 2011 @ 03:04 PM
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My question is what happens when other countries collectively decide that the US will never stop feeding it's spending addiction, and "cut us off"?


Inflation will skyrocket as everyone tries to get rid of their US currencies and the market is flooded with unwanted / untrusted cash. Once the US economy becomes unsustainable get rid of the Federal Reserve before trying to reestablish a new currency. What maybe more likely is lots of smaller currencies starting to surface, some states and counties have made moves in this direction and there are also things like bitcoins popping up to fill in the slack and still allow trading to continue.



posted on Aug, 3 2011 @ 07:26 PM
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reply to post by SpaDe_
 


This is like a loan shark berating you for taking loans from him... Weird.



posted on Aug, 3 2011 @ 08:20 PM
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This is good.

Hopefully China will show the U.S govt some tough love and not lend it any more money.



posted on Aug, 3 2011 @ 08:54 PM
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Swiss Banks
That the IRS now,,,,
had access too ,,,
what was that amount in ,,,,U.S$,,,again ,,in undeclared,, assets?,,
dont remember hearing an amount on that one,,, hey might pay some bills though,,,

HEY FED. GO FETCH!,,,

and the componded tax would be what?..,, ohh plus penalties,,

Well everyone did a run to the local metals dealers,,,,,so you can imagine how that affected,, precious metal,,and other stocks,,,

So Fed. Reserve just a question,, how much was collected in u.s. dollars?,,,,
edit on 3-8-2011 by BobAthome because: (no reason given)

edit on 3-8-2011 by BobAthome because: (no reason given)




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