Posted on 11/15/2009 3:32:12 PM PST by Pan_Yan
President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.
"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit," he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. "Debt-driven growth cannot fuel America's long-term prosperity."
The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.
China, Japan, and other Asian states with large holdings of US Treasury debt fear that Washington may be embarking on a course that will lead to "stealth default" through dollar debasement and creeping inflation. The public mood in the US has also been shifting as the Republicans score points with calls for a return to fiscal rectitude.
The US deficit reached $1.42 trillion in the fiscal year of 2009 and it is expected to top $1.5 trillion in 2010, roughly 10pc of GDP.
APEC leaders said the world economy would never be the same again after the financial trauma of the last year. "The post-crisis landscape will be different. We need a fresh model of economic integration. We cannot go back to 'growth as usual'," they said.
[snip]
Mr Obama gave warning to Asian exporters that they must stand on their own feet in the future rather than feeding off US markets. "We cannot follow the same policies that led to such imbalanced growth.
(Excerpt) Read more at telegraph.co.uk ...
I can say without reservation that this statement is as truthful and heartfelt as any other statement this PINO has made to date.
lol this is not the time for the bamer to joke...spending is out of control
This is satire....right?
It already IS out of control.
Anyone lending us money at this point are fools!
Our once great nation is now nothing more than a sub-prime borrower.
Hey, BO: It has already spiraled out of control. OK, probably not something you are really watching, but you might wish to do that instead all of the other crazy stuff you have been doing - Gitmo, Copenhagen, golfing every week, and so forth. Just sayin’.
'fraid not. His public statements and those who actually believe them continue to exist in an alternate universe where the laws of economics are upside down.
Did they laugh at him like Timmy’s audience?
It’s already out of control Dipstick.
It’s already out of control Dipstick.
Keep your word Obozo, kill Cap and Trade and Health Care NOW!
He didn't say anything about reducing spending. He said he would reduce the deficit. I think most taxpayers can figure out what that means.
I sure hope the Chinese BS detectors didn’t short-circuit.
LOL! Obamessiah has spoken.
SURE!!!!!!!!!/s
By his announcement he has already reduced us in the eyes of the world to a third world banana republic. This is our commander and chief! despicable man and a national disgrace!
Inspite of what you may say about us, inspite of how you feel about us and our past, inspite of your continuous bad mouthing of the greatest nation in the world WE THE PEOPLE know who we are, it is you who don’t know us!
No more borrowing.
He will now run the printing presses 24/7.
They did. They have the yuan pegged to the dollar. If you read the last half of the article they resisted a call to free the yuan and let it float. They have no choice but to keep bailing while Obama steers into the typhoon.
A reminder:
http://www.youtube.com/watch?v=mp6rogJr8_k
I guess someone thought it was funny, I didn’t... and will never forget his laughing over our country going broke.
“I mean, um, ah, look at me. I’ve won the,
err, the Nobel Peace Prize so, ah,
it’s against the law to ...
doubt anything I say.”
It already has! Pres. Obama thinks that Americans are his limitless credit card and that the Chinese are the overdraft protection.
Horse gone. Barn door closed.
Is that sorta like promising us unemployment wouldn’t go over 8%?
No surprise here, remember his lips were moving.
Too late Barry, it's already out of control.
At $2 Trillion overdrawn, a $787 Billion Whitehouse slush fund, and another $2 Trillion promised, spending is already out of control.
Sheeyit. Does he think they don't get FOX News in Asia?
They know as well as we do that he's trying to pass a 1.2 trillion dollar health care bill and we still haven't even passed an FY'10 budget yet which be at least 4 trillion dollars.
And then there's talk of ANOTHER stimulus.
Did they laugh in his face?
B. Soetero:
“I intend to take serious steps ... There’s a lot more rupees out there than gold left in that place in, uh, Tennessee or Kentucky. Or one of those states. Where ever.
What my friends and Michelle don’t need for bling and boob-belts is there to pawn, I mean invest, in ...”
TOTUS: (Flashing wildly)
President Barack Obama has promised Asia’s creditor nations that Washington will not let US borrowing spiral out of control>>>>>>>>>>>>>>>>>.
Lets see.
Taxes are maxed, Dollar is devalued,no out of control borrowing ( Already out of control)then where is the money for “Death Care” going to come from?
Obama will seize citizens’ wealth? No surprise there, many predicted he would do just that at the earliest opportunity.
Be sure to tune in every day this week for more idiocy radiating from the “Obamaloon, the Kenyan Klod Show”, brought to you by Musnuts...they explode in your tummy.
The typical response was, “If you owe the bank millions, then you have a problem. If you owe the bank billions, then the bank has a problem.”
Good to see Freepers are once again, fiscally Conservative.
Yeah ;-)
Bookmark
What???????
So now that Americans no longer trust a word that comes out of his mouth, he's traveling around the world in an attempt to propagandize others?
Debt powering investment is a good thing. Debt powering consumption is the very bullshit we have had and are now paying for. How tragic that chicago slim doesn't know the difference.
He assumes the economy will recover in his first term. And he thinks there's only one way to turn the economy around, and that's through government spending- thereby taking on more debt.
This dude couldn’t run a toy train let alone a small convenience store and especially our government.
Spoken like a true drunken sailor on Saturday morning...
Hey Zero... These people are NOT as stupid as Pelosi, etal, K?
On a serious note. What if all the tea partiers started circulating petitions saying, “As the Taxpayers of the USA and Voters, as soon as we regain control of our Govt. we WILL NOT repay the debt to China and Japan.” and then forward it to their leaders. Can you imagine a few million signatures saying, We will NOT PAY!
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