Skip to comments.China alarmed by US money printing [another slap to Obama] [ChiComs quoting Ben Franklin]
Posted on 09/06/2009 9:57:25 PM PDT by rabscuttle385
The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy.
BY AMBROSE EVANS-PRITCHARD
Cheng Siwei, former vice-chairman of the Standing Committee and now head of China's green energy drive, said Beijing was dismayed by the Fed's recourse to "credit easing".
"We hope there will be a change in monetary policy as soon as they have positive growth again," he said at the Ambrosetti Workshop, a policy gathering on Lake Como.
"If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies," he said.
. . . . .
Mr Cheng said the root cause of global imbalances is spending patterns in US (and UK) and China.
"The US spends tomorrow's money today," he said. "We Chinese spend today's money tomorrow. That's why we have this financial crisis."
Yet the consequences are not symmetric.
"He who goes borrowing, goes sorrowing," said Mr Cheng.
It was a quote from US founding father Benjamin Franklin.
(Excerpt) Read more at telegraph.co.uk ...
Monopoly twenty’s are blue too.
Um, twenties are green. Fifties are blue.
China must be buying them Yen Bonds, too.
Ambrose has got it all figured out. That is why he is unwelcome in gov’mnt circles.
If they keep on learning from our Founding Fathers, then there’s hope for them, and for the world...
A shade of blue.
The sad part is ? the Chicoms “ GET IT “
Now there is a howdoyado, the Chinese applying classic Econ 101 principles, no wonder they have this whole thing figured out; at least the basics...and the sneaks, cheats and liars of the U.S. Government are playing the three monkeys.
“If they keep on learning from our Founding Fathers, then theres hope for them, and for the world...”
I seem to remember a statue of Lady Liberty which was flattened by tanks in Tian-an-Men square.
Are you really this naive?
Nothing wrong with a global economy. It’s been around for thousands of years since the beginning of civilization, when one region would trade with another. It hit a “romatic” period with the Silk Road, Marco Polo, and the Age of Exploration.
Just because liberals try to subvert the international economy as a justification for everything from open borders to a world government doesn’t mean a macro economy is bad. It just means there are parasites in the system.
There’s nothing wrong with a global economy.
There IS however something wrong with erstwhile “Americans” profiting themselves by firing other Americans and sending our industrial might to a massive communist country, 4 times our size!
That’s something referred to as “treason”.
No, are you? I seem to remember an America where the Constitution, and the principles on which it is based, were deeply respected. But that world no longer exists. America has changed.
If we can change, then so can others. Do I really think they will? No. But I didn't really think America would evolve into its present sad state, or that China would become what it is now.
Things do change. Often in ways no one expected. It's naive to think they won't.
Corporations are in it for profit, not patriotism. When companies move offshore, it’s because the grass is greener on the other side. So we should make our grass greener.
Tax cuts, anyone?
Did you ever stop to wonder why all Chinese are pretty much the same, race-wise?
This is not a trick question.
Or Japanese. Or Koreans, for that matter?
Do you understand the significance of those questions?
Why is it, those countries have “racial purity” indexes which make Hitler’s Germany look like amateurs?
Do you suppose, it was a result of Western values?
“Things do change. Often in ways no one expected. It’s naive to think they won’t.”
It was GOP “free trade” stupidity, which created America’s loss of our national wealth, and turned an entire generation of what used to be “Reagan Democrats” into bitter, unemployed Marxists.
Congratulations on that “free trade” thing.
How’s it working out so far?
Just so I understand, the Communist Chinese are trying to help us save our economy, and we are too stupid, or socialist, to get it?
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