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U.S. debt approaches insolvency; Chinese currency reserves at risk
http://www.asianews.it/index.php?l=en&art=14054 ^
| 19 Dec 2008
| Maurizio d'Orlando
Posted on 12/26/2008 12:10:25 PM PST by Blogger
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To: WackySam
The entitlement problem is a few years away. I don’t think there is any real debt till around 2012 on that. Future obligation will change....I have no doubt about that. Neither party can survive that sort of debt.
21
posted on
12/26/2008 2:07:58 PM PST
by
Rick_Michael
(Have no fear "Senator Government" is here)
To: BP2
22
posted on
12/26/2008 2:09:41 PM PST
by
Rick_Michael
(Have no fear "Senator Government" is here)
To: servantboy777
Welcome the Amero! I don't see the Amero happening. First of all, what good does it do the US gubbermint to let Mexico and Canada in on the reserve currency game? If it was the only thing that could save us as the reserve currency I can see them trying, but do you really think the rest of the world is gonna be impressed by a US currency strengthened by Canada and Mexico?
I don't. They'll go running to the Euro or the Yen.
23
posted on
12/26/2008 2:12:47 PM PST
by
Swing_Thought
(pes.si.mist: [pes-uh-mist] 1. a well informed optimist.)
To: Blogger
As hard is it is to believe, the US may have to default on it's debt. Public debt has grown by more than 100% with all the bailouts. We currently have a debt level 3 times what the European Union allows it's members. We are financially in far worse debt as a percent of GDP than Italy. Unfortunately, our Social Security Trust Fund is financed almost entirely by special bonds. Our government loaned themselves the money in the Trust Fund and spent it like drunken sailors at a strip club. We are left holding what may be worthless pieces of paper to guarantee our Social Security checks.
The United States of America is approaching bankruptcy
24
posted on
12/26/2008 2:27:28 PM PST
by
Askwhy5times
(http://bloggingredneck.blogspot.com/)
To: crghill
I agree with dumping dollars, but buying Asian assets when they are the ones who we owe this money to seems irrational to me. Am I missing something here? When we default, wont they hurt? I'm no economist, but since China has the means to buy and manufacture why wouldn't they buy cash-strapped US companies and continue to manufacture but for countries with a consumer base - AU, oil-countries, etc.
This is strict assumption on my part.
25
posted on
12/26/2008 3:04:55 PM PST
by
AmericanGirlRising
(Saving plastic bags and buying carbon credits will not get me into Heaven.)
To: Blogger
I will gladly pay you Wednesday...
For a Hamburger Today!
When I was a kid Wimpy wasn't considered to be the paragon of virtue that he apparently is today.
26
posted on
12/26/2008 3:10:50 PM PST
by
The Duke
(I have met the enemy, and he is named 'Apathy'!)
To: BfloGuy
The national debt is a disgrace, I'll agree, but it matters not a bit who holds it. Interesting take, since others think who holds the debt is the problem - China and Russia. See for the first time in recent history, we've allowed our military enemies to finance our deficit.
Why don't you think it matters who holds the debt?
27
posted on
12/26/2008 3:13:03 PM PST
by
AmericanGirlRising
(Saving plastic bags and buying carbon credits will not get me into Heaven.)
To: BfloGuy
Tell me again just why we should worry that China holds all that debt. That's easy - because we signed on the dotted line that we were good for it. (I certainly don't consider the lender who holds my mortgage to be a sucker.)
And, if you want to be purely mercenary and talk about enforcement...well, nobody's going to be happy with the results of that philosophy.
28
posted on
12/26/2008 3:16:04 PM PST
by
The Duke
(I have met the enemy, and he is named 'Apathy'!)
To: Rick_Michael
The entitlement problem is a few years away. I dont think there is any real debt till around 2012 on that. Future obligation will change....I have no doubt about that. Neither party can survive that sort of debt.
Your way of thinking is what has gotten us into the predicament we're in right now.
What we're in right now is comparable to a company that has never turned a profit, borrows money each year to stay alive, and spends all of it's employees 401k money to help pay the bills.
Where do you think the money for those retiring after 2012 is going to come from?
I suggest you what the movie below-
I.O.U.S.A. The Movie (30 min version)
29
posted on
12/26/2008 3:17:46 PM PST
by
WackySam
(Is the world is being run by smart people who are putting us on- or by imbeciles who really mean it?)
To: BfloGuy
You'll recall we didn't have to put up any collateral. The national debt is a disgrace, I'll agree, but it matters not a bit who holds it.Oh, I see. We should just default and embarrass ourselves in front of the world.
I does not matter WHO holds it just that, as a nation built on honor and laws, that we repay it as promised.
There were many of us that used to decry the outsourcing of our debt to buy trinkets. A lot of them were banned or chased off. I still think giving China, a country that IS imperialistic, all that equity in our nation.
30
posted on
12/26/2008 3:53:39 PM PST
by
raybbr
(It's going to get a lot worse now that the anchor babies are voting!)
To: raybbr
I cant wait for the super-capitalism brigade to show up and tell us how we got those Chinese fooled into taking on our debt.........
Oh yeah. How we get the flat screen TV and all they get are green pieces of paper and IOUs
31
posted on
12/26/2008 4:49:26 PM PST
by
dennisw
(Only when the tide goes out, can you see who has been swimming naked -- Warren Buffet)
To: AmericanGirlRising
Since the whole world is inundated with worthless US Gov’t debt, I don’t think there is a safe haven except for hard assets.
32
posted on
12/26/2008 5:07:31 PM PST
by
crghill
(Postmillenial, theonomic, presuppositional, covenantal Calvinist! Let reconstruction begin!)
To: crghill
Since the whole world is inundated with worthless US Govt debt, I dont think there is a safe haven except for hard assets. Do you know that the dollar's exposure is in the euro?
I don't, but interested in learning more about currency exposure.
33
posted on
12/26/2008 5:19:22 PM PST
by
AmericanGirlRising
(Saving plastic bags and buying carbon credits will not get me into Heaven.)
To: Swing_Thought
Read the history of the European union and the enactment of the Euro.
You might change your opinion.
To: AmericanGirlRising
35
posted on
12/27/2008 5:08:49 AM PST
by
crghill
(Postmillenial, theonomic, presuppositional, covenantal Calvinist! Let reconstruction begin!)
To: Blogger
This thing is far from over. We can only hope that the “bailout” works. Personally, I think the bailout was nothing more than a few fingers in the crumbling dike. The powers that be know a helluva lot more about this crisis than they’re letting on. I don’t think they really want us to know just how bad it really is.
36
posted on
12/27/2008 5:48:08 AM PST
by
DaGman
To: crghill
Thanks for the link. From that data, it appears euros don’t have near the exposure of other currencies.
37
posted on
12/27/2008 8:21:44 AM PST
by
AmericanGirlRising
(Buying carbon credits will not get me into Heaven. I am second - http://iamsecond.com/#/home/)
To: WackySam
I wish this issue was dealt with years ago. Perhaps in the early 90’s, but the republicans then seemed to lack the necessary push. SS isn’t the huge issue (and won’t be for sometime), it’s medicare, specifically the medical costs.
My type of thinking isn’t the problem, it’s really the lack of intiative on these issues....really. I mean I do lurk a bit in this forum, and only when I hear universal healthcare do I hear the anti-roar of conservativism. But that doesn’t do anything. That anti-party is the democrats, and that absolutely shouldn’t be the conservatives.
We have everything to gain by fixing our healthcare system. Our methods differ from the liberals, but it’s the lack of intiative on the right. Liberals look to have both the political and ‘moral’ upperhand.
If we lose, say goodbye to our military/intelligience budget...say hello Euro-like US. To me this issue is as important as abortion...if conservatives spent enough effort on this issue...to really understand it and support choice-based healthcare...
Well, we would have a very secure future, both financially and against our potential enemies. So is that debt going to happen? In the short term, it will...but in the long-term, the party that supports it will be dead.
I think the dems will lose on this issue, as long as we have the guts and understanding.
38
posted on
12/27/2008 10:48:50 PM PST
by
Rick_Michael
(Have no fear "Senator Government" is here)
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