"China Calling For US Fiscal Responsibility"

[Brn2bfree]

http://mothanskin.blog-city.com/china_calling_for_us_fiscal_responsibility.htm

"China Calling For US Fiscal Responsibility"


China is openly expressing concern about the lack of fiscal responsibility during times of recession demonstrated by the Obama Administration. China is the number one holder of US debt and is rightly concerned about the massive spending and inflationary monetary policies of the Obama Administration.

The question is will China or any other nation continue to fund and prop up the American economy? If China would right now demand the US honor the Treasury IOUs it now holds, the US would be bankrupt. The Bush Administration, instead of raising taxes to fund the the wars in Iraq and Afghanistan, has borrowed from China and other nations. Now the Obama Administration is expecting China to finance the government subsidized universal health care program and the massive expansion of other government entitlement programs, along with maintaining troops in Iraq and expanding the war in Afghanistan. China in essence is telling the Obama Administration "we are not stupid President Obama. Nothing personal, this is business". I pray to God that fiscal responsible Congressman from both parties will resist the massive deficit spending, inflationary monetary policies and unwise tax increases of the Obama Administration. President Obama's socialist agenda can wait until after America climbs out of this recession first, in my opinion. I bet you China thinks so too!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

China telling Obama to show more Fiscal Responsibility.

Isn't this telling us that our 'Punch drunk president is spending like a drunken Democrat? He is the most irresponsible, incompetent president in history.

For crying out loud, even the Chinese are telling us we're getting too carried away with this socialism.

 

[Article 15]

Please link your source.

 

[auditor0007]

Please link your source.

Don't think he can yet.

 

[Article 15]

Please link your source.

Don't think he can yet.

lol ... duh

 

[WorldAHope]

You forgot to mention that Obama is an Islamofascist terrorist supporting Muslim praising BLACK
Panther racist christian baptist gay marriage licking tax spending liberal fascist nazi communist varmint and a low down cattle rustler.
Did I miss BLACK ?
Now the anti American Freepers have Communist China to help and guide them.

 

[Xenophon]

Ha hah, even China is critical of POTUS free spend!

 

[Gunny]

"China Calling For US Fiscal Responsibility" ["PURSUIT OF HAPPINESS"]

"China Calling For US Fiscal Responsibility"


China is openly expressing concern about the lack of fiscal responsibility during times of recession demonstrated by the Obama Administration. China is the number one holder of US debt and is rightly concerned about the massive spending and inflationary monetary policies of the Obama Administration.

The question is will China or any other nation continue to fund and prop up the American economy? If China would right now demand the US honor the Treasury IOUs it now holds, the US would be bankrupt. The Bush Administration, instead of raising taxes to fund the the wars in Iraq and Afghanistan, has borrowed from China and other nations. Now the Obama Administration is expecting China to finance the government subsidized universal health care program and the massive expansion of other government entitlement programs, along with maintaining troops in Iraq and expanding the war in Afghanistan. China in essence is telling the Obama Administration "we are not stupid President Obama. Nothing personal, this is business". I pray to God that fiscal responsible Congressman from both parties will resist the massive deficit spending, inflationary monetary policies and unwise tax increases of the Obama Administration. President Obama's socialist agenda can wait until after America climbs out of this recession first, in my opinion. I bet you China thinks so too!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

China telling Obama to show more Fiscal Responsibility.

Isn't this telling us that our 'Punch drunk president is spending like a drunken Democrat? He is the most irresponsible, incompetent president in history.

For crying out loud, even the Chinese are telling us we're getting too carried away with this socialism.

China can go fuck itself.

At the same time, China is correct. Irresponsible consumer spending and irresponsible lending is what has put our economy where it is.

Yet here is our fearless leader, exhibiting the same irresponsible behavior at the national/international level. At least in this regard, our government DOES represent "the people."

 

[Gunny]

You forgot to mention that Obama is an Islamofascist terrorist supporting Muslim praising BLACK
Panther racist christian baptist gay marriage licking tax spending liberal fascist nazi communist varmint and a low down cattle rustler.
Did I miss BLACK ?
Now the anti American Freepers have Communist China to help and guide them.

If all you have to sling are baseless insults, feel free to find the Flame Zone. In your case, I'd say Conspiracy Theories might work as well.

Either way, knock off this bull in the upper portion of the board.

 

[Gunny]

Ha hah, even China is critical of POTUS free spend!

And rightly so. Think China will vote the US a bailout?

 

[auditor0007]

The amount of money we are borrowing is unsustainable. It's a simple fact, even with a government that can continue to print as much money as it wants. Eventually, it will just be worth nothing.

When people borrow money for, say a house, they then pay back the money they borrowed, and once the money is paid back, they have actually accumulated an asset. The government, on the other hand, borrows money so it can go out to eat at nice restaurants. They spend the borrowed money and have nothing to show in return because it all get's shit out the other end. Then their answer is to borrow more to help pay the interest on the amount first borrowed, creating even more debt.

It's like the individual who loses his/her job. At first they live off of their first credit card. When that gets maxed out, they then borrow from a second to help pay the debt on the first while also borrowing more to live off of. When that one is maxed out, they borrow from a third. They keep borrowing from Peter to pay Paul, and then from Mary to pay Peter and Paul. Eventually there is no one left to borrow from and they are fucked. That's pretty much us folks. We are fucked.

 

[editec]

Yeah...right.

The LAST THING IN THE WORLD, China wants from out leadership is for them to suddenly become fiscally responsible.

Had our leaders been fiscally responsible our trade imbalance would NOT exist and China would still have problems feeding its own people.

By fiscal responsible now, what they mean is that the AMERICAN PEOPLE need to starve so our government's bonds (which none of really benefitted from...they were the cost of EMPIRE) won't turn into dust.

 

[WorldAHope]

Ha hah, even China is critical of POTUS free spend!

And rightly so. Think China will vote the US a bailout?

China is truly Surrounding US. They don't need to threaten militarily, they have us by the shorthairs.
And they are exerting their economic influence strongly in Latin America. They basically bailed out Argentina's currency, and will have a big say on that countries policies. They are investing heavily into Boliiva and Peru and Venezuela, for natural resources. These nearby potentially allied nations were friendly, almost puppet nations, but we recently irritated and ignored and harasses them.
China is using the carrot and the checkbook, and their recent bold talk is unusual for them. Tghey are setting up the next stage of shoving the US out of the way. Next stop: Japan, Korea, Africa, India. We are in a pickle, thanks to years of terrible US actions and policies that spread our cheeks for China. THAT we can all agree on.

China, Argentina Agree to Currency Swap
By TAOS TURNER

BUENOS AIRES -- Argentine officials are hopeful that a new currency swap deal with China will bolster confidence in the peso while giving the monetary authority greater power to defend the currency.

"This should boost confidence," said an Argentine Central Bank official who asked for anonymity. "Even if none of this money is ever used, its mere existence should serve to boost confidence in the currency."

The two nations agreed to a three-year currency swap totaling 70 billion yuan, ($10 billion).
[China, Argentina Agree to FX Swap Argentine officials are hopeful a new currency swap deal with China will bolster confidence in the peso and help defend the currency.] Associated Press

Argentina and China agreed to a currency swap totaling 70 billion yuan.

China's state news agency, Xinhua, reported earlier Monday that Argentina could use the deal to pay for Chinese imports in yuan. But the Central Bank official said the deal's main goal is to restore confidence in the Argentine government's ability to manage the value of the peso.

"In our case, the ability to access a significant amount of yuan, in exchange for pesos, is equivalent in practice to being able to restore our financial position if circumstances warrant it," the official said.

China has done similar swaps with other countries but this is its first deal with a Latin American nation.

Win Thin, a currency strategist at Brown Brothers Harriman & Co., said the deal could give Argentina a "short-term shot of confidence" while enhancing China's influence in the region. Still, Thin said Argentina's broader macroeconomic problems may limit the swap's effectiveness.

"Argentina has pretty bad fundamentals," he said. "Given commodities price drops and the (government's) policies, I don't think this will really do that much to shore up the peso. But in the short term it looks good, even though it seems out of the blue."

China is Argentina's No. 2 trade partner. The Asian giant imports about two-thirds of Argentina's top export, soybeans. China also has voiced increasing interest in other commodities, not just in Argentina but around the region.

The peso has been weakening slowly but consistently since mid-2008, when a major farm strike here spooked investors and led many Argentines to trade in their pesos for dollars. But the peso's decline has picked up speed in recent weeks amid a scarcity of dollars in the local exchange market. That lack of dollars has been aggravated recently as farmers have refused to export grains.

To prevent the currency from weakening abruptly, the Central Bank has placed tight controls on banks and forced traders to operate within certain ranges.

Government inspectors, including tax officials, have repeatedly visited banks and exchange houses to pressure them into following the Central Bank's trading guidelines.

The Central Bank carefully monitors trades and injects dollars into the market on a daily basis to prevent the peso from losing value quickly. But in recent weeks, as demand for dollars has risen alongside increased political noise, the bank used more of its reserves to meet demand.

This has led to increased speculation that the government, which is hesitant to use reserves to defend the peso, will let peso depreciate rapidly after a hastily arranged congressional election scheduled for June 28.

But Central Bank officials on Monday downplayed this idea, saying the bank's currency management strategy will remain in place after the election.

"The bank has a lot of confidence that its management strategy is the best policy available," an official said. "The bank's policy isn't tied to the electoral calendar. It's going to be the same after the election as it was before the election."

The peso was unchanged Monday.

 

[WorldAHope]

We have been on a crazy trade Deficit relationship with China which is cleqarlt unsustainable. It is not in our best interests to allow it to continue. The government must intervene in the Free trade deals that have systematically killed American industries and flooded our stores and landfills with low quality, cheap and high profit Chinese goods. If we do not, our economy will become a Chinese vassal state.
As investors and consumers, WE decide what we purchase. Each purchase is, in effect, a political decision. In my businesses, try very hard to do business with vendors who don't bring Chinese goods to my stores. It costs me a few dollars extra each day, but it is important to me and to my customers, who are mainly American blue collar workers.
Should we deliberately have a policy of investing, providing incentives to re-develop those US manufacturing industries that were savaged by Free Trade arrangements,
or should we just throw up our hands and leave our future to India and China and multinational corporartions who have no interest in our well being ?
I say INVEST in America - develop alternatives to foreign oil and to cheap foreign goods and to cheap foreign labor and to foreign lenders. Sell Bonds, to citizens, right here, like was done in both World Wars.
We must make it a policy to rebuild America's futures - rebuild industries and rekindle real investment IN America. If not, we will float down stream like logs and be ground up as chipboard and firewood for Chinese corporations.







,W

 

[manu1959]

yea unless you look at like the us has been waging a global economic war rather than a conventional one.....china wants us responsible before we tank them.....

 

[auditor0007]

yea unless you look at like the us has been waging a global economic war rather than a conventional one.....china wants us responsible before we tank them.....

China does have a lot riding on our economy. If we are unable to pay back our debts, it would be devastating for China as well. Truthfully, it would be a problem worldwide. For China, it goes beyond our debt to them as our economy purchases more of their goods than any other in the world. So it is a double edged sword for them and probably the biggest reason they are hesitant to invest more in us at this point.

 

[007]

"China Calling For US Fiscal Responsibility" ["PURSUIT OF HAPPINESS"]

"China Calling For US Fiscal Responsibility"


China is openly expressing concern about the lack of fiscal responsibility during times of recession demonstrated by the Obama Administration. China is the number one holder of US debt and is rightly concerned about the massive spending and inflationary monetary policies of the Obama Administration.

The question is will China or any other nation continue to fund and prop up the American economy? If China would right now demand the US honor the Treasury IOUs it now holds, the US would be bankrupt. The Bush Administration, instead of raising taxes to fund the the wars in Iraq and Afghanistan, has borrowed from China and other nations. Now the Obama Administration is expecting China to finance the government subsidized universal health care program and the massive expansion of other government entitlement programs, along with maintaining troops in Iraq and expanding the war in Afghanistan. China in essence is telling the Obama Administration "we are not stupid President Obama. Nothing personal, this is business". I pray to God that fiscal responsible Congressman from both parties will resist the massive deficit spending, inflationary monetary policies and unwise tax increases of the Obama Administration. President Obama's socialist agenda can wait until after America climbs out of this recession first, in my opinion. I bet you China thinks so too!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

China telling Obama to show more Fiscal Responsibility.

Isn't this telling us that our 'Punch drunk president is spending like a drunken Democrat? He is the most irresponsible, incompetent president in history.

For crying out loud, even the Chinese are telling us we're getting too carried away with this socialism.

Then China also ought to be calling for obama's resignation.

 

[Indiana Oracle]

The whole world in interconnected and ebbs and flows in sentiment based largely on the enlightened self-interest of its political class. May sound like pablum, but it is true nonetheless.

Chinese leadership will be in for a good bit of local unpleasantness if it effectively loses its accumulated treasure held in US financial instruments. So they are making noise.

The problem is not the Chinese financing our debt (leaving the military side out of it), it is that we are contemplating creating an unsustainable mountain of debt that is going to have nasty consequences, at the very least for the value of the dollar.