China tells U.S. "good old days" of borrowing are over and calls for Reserve currency!

(Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.

In the Xinhua commentary, China scorned the United States for its "debt addiction" and "short sighted" political wrangling

finance.yahoo.com...


Well we all knew it was coming eventually and the credit rating being lowered could finally be the end of the American age.

New Reserve Currency. Don't interject loon conspiracy where it doesn't belong.

reply to post by TheOneElectric


updated title. miss read article

We have a LONG ways to go before the US dollar matches the Chinese Yuan.

That'll teach those Chinese....make our currency worth even less than theirs!

Ha Ha....China never saw that coming.

reply to post by Pervius


The Chinese are referring to the Special Drawing Rights of the IMF, which is effectively an alternative reserve currency.