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China Attacks US'Debt Addiction'as America Loses AAACredit Rating[misplaced power exists]
BBC ^ | 2:25PM BST 06 Aug 2011 | Richard Blackden, New York

Posted on 08/06/2011 9:42:35 AM PDT by fight_truth_decay

State news agency Xinhua said unless the US cut its "gigantic military expenditure and bloated welfare costs," another downgrade would be inevitable.

But other countries, such as Australia, France and Japan, said they retained their faith in US bonds.

(Excerpt) Read more at bbc.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Foreign Affairs; Government; News/Current Events
KEYWORDS: bondmarket; china; chinascoldsobama; debtaddiction; dod; downgrade; obamacare; sandp; usdebt; vincecable; welfarecosts
"Treasuries are close to their highs"..." has advantages and liquidity that rival government bond markets, including Britain's, cannot match".

"The spluttering world economic recovery would be very likely to be undermined and fresh rounds of financial turmoil could come back to haunt us all..."

"The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China said in a ["scolding" tables turn on Obama] commentary carried by the Xinhua News Agency.

Vince Cable, the British Business Secretary, said the downgrade was an "entirely predictable consequence of the mess that the Congress created a few weeks ago when they couldn't agree on lifting the debt ceiling."

By calling the outlook "negative" S&P signalled another downgrade is possible in the next 12 to 18 months

In its statement, S&P said that it had changed its view "of the difficulties of bridging the gulf between the political parties" over a credible deficit reduction plan.

S&P said it was now "pessimistic"

Francois Baroin, France's finance minister, said his country had total confidence in the US economy, while India called the "situation was grave" and Russia said it would keep the level of dollar investments in its national reserve funds, adding: "There is not a great difference between AAA and AA+."

CLIP

"..the projected future cost of a number of major health care [ObamaCare] and pension [Union] plans including Medicare and Social Security [Entitlement Programs]that has left the country's debt on a path many, including S&P, believe to be unsustainable without further cuts and tax increases [Cut? and Tax].

Gigantic military expenditures [Missing Taxpayer Money? called the "the largest theft of funds in national history."] "2.3 TRillion Dollars" Missing from DOD Defense spending in 2001 own auditors cannot account for money in one year alone. 10 million paychecks per month-

"the diastrous rise of misplaced power exists and will persist".

1 posted on 08/06/2011 9:42:39 AM PDT by fight_truth_decay
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To: fight_truth_decay
Commence the trade war.
2 posted on 08/06/2011 9:45:00 AM PDT by Cringing Negativism Network (We are not tea partiers ... we are good tea partiers. Life-long tea partiers)
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To: All
Easier reference for stories above:

http://www.youtube.com/watch?v=_rRqeJcuK-A

http://www.bbc.co.uk/news/world-us-canada-14430598

http://www.telegraph.co.uk/finance/financialcrisis/8685968/China-attacks-US-debt-addiction-after-America-loses-AAA-credit-rating.html

3 posted on 08/06/2011 9:47:34 AM PDT by fight_truth_decay
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To: fight_truth_decay

“bloated welfare costs” They got that right!!!


4 posted on 08/06/2011 9:48:32 AM PDT by doc
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To: fight_truth_decay

Can’t really argue with the Chinese on that one.


5 posted on 08/06/2011 9:49:22 AM PDT by dfwgator
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To: fight_truth_decay

You know it’s out of control when the Communists think you’ve gone too far!!!


6 posted on 08/06/2011 9:50:09 AM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: fight_truth_decay

There should be street riots over this.


7 posted on 08/06/2011 9:51:31 AM PDT by oyez ( America is being pimped.)
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To: fight_truth_decay

China is building empty cities and selling dog food tainted with melamine. So the Chinese should remain silent until the Chinese develop some ethics.


8 posted on 08/06/2011 9:51:54 AM PDT by yldstrk (My heroes have always been cowboys)
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To: fight_truth_decay

“Do I look like Mrs. Obama?” (SNL skit reference)


9 posted on 08/06/2011 9:54:25 AM PDT by pogo101
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To: yldstrk

-——China is building empty cities——

If you build them, they will come.


10 posted on 08/06/2011 9:56:04 AM PDT by bert (K.E. N.P. +12 ....Flash mobs are trickle down leftwing REDISTRIBUTION))
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To: fight_truth_decay

When the COMMUNISTS are telling you that you’re spending too much on Social Welfare, you KNOW you are really screwed....


11 posted on 08/06/2011 9:56:27 AM PDT by tcrlaf (PREFRONTAL LOBOTOMISTS FOR OBAMA2012!)
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To: dfwgator
.....so is this the part in the story where big Chinese thugs in custom made black suits barge into the Oval Office and kneecap Obama with a baseball bat?
12 posted on 08/06/2011 9:56:58 AM PDT by fight_truth_decay
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To: fight_truth_decay

I hope.


13 posted on 08/06/2011 9:58:16 AM PDT by dfwgator
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To: oyez

There should be import tariffs over this.

And a trade war, if necessary.

We’ve farted around without doing anything while China takes our economic future.

Scr*w the globalists. Let them lose it all in a trade war - they deserve it, but bring back American jobs.

Tariffs. And whatever else necessary.

AMERICA FIRST.


14 posted on 08/06/2011 9:59:10 AM PDT by Cringing Negativism Network (We are not tea partiers ... we are good tea partiers. Life-long tea partiers)
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To: bert
China is building empty cities

Are not most of that which you describe - new housing already invested in?

15 posted on 08/06/2011 9:59:39 AM PDT by fight_truth_decay
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To: dfwgator

Wait, I thought the new “deal” that Boner just pushed through was supposed to keep our AAA status intact.


16 posted on 08/06/2011 10:02:08 AM PDT by DaiHuy (One Big Assed Mistake America)
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To: DaiHuy

Silly you. ;)


17 posted on 08/06/2011 10:02:53 AM PDT by dfwgator
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To: Cringing Negativism Network

Red China lecturing us? Amazing


18 posted on 08/06/2011 10:02:56 AM PDT by therightliveswithus
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To: therightliveswithus

Well the Bozos in Washington won’t listen to us, but they’ll listen to those who pull the strings.


19 posted on 08/06/2011 10:03:36 AM PDT by dfwgator
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To: fight_truth_decay

The following are the perfect ingredients for a receipe for America’s downfall. It started many years ago when we began exporting manufacturing and jobs overseas. Couple that with out of control government spending, tens of millions of thridworlders invading our country, and a very soft underbelly comprised of an entitlement crowd in excess of 45% of the population.


20 posted on 08/06/2011 10:04:06 AM PDT by doc
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To: fight_truth_decay

lol

yeah, love those goofy translated “instructions”


21 posted on 08/06/2011 10:05:57 AM PDT by yldstrk (My heroes have always been cowboys)
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To: therightliveswithus

I know.

The Chinese teacher at my kid’s school wanted to take a bunch of kids over there this summer. I said I wasn’t sending anybody to Communist China.


22 posted on 08/06/2011 10:07:11 AM PDT by yldstrk (My heroes have always been cowboys)
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The Standard and Poor's credit rating for the COMMUNIST Chinese Forest Industry is only CCC Negative. This is a KEY industry.
23 posted on 08/06/2011 10:18:55 AM PDT by pyx (Rule#1.The LEFT lies.Rule#2.See Rule#1. IF THE LEFT CONTROLS THE LANGUAGE, IT CONTROLS THE ARGUMENT.)
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To: doc

The thirdworld immigrants are going to have a big advantage when we become a thirdworld nation. They’re used to living in squalor.


24 posted on 08/06/2011 10:27:31 AM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: DaiHuy
AND "....entirely predictable consequence of the mess that the Congress created"

If it was so predictable how dumb were the world markets not able to have made earlier cost/price considerations into the equation? I agree it was always jumpy, stalled or dealing with a cliff hanger but still...............a fall like that which goes down in the record books?

Ah..the promises & lies announced to the world press by Obama, Pelosi, the Congress/Boehner Plan, the MSM all said.....but most of us understood the dirty fighting fear tactics.

However, Boehner did [defend himself] say after "the fall" :
" Boehner revealed that he had seen this coming[ah investors around the world thank you--little Late?]. “In May, I warned, ‘if we don’t act boldly now, the markets will act for us very soon,’” Boehner said. “It is my hope [hate that word] this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges of our long-term debt problem. As S&P noted, reforming and preserving our entitlement programs is the ‘key to long-term fiscal sustainability,’”--

Read more..

Politicians believed it but the brains in the markets didn't--are we suppose to believe that???

So they all knowingly [they said they predicted this would happen] risked "people's money" to win in a political wrestling tag match? [to even be continued at another date?]

25 posted on 08/06/2011 10:29:06 AM PDT by fight_truth_decay
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To: fight_truth_decay
Photobucket
26 posted on 08/06/2011 10:34:39 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: pyx
The Chinese get "their pulp" for their "cheap paper production" [thanks to environmentalists as well] from Maine which has grown or changed the paper/pulp manufacturing industry in the US. Engineers are needed for that industry with scholarships set up [U of M]. Perhaps the much needed pulp goes over from other heavily wooded states as well.
27 posted on 08/06/2011 10:35:14 AM PDT by fight_truth_decay
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To: pyx
Jun 4, 2011 ...39-page report claiming that Sino-Forest Corp is a Ponzi

Chinese forestry, Muddy Waters, China, the Government.

28 posted on 08/06/2011 10:43:26 AM PDT by fight_truth_decay
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To: fight_truth_decay

So China has flooded the US with crap products for decades and in return they got...crap treasury bills. Sounds about right.


29 posted on 08/06/2011 11:52:20 AM PDT by Moltke (Always retaliate first.)
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To: fight_truth_decay

If we raise the debt ceiling and nobody will lend us money, what good is it? Someone please answer this for me.


30 posted on 08/06/2011 11:55:02 AM PDT by political1 (Love your neighbors)
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To: political1
Saw you on another thread.

We still HAVE revenues coming in--we just have to end wasteful spending be cost cautious, make a budget and live within our means.

If you read the entire story and links above, it shows the world is still investing in the US. Russia said a drop in ratings meant nothing to them we are still in good standing AA. Ratings and rating agencies {police raid offices of Moody's or S&P reported yesterday in Italy} are always suspect.

However, I was just reading this long piece by The Zeitgeist Movement:

THE ZEITGEIST MOVEMENT -
OBSERVATIONS AND RESPONSES
Activist Orientation Guide
http://www.thezeitgeistmovement.com/The%20Zeitgeist%20Movement.pdf

"There is no ‘Republican’ or ‘Liberal’ way to design an airplane… so why do we use these outdated worldviews in society today? When we recognize that society is a technological invention, with its component variables really no different than the component variables of an airplane, we then see that our orientation towards so called “government” should be purely scientific. ‘Politics’ is now outdated, for its processes are largely subjective and without scientific reference. Politics is an outgrowth of the monetary system and scarcity. We now must work towards a new, emerging paradigm – moving from a period where the central problem was the sharing of scarcity , to the problem now being one of creating and distributing abundance. Government and the concept of the “State” will eventually be outgrown entirely and replaced by an objective system of global resource management and technological organization. In a system of abundance, the “State”,as we know it,has no basis to exist."

"When it comes to human behavior, society today attempts to control itself by way of threat ,using Laws."

Government does not create any products that makes the economy tick, tick, tick..make no product; but take the fruits of income from the consumer and the seller company with multiple taxes on the same goods.

The Brady initiative in 1989 focused on debt reduction tragedies.

The Brady initiative, announced in March 1989 by U.S. Treasury Secretary Nicholas F. Brady, marked a change in U.S. policy towards the debt crisis. Given the persistently high levels of foreign debt, the initiative shifted the focus of the strategy from increased lending to voluntary, market based debt reduction and debt service reduction in exchange for continued economic reform by debtor countries.

The Brady Initiative [key words] back in 1989 offers history on a debt crisis.

Revenues: There is always a need for a product and investment into a new idea to replace an old idea which builds into a company to provide a said product or services which pays the workers in that job force to produce or provide the newest technology [an idea based on an another idea before them. Einstein even said so] to produce like or even competitive goods which fill a need or a want to own by a buyer. [In my struggle to explain] there comes a time when there is no need for government to say they make jobs, pay workers when they do not--they only become the burdens or leaches who feed off the ideas of men/women -- who have made the jobs that build the better life for families and provide for their own needs.

So what need are we for government?

Agree,Regulations may be needed, but over regulations [out of a need for politicians to show they are doing something to those that finance their elections] prevent the idea from becoming fruitful to all involved in its development.

The governments should worry and all these politicians because a new world may come as Pelosi said it would; but not as we know it--perhaps not as THEY have grown to know it, comfortable in thinking that we need them when the opposite is true. They do not make up spokes in the wheel, only the rock in the road that breaks the wheel teaching us to go around it next time.

We have had debt ceilings raised prior-- 74 times. Ten of those times have occurred since 2001.

We are still the greatest!! Our politicians, not so much.

31 posted on 08/06/2011 1:37:48 PM PDT by fight_truth_decay
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To: political1

http://www.freerepublic.com/focus/f-chat/2759727/posts


32 posted on 08/06/2011 3:07:32 PM PDT by fight_truth_decay
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To: Moltke

http://www.freerepublic.com/focus/f-news/2759988/posts

Note the charts and China has the same credit rating lol


33 posted on 08/07/2011 11:00:40 AM PDT by fight_truth_decay
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