China Official: It's Too Late, U.S. Already 'Defaulting'

[WillowTree]

As lawmakers scramble to cut a budget deal and avoid defaulting on U.S. debt, the head of a top Chinese rating agency claims it's too late.

Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken.

"In our opinion, the United States has already been defaulting," Guan was quoted as saying, according to AFP.

China, likewise, has long come under criticism for allowing its currency to weaken. But while Dagong Global is known for being tough on the U.S., Guan's words carry extra sting as they follow warnings from three top rating agencies about U.S. finances.

Fitch is the latest to warn the U.S. that its sterling credit rating could be at risk if it fails to raise its $14.3 trillion debt ceiling or fails to rein in its long-term deficits.

Moody's and Standard & Poor's have already issued similar warnings.


Read more: China Official: It's Too Late, U.S. Already 'Defaulting' - FoxNews.com

 

[WillowTree]

Maybe we need to take a close look at Romney and maybe he should invite Trump along to help.. I'd vote for them.

 

[B. Kidd]

The Chinese are getting more pissed by the day.
They are getting to the point when they tell us, "No tickee, no laundry."

 

[iamwhatiseem]

I wouldn't put any weight whatsoever in what a single Chinese official says publicly or even privately.
We can never forget that it is US that has put them in a great position.
We can destroy the tremendous global threat China is - by simply stopping buying their cheap shit by the cart full.

 

[Google]

"Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken. "

This should be front page material. This is an affirmation of everything Ron Paul has been saying for over a decade.

 

[B. Kidd]

I wouldn't put any weight whatsoever in what a single Chinese official says publicly or even privately.
We can never forget that it is US that has put them in a great position.
We can destroy the tremendous global threat China is - by simply stopping buying their cheap shit by the cart full.

You do know that we are approx. 1 trillion in debt to them as we continue to go broke. And there are other emerging global markets they can sell to.
But if you think we are still that 'exceptional', have at it.

 

[CrusaderFrank]

Yeah no biggie nothing to see here.

Hope

Change

Yes We Can pile up an annual deficit that is bigger than any Reagan budget and has to be in scientific notation.

 

[CrusaderFrank]

"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. ... It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies." -- Barack Hussein Obama, Community Organizer and low-level socialist agitato

 

[B. Kidd]

At this point, the question may be no longer about IF we default, but WHEN we default.

 

[Kevin_Kennedy]

Maybe we need to take a close look at Romney and maybe he should invite Trump along to help.. I'd vote for them.

Neither of them would do anything about our weakening dollar. Romney already stated he won't be going after the Fed in his campaign.

 

[waltky]

After all the red-blooded American jobs that have been outsourced to China...

... they don't have a whole lot of room to complain...

... tell `em to send the jobs back...

... an' we'll send `em their money back.

 

[waltky]

Now China got a debt problem...

Moody's warns over China bad debt
5 July 2011 - Analysts have warned that excessive lending could hurt China's economic growth

Bad debts held by local governments in China are a far bigger problem than first estimated, ratings agency Moody's has warned. Chinese banks had lent 8.5tn yuan ($1.3tn; £820bn) to the local governments in 2010 in an attempt to boost growth. However, the agency said the debt burden could be 3.5tn yuan larger than auditors had estimated.

It warned that bad debt could reach between 8% and 10% of the total loans. "When cross-examining the findings by the 27 June National Audit Office (NAO) report, in conjunction with reports from Chinese banking regulators, we find that the Chinese audit agency could be understating banks' exposures to local governments by as much as 3.5tn [yuan]," said Yi Zhang of Moody's.

Ms Zhang explained that since these loans were not covered by the NAO, they were not considered as real claims on local governments by the audit agency. "This indicates that these loans are most likely poorly documented and may pose the greatest risk of delinquency," she added. Moody's warned that given the scale of the problem, the credit outlook for China's banking sector could turn to negative.

BBC News - Moody's warns over China bad debt

 

[Sallow]

"Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken. "

This should be front page material. This is an affirmation of everything Ron Paul has been saying for over a decade.

Why? Exactly?

China's been playing currency games for a very long time.

Now they are complaining about a "weak" dollar?

That's hilarious.

 

[sparky]

can i have a show of laissez-faire capitalist hands here please.....

 

[Mr. Shaman]

As lawmakers scramble to cut a budget deal and avoid defaulting on U.S. debt, the head of a top Chinese rating agency claims it's too late.

Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken.

"In our opinion, the United States has already been defaulting," Guan was quoted as saying, according to AFP.

China, likewise, has long come under criticism for allowing its currency to weaken. But while Dagong Global is known for being tough on the U.S., Guan's words carry extra sting as they follow warnings from three top rating agencies about U.S. finances.

Fitch is the latest to warn the U.S. that its sterling credit rating could be at risk if it fails to raise its $14.3 trillion debt ceiling or fails to rein in its long-term deficits.

Moody's and Standard & Poor's have already issued similar warnings.


Read more: China Official: It's Too Late, U.S. Already 'Defaulting' - FoxNews.com

Gee......aren't these the SAME "credit rating" agencies that ENDORSED selling credit-default swaps?????



[ame=http://www.youtube.com/watch?v=0Y9A0C45KZI]YouTube - ‪Wall Street's Shadow Market‬‏[/ame]​

 

[Mr. Shaman]

I wouldn't put any weight whatsoever in what a single Chinese official says publicly or even privately.
We can never forget that it is US that has put them in a great position.

I think Porky Limbaugh refers to it as.....

.....bending-over & grabbing your ankles....

.....for China.

Any hooker can explain the benefit$.​

 

[Mr. Shaman]

"Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken. "

This should be front page material. This is an affirmation of everything Ron Paul has been saying for over a decade.

Wow.....a decade!

It most circles that's considered: Too little....

....TOO LATE!!!

 

[Douger]

I wouldn't put any weight whatsoever in what a single Chinese official says publicly or even privately.
We can never forget that it is US that has put them in a great position.
We can destroy the tremendous global threat China is - by simply stopping buying their cheap shit by the cart full.

That is the most credible post I have ever seen on this board.
It ties closely with my signature and your avatar.
murkins are fucking idiots.

 

[Douger]

Funny Pictures at WalMart

 

[Steelplate]

Maybe we need to take a close look at Romney and maybe he should invite Trump along to help.. I'd vote for them.

Maybe your side needs to stop playing games with our country and it's people for the benefit of the wealthy few.... that would be a real, REAL good place to start.

Worry about 2012 when it gets here.