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Japan (Mainichi) News Flash: "US Debt Agreement Reached" (Erroneous Report/House Hasn't Approved)
Mainichi Shinbun News (Japanese daily) ^ | 1 August 2011 | AmericanInTokyo

Posted on 07/31/2011 8:00:40 PM PDT by AmericanInTokyo

Japanese news is all awash this morning in every news agency with the bulletins that "President Obama announced that the debt ceiling agreement has been reached." They appear to be following CNN's international news lead and are leaving out critical facts.

For example, this erroneous "flash alert" is typical and is seen also in Asahi, Sankei, Yomiuri, Nikkei, NHK and others:

"米債務問題:上限引き上げで与野党合意  【北米総局】オバマ米大統領は7月31日、ホワイトハウスで会見し、米債務上限引き上げで与野党が合意に達したと発表した。"


TOPICS: Front Page News; Government; Japan; News/Current Events
KEYWORDS: boehner; ccb; constitution; debt; debtceiling; debtdeal; filibuster; japan; mikelee; obama; obamafail; plant; shoddynewsreporting; teaparty
Under the US constitutional system of democratic representation, this "deal" has not been reached, it has only been concluded between leaders of branches of government. President Obama can announce no such thing. Neither can Speaker Boehner or anybody else at this time. The Full Congress of the United States must vote to support or oppose it, under our representative democracy--it is quite different than in Japan where generally speaking once the Japanese Political Party decides on an "up" or "down" vote for a key vogte, generally the elected representative follows that line without exception (or is generally expelled from that party). This is also not the Presidium of the Supreme Peoples' Soviet (at least not yet).

This "Agreement" between the White House and the Congress has yet to happen, therefore both the bulletin flash leads and the lead in paragraphs here in Japan are all incorrect.

Somebody needs a crash course in Basic US Civics, 101.

1 posted on 07/31/2011 8:00:50 PM PDT by AmericanInTokyo
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To: DTogo; TigerLikesRooster

P!


2 posted on 07/31/2011 8:02:56 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo
"米債務å•�題:上é™�引ã��上ã�’ã�§ä¸Žé‡Žå…šå�ˆæ„�  ã€�北米ç·�局】オãƒ�ãƒžç±³å¤§çµ±é ˜ã�¯ï¼—月31日ã€�ホワイトãƒ�ウスã�§ä¼šè¦‹ã�—ã€�米債務上é™�引ã��上ã�’ã�§ä¸Žé‡Žå…šã�Œå�ˆæ„�ã�«é�”ã�—ã�Ÿã�¨ç™ºè¡¨ã�—ã�Ÿã€‚"

Man oh Man .. What IS that? Can I Google translate it? 8)
3 posted on 07/31/2011 8:05:20 PM PDT by freejohn ("Never argue with a fool; onlookers may not be able to tell the difference." --- Mark Twain)
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To: AmericanInTokyo
Everybody tends to evaluate what goes on in Congress in this country with what happens in their own ruling or representative bodies.

Right after misconstruing the power of the leaders, the funny little foreign guys imagine that the House is the "lower house" and that it's the Senate, an "upper house", where all the real deals are made.

Actually, that's not how it happens here. The House of Representatives is actually "The Upper House" as well as the "King's Privy Council" ~ the Senate is where we toss the just beyond prime time professional politicians.

Be interesting to see the foreign reaction to the House voting differently than the Democrat leaders in the Senate think they will.

I can't even begin to guess what will happen in the House. Frankly, those Democrats are POd that there are no new taxes.

4 posted on 07/31/2011 8:06:15 PM PDT by muawiyah
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To: freejohn

i dont know but either your browser (or mine) is giving me one big Unicode headache!!


5 posted on 07/31/2011 8:08:30 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo
Well this one made sense to the Google translator but that other .. They thought that it was French! LOL

"米債務問題:上限引き上げで与野党合意  【北米総局】オバマ米大統領は7月31日、ホワイトハウスで会見し、米債務上限引き上げで与野党が合意に達したと発表した。"

"U.S. debt problem: the Directorate General - U.S. President Barack Obama in North America: political parties agreed to raise the upper limit is 31 July and met at the White House announced that the parties reached agreement on raising the U.S. debt limit."
6 posted on 07/31/2011 8:09:37 PM PDT by freejohn ("Never argue with a fool; onlookers may not be able to tell the difference." --- Mark Twain)
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To: freejohn
I am lazy, but "Bing" translator gives it as this: (and of course, I could render a quick human translation like that):

"U.S. debt problem: announced by raising the upper limit is the ruling and opposition parties agreed [North America News Bureau]: Obama U.S. President July 31, at the White House Conference, and raising the US debt limit opposition parties reached agreement" (sic)

7 posted on 07/31/2011 8:10:42 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo
The deal is done.

The Tea Party members of the House will have absolutely no effect on the final outcome now that the Democrats will support it.

Arriving at a "deal" on a Sunday has been standard operating procedure for both parties for quite some time.

By the way, the bigger issue that nobody is talking about is the strengthening of the Japanese yen. Japan is in a world of economic hurt as it spins mercilessly away in a deflationary spiral.

8 posted on 07/31/2011 8:10:59 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: politicket
Yen weakened upon this news. Not significantly this morning, but nonetheless a) yen weakened, and b) Nikkei moved in strong positive territory.

Of course, these are kind of akin to briefly stabilizing the blood pressure of a gunshot wound victim with a gaping hole, which the ICU team has no intention of cleaning and closing.

This just puts off the day of reckoning to an even bigger fiscal disaster, it makes one almost want to puke.

9 posted on 07/31/2011 8:17:08 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo; maikeru; Dr. Marten; Eric in the Ozarks; Al Gator; snowsislander; sushiman; ...
Even if a deal is reached, a credit rating downgrade of the US is likely and the ensuing financial effects may lead to Greek-style civil unrest - provoked or otherwise (never let a good crisis go to waste).

日本 ピング  (kono risuto ni hairitai ka detai wo shirasete kudasai : let me know if you want on or off this list)

10 posted on 07/31/2011 8:19:25 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: AmericanInTokyo
I suspect Japanese media look to large MSM outlets such as CNN, CBS, NYT and WP for 'guidance.' They parrot MSM's errors. After all, MSM's are the 'esteemed' institution who know it all.

That is probably why Japanese media went overboard with Obama during the last Pres. election cycle, too.

11 posted on 07/31/2011 8:19:26 PM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: AmericanInTokyo
The weakening yen is due to BOJ intervention, not the debt deal. Europe does not show any significant move.

Japan is in big economic trouble, along with Western Europe. The US is heading there, but has temporarily held off due to massive deficit spending.

12 posted on 07/31/2011 8:21:29 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: politicket

Then I would say, some marginal RINO (district) “caves” need to defintely be “primaried” in 2012, and there is not much time for this, but some good patriots who are ready to run, even just average fed up people, who are articulate, have creds, have few skeletons, have a lot of guts and family support, and can get funded quickly, should get exploratory committee websites up and take out filing papers in their respective states ASAP. On this issue alone in 2012 there should be a Tea Party Resurge in both the House and Senate races.


13 posted on 07/31/2011 8:21:43 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo
They are listening to our King BaaRock.
14 posted on 07/31/2011 8:21:53 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: DTogo
Correct DT. And, I should say that in some Japanese news accounts I am reading here in Tokyo this a.m., the AAA "downgrading" is already a done deal, regardless of any phantom "deal" (between the White House and Legislative Branch (sic) )
15 posted on 07/31/2011 8:23:30 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo
This just puts off the day of reckoning to an even bigger fiscal disaster, it makes one almost want to puke.

Almost?

16 posted on 07/31/2011 8:25:32 PM PDT by TenthAmendmentChampion (Darwinism is to Genesis as Global Warming is to Revelations.)
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To: AmericanInTokyo
Then I would say, some marginal RINO (district) “caves” need to defintely be “primaried” in 2012.

It won't help. The Tea Party believes the answer is a balanced budget amendment.

A balanced budget will solve nothing when we have an economy where the money supply is based entirely on debt.

If we're going to have a national currency then it needs to be issued by the US Treasury in order to remove the debt component from it. It is only then that a balanced budget would have significant meaning.

Trying to 'fix' things in a debt-based economy will never, ever work.

17 posted on 07/31/2011 8:27:33 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: AmericanInTokyo

Obama and Obama and Obama have agreed.


18 posted on 07/31/2011 8:32:21 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: politicket
That is often the question isnt it. Enyasu (low yen), or Doru daka (high dollar) ... or vice versa. One did in fact hear on Friday and Saturday that BOJ would step in. And I should say, the weakening of the Yen was only minor, now I believe it is back to 77 yen. People in the know should know what a fraud and kabuki show this thing is.....

Now (a few minutes ago) Japan Chief Cabinet Secretary Edano of the ruling DPJ is talking this thing up, saying that he "highly welcomes the Agreement the Americans have reached" (unquote), and hopes that it will positively affect markets soon. Someone should tell him there is this little inconvenience known as the Legislative Branch of the US Government (particularly the Lower, People's House), and that El Jefe, El Maximismo" making a TV statement with dark sunglasses on from State-Run TV doesnt make it so in a representative parliamentary democracy.

19 posted on 07/31/2011 8:32:23 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: freejohn

Nope, I see the kanji characters in the OP but not your repost. lol


20 posted on 07/31/2011 8:33:38 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: AmericanInTokyo
Egan-Jones already downgraded USA credit rating to AA+ last weekend. LSM did not report it. They are a small firm, not as well known as Moody's and S&P, but they correctly called the looming 2008 meltdown before the other larger firms.
21 posted on 07/31/2011 8:34:29 PM PDT by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: GeronL
Well put. Very well put. Like Rush Rimbaugh predict, pubs got rolled on this one BIG TIME (and the People for that matter).
22 posted on 07/31/2011 8:35:17 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: greeneyes
Chief Strategist for Mitsui Sumitomo Bank in Japan Mr. Daisuke Uno says, "regardless of a US debt "deal" struck in the last few hours, the Creditworthiness of the United States has been damaged and the problem is NOT SOLVED." This quote is just breaking.

23 posted on 07/31/2011 8:39:04 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo

The GOP got nothing in this except a debt commission that is going to make them choose between raising taxes and cutting defense.

They’d be voting to be blackmailed if this stays in the “deal”.


24 posted on 07/31/2011 8:40:20 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: AmericanInTokyo

It’s pretty clear that it would take at least $4 trillion in real cuts for the credit rating agencies to think the US was serious.

Now, after the downgrade, we might just see the Democrats try to ban the credt rating agencies.


25 posted on 07/31/2011 8:43:24 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: GeronL
I note that there was a Dollar Buying mood this a.m. in morning sessions in Asia, in Japan at least, but that may change in the afternoon when the reality of this paper tiger, this trojan horse, this highwayman sham, is made more clear for currency traders. At any rate, Uno of Mitsui Sumitomo Bank here in Tokyo is saying that in the Fall, this debt problem is going to explode again, and then the Yen is going to climb to 70 Yen to the US dollar, at least.

I think there is no confidence at all in Obongo before the US TV cameras just a few hours ago, and this "deal". Once you look at the particulars, and that is exactly what the traders and analysts are doing, even though the Japanese media is hopelessly behind and are lap dogs for CNN, Reuters and the NYT/WaPo establishment (on this issue at least).

26 posted on 07/31/2011 8:44:03 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo

Yep. People should have a really bad feeling that the fix is in. The political class think they can keep this colossal debt pyramid scheme from toppling over (and keep adding more) and it will fall sooner or later.


27 posted on 07/31/2011 8:48:56 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: GeronL
Financial Times is now running with a story, just a few minutes ago, saying the "deal" may be KILLED IN THE HOUSE OF REPRESENTATIVES ON MONDAY due to an alliance of a) pissed off fiscal responsibility Freshman Tea Party types, and b) Defense Hawks in the GOP mad about Defense cuts. This may be enough to scuttle the deal, no matter how hard Boehner cracks the whip...according to the UK Financial Times just now.

At any rate, Rush Limbaugh and Mark Levin should be VERY INTERESTING TOMORROW.

28 posted on 07/31/2011 8:54:24 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: AmericanInTokyo
Not a surprise. The excessive printing of US Dollars has a negative impact on other countries as well a US citizens. It is past time for interest rates to go up as far as they are concerned.

The fed can't do that for fear of deepening the recession, so outside forces will either force the rate increase or something else will replace the use of dollars as the world's reserve currency.

It's nuts really. All they had to do in exchange for the debt ceiling increase was to freeze spending, and it would have been more “cuts” than the rating agencies asked for. That is something that the majority of the politicians would not have been penalized for.

Leaving plenty of time to have hearings and well written legislation that everyone could read and debate regarding binding cuts for later years. Instead we have a cobbled up last minute deal that no one is sure what is there. Just goes to show it's probably more about election positioning than anything.

I also read that China has been telling their citizens for quite a while to invest in gold and silver. Don't know how true that is.

29 posted on 07/31/2011 9:02:27 PM PDT by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: greeneyes
Just like TARP and OBAMACARE.

Well I guess Boehner will say tomorrow that we "have to pass it in order to be able to know what's in it."

30 posted on 07/31/2011 9:08:04 PM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: DTogo
thanks, for the ping.....heads-up.
It's really goin' to "Hit the Fan" w/ these posts on this thread.

31 posted on 07/31/2011 9:25:20 PM PDT by skinkinthegrass (You do not have to smear (Pharaoh / Imam / DumboEars) Obama w/ lies....the truth does a fine job. :)
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To: AmericanInTokyo

“Just like TARP and OBAMACARE.
Well I guess Boehner will say tomorrow that we “have to pass it in order to be able to know what’s in it.”

Nothing would suprise me at this point.


32 posted on 07/31/2011 9:32:48 PM PDT by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: GeronL; AmericanInTokyo; DTogo
Obama and Obama and Obama have agreed.
Well I guess Boehner will say tomorrow that we "have to pass it in order to be able to know what's in it."

Yhea, We (the TEA Party) got rolled...
but, supposedly NO new taxes....inflation, is still a tax.

Quoting from another freeper:
Brazilian saying:"$ame old $h!t, but different Flies."
its' the Same old, same old.


33 posted on 07/31/2011 9:50:12 PM PDT by skinkinthegrass (You do not have to smear (Pharaoh / Imam / DumboEars) Obama w/ lies....the truth does a fine job. :)
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To: AmericanInTokyo

I hope it fails. This is a bad bill all around.


34 posted on 07/31/2011 10:28:44 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: skinkinthegrass

cool .gif


35 posted on 08/01/2011 12:35:29 AM PDT by AmericanInTokyo (Herman Cain should increase security as Islamists would "fatwah" him for telling the truth on them.)
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To: DTogo

Really large scale investors who purchase national debts probably don’t follow the bond rating services that closely ~ if at all. They have their own staff and their own approach to these matters.


36 posted on 08/01/2011 5:06:17 AM PDT by muawiyah
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To: AmericanInTokyo

Kyou wa ATSUI !


37 posted on 08/01/2011 5:26:33 AM PDT by Eric in the Ozarks (Eh ?)
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