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China Tells U.S. It Must ‘Cure Its Addiction to Debt’ (China calls for "int'l supervision" of US)
The New York Times ^ | 2011-08-06 | David Barboza

Posted on 08/06/2011 3:44:07 PM PDT by rabscuttle385

SHANGHAI — China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt.

The harshly worded commentary, which was released by China’s official Xinhua news agency, was Beijing’s latest effort to express its displeasure with Washington.

(snip)

“The U.S. 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,” read the commentary, which was published in Chinese newspapers.

Beijing, which did not release any other official statement on the downgrade, called on Washington to make substantial cuts to its “gigantic military expenditure” and its “bloated social welfare” programs.

(snip)

“International supervision over the issue of U.S. dollars should be introduced, and a new stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” the Xinhua commentary said.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: 0firepersons; 0planners; 0police; 0teachers; bho44; biggovernment; blackswan; bushlegacy; china; debt; financialcrisis; gwb43; nwo; obama; obamadowngrade; obamanomics; socialism4all; soros; sorosagenda; taxes; worldcurrency
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1 posted on 08/06/2011 3:44:10 PM PDT by rabscuttle385
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To: rabscuttle385

Well, we DO owe them money.


2 posted on 08/06/2011 3:45:57 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: rabscuttle385

Looks like Obama got what he wanted afterall. The destruction of the U.S.


3 posted on 08/06/2011 3:46:34 PM PDT by conservaterian (Sarah/DeMint '12)
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To: conservaterian
Looks like Obama got what he wanted afterall. The destruction of the U.S.

Yup and another foot into 2012

4 posted on 08/06/2011 3:47:29 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: tsowellfan

Fine with me. Lets also cure our addiction to Chinese good and outsourcing too!


5 posted on 08/06/2011 3:47:40 PM PDT by rbg81
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To: rabscuttle385

(China calls for “int’l supervision” of US)............

We have it already it is called Obama Administration.


6 posted on 08/06/2011 3:47:53 PM PDT by Hang'emAll (")
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To: rabscuttle385

Fine ,show me an African ran country that is doing “Swell”.


7 posted on 08/06/2011 3:48:35 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: rbg81

Good luck finding American made TVs and computers.


8 posted on 08/06/2011 3:48:35 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: rbg81
Lets also cure our addiction to Chinese good and outsourcing too!

We'd have to start where the Amish people are today.

9 posted on 08/06/2011 3:49:27 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: rbg81

I say trade with China’s enemies. Vietnam is to the right of us now (thanks to Obama) let’s give them the business.


10 posted on 08/06/2011 3:50:31 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: rbg81

Better said: “Economically, the Vietnamese Government is to the right of Obama”


11 posted on 08/06/2011 3:52:10 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: rabscuttle385

We control China through Walmart,that is the money club.


12 posted on 08/06/2011 3:52:24 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: rabscuttle385

Another step towards globalization?

My comment to China - ‘that sure is a mighty pretty dam you’ve got there. It’d be a shame if something was to happen to it...’


13 posted on 08/06/2011 3:53:19 PM PDT by meyer (We will not sit down and shut up.)
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To: rabscuttle385
Washington needed to “cure its addiction to debts” and “live within its means,”

I agree however can we accept being called racists after tossing the problem out of office?

14 posted on 08/06/2011 3:54:59 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Cheetahcat
We control China through Walmart,that is the money club.

Walmart is not only in the United States.

15 posted on 08/06/2011 3:55:41 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: rabscuttle385

Hey! Good job, Federal Government! Thanks again for your terrific stewardship of the country!


16 posted on 08/06/2011 3:56:54 PM PDT by Psycho_Bunny (Public employee unions are the barbarian hordes of our time.)
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To: meyer

Fine, you don’t like hearing this from China, but are they speaking the truth or not? That’s the question, not whether or not we like them.

Comments like yours makes it seem we would be happier if the Chinese were enablers for Obama and his debt, do they not?

Seems to me that the Chinese are making observations that OUGHT to be made by our own press, and would be if they weren’t such politically correct sissy boys.


17 posted on 08/06/2011 4:01:47 PM PDT by John Valentine
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To: tsowellfan

“We control China through Walmart,that is the money club.

Walmart is not only in the United States.”

Fine then ,The 2500+ Walmarts and 585 Sams here can be supplied with 25% less Chinese input,With American or other sources making up the difference,every time they act up, Home Depot and Lowes next.


18 posted on 08/06/2011 4:03:30 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: rabscuttle385

Americans need to wean their government off of their dependence on foreign money.


19 posted on 08/06/2011 4:05:11 PM PDT by FlingWingFlyer (Americans need to wean their government off of its dependence on foreign money.)
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To: rabscuttle385

We already have international supervision. Think of something else, China!


20 posted on 08/06/2011 4:05:46 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: Cheetahcat
Fine then ,The 2500+ Walmarts and 585 Sams here can be supplied with 25% less Chinese input,With American or other sources making up the difference,every time they act up, Home Depot and Lowes next.

I like the idea. Would have worked in the early 1970s. But today, it's a pipe dream. Unfortunately.

There was a day when nearly all cars were made in the USA and the American people bought 75% of all vehicles in the world. It's not like that now.

21 posted on 08/06/2011 4:06:24 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: Cheetahcat

A few months ago on Radio China International they mentioned a trade of part of Alaska in return for some of our debt. That’s probably what will happen. Anwar will be controlled by China.


22 posted on 08/06/2011 4:08:01 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: familyop
We already have international supervision. Think of something else, China!

They already have. See post 22

23 posted on 08/06/2011 4:09:04 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: tsowellfan

“Fine then ,The 2500+ Walmarts and 585 Sams here can be supplied with 25% less Chinese input,With American or other sources making up the difference,every time they act up, Home Depot and Lowes next.

I like the idea. Would have worked in the early 1970s. But today, it’s a pipe dream. Unfortunately.

There was a day when nearly all cars were made in the USA and the American people bought 75% of all vehicles in the world. It’s not like that now.”

You are right, plus we killed our manufacturing base.


24 posted on 08/06/2011 4:09:28 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: tsowellfan

“A few months ago on Radio China International they mentioned a trade of part of Alaska in return for some of our debt. That’s probably what will happen. Anwar will be controlled by China.”

I would not put it past,Kenyan Obama ,Now Bonehead, the Gobbler,Plus Reid and Pelosi would be on board in a micro second.


25 posted on 08/06/2011 4:13:40 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: rabscuttle385

A couple hours ago we happened to catch a documentary on TV called “The China Question”. It’s well done, and gives some great info which makes a person stop and think be a bit scared. I don’t know if their website plays the entire documentary, but this is the link they gave: http://thechinaquestion.com/


26 posted on 08/06/2011 4:13:51 PM PDT by MayflowerMadam ("I know that God's tomorrow will be better than today!" A. H. Ackley)
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To: Cheetahcat

I could see the Kenyan handing part of Texas over to the Chicons. Texas was also mentioned in the round table discussion. This was 3 or 4 months ago.


27 posted on 08/06/2011 4:15:21 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
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To: John Valentine
“Seems to me that the Chinese are making observations that OUGHT to be made by our own press, and would be if they weren’t such politically correct sissy boys.”

What a colossal embarrassment for the once proud and mighty USA. Our Nation is not immune from destruction. we cannot take our rights and privileges for granted. We can and will be brought to our knees if the current battle within, is not won.

28 posted on 08/06/2011 4:18:26 PM PDT by Awgie (truth is always stranger than fiction)
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To: Cheetahcat

“You are right, plus we killed our manufacturing base.”

Unions and government regulations killed our manufacturing base.


29 posted on 08/06/2011 4:20:22 PM PDT by kcvl
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To: rabscuttle385

China has us by the balls. We best be nice. China could cause worldwide chaos if they start dumping out bonds.

Please see my tag. Now that the “debt crisis is over” (yeah, right) I’m back to reserve currency.


30 posted on 08/06/2011 4:23:51 PM PDT by upchuck (Rerun: Think you know hardship? Wait till the dollar is no longer the world's reserve currency.)
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To: tsowellfan

“I could see the Kenyan handing part of Texas over to the Chicons. Texas was also mentioned in the round table discussion. This was 3 or 4 months ago.”

True, the ChiComs are interested in Energy,that is where they will lay claim.


31 posted on 08/06/2011 4:25:26 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: kcvl

“You are right, plus we killed our manufacturing base.”

Unions and government regulations killed our manufacturing base.”

Exactly and the “R”s stood by!


32 posted on 08/06/2011 4:26:53 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: tsowellfan
Well, we DO owe them money.

Yeah, I don't think they want to be paid back with worthless dollars... That's how dems are going to deal with this crisis - they'll make it so a loaf of bread cost ten dollars...

33 posted on 08/06/2011 4:28:16 PM PDT by GOPJ (This “wussification” of America is an on-going phenomenon.- freeper rokkitapps)
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To: FlingWingFlyer
Wrong, America needs to wean certain groups in this country off of their free ride, America has plenty of money.
34 posted on 08/06/2011 4:32:51 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: familyop
Think of something else, China!

They are. They are moving toward armed conflict.

35 posted on 08/06/2011 4:39:47 PM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
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To: rabscuttle385

The Chicoms are telling the Demscoms to do what the Tea Party wants?


36 posted on 08/06/2011 4:49:32 PM PDT by depressed in 06 (I'll follow an eloquent Allen West out of hell.)
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To: rabscuttle385
Wonder how the freakin Chi-coms would feel if our leadership began passing legislation facilitating the movement of manufacturing back on to American soil?

I'm bewildered that our government would have allowed so much of our manufacturing, technology and wealth to be handed to the Chinese communist so easily.

This is a national security issue and it should be reversed.

Capitalism is one thing, hyperglobalisme is quite another.

We've gone beyond “most favored trading partner” for China, to giving away the whole damn farm.

Large corporations bought our congressional leaders and swayed them to enact and support legislation that has harmed our nation.

This country will die if we do not have the capability to produce and export products. Simply shifting dollars around through the service sector cannot provide the GDP necessary to pull our nation from her current peril.

Cheap Chinese goods America? Do you really want cheap Chinese goods or would you prefer jobs? A healthy vibrant economy...you know, like China?

Do we really want twenty million + illegal aliens in this country doing the jobs Americans won't do? Wouldn't you prefer to have Americans doing the jobs they've been told they do not want?

It is so sad to see this great nation struggle and flounder around helplessly.

37 posted on 08/06/2011 4:51:27 PM PDT by servantboy777
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To: John Valentine
Seems to me that the Chinese are making observations that OUGHT to be made by our own press, and would be if they weren’t such politically correct sissy boys.

Well put. Both parties have poisoned the well preventing real debate on the changes required to get spending under control. Prepare. The ride could be turbulent as a result of our dysfunctional government.

38 posted on 08/06/2011 4:54:35 PM PDT by RochesterFan
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To: rabscuttle385
China, more or less.
39 posted on 08/06/2011 5:02:32 PM PDT by _a_0_0_
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To: servantboy777
This country will die if we do not have the capability to produce and export products. Simply shifting dollars around through the service sector cannot provide the GDP necessary to pull our nation from her current peril.

Correct. We can't fund all the entitlements to which the public has become addicted on service sector jobs. Some of our population are not qualified to do anything beyond the job we were told "Americans didn't want."

I have watched one CEO almost destroy a once great American corporation by systematically destroying our manufacturing capability. He doesn't want to manufacture anything, but outsource everything. And Obama has the poor judgement to put him on the "Jobs" council.

40 posted on 08/06/2011 5:05:50 PM PDT by RochesterFan
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To: rabscuttle385

Oh HELL, if there is a call for the world community to oversee American sovereignty, you can bet Hussein will be on board.


41 posted on 08/06/2011 5:06:14 PM PDT by Recovering_Democrat
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To: rabscuttle385

Oh HELL, if there is a call for the world community to oversee American sovereignty, you can bet Hussein will be on board.


42 posted on 08/06/2011 5:06:58 PM PDT by Recovering_Democrat
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To: servantboy777

“Wonder how the freakin Chi-coms would feel if our leadership began passing legislation facilitating the movement of manufacturing back on to American soil?”

-

So what’s preventing us from finding out??


43 posted on 08/06/2011 5:10:18 PM PDT by Cringing Negativism Network (We are not tea partiers ... we are good tea partiers. Life-long tea partiers)
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To: tsowellfan

COMMENCE THE TRADE WAR.

“Free traders” get the h*ll out of the way.


44 posted on 08/06/2011 5:13:00 PM PDT by Cringing Negativism Network (We are not tea partiers ... we are good tea partiers. Life-long tea partiers)
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To: RochesterFan
>>Some of our population are not qualified to do anything beyond the job we were told “Americans didn't want.”<<

American corporations, one of which I work for, subsidize foreign student education and bring them here on H1B visas.

Other foreign countries support education of their population past high school via social programs.

For instance, a worker in India is chosen to attend University, they complete four years with little cost to the student. Then U.S. corps bring them to the states and subsidize a great portion of their education here.

You now have new hires with Masters and PHD’s for greatly reduced compensation, working right here in the good ol United States.

American students do not get the same sort of education subsidies and often times pay much greater tuition rates than those brought here from foreign countries through special programs as discussed above.

It is NOT a level playing field. Americans yet again get the short end of the stick in trade negotiations.

I know American mechanical, software and electrical engineers that are struggling for employment, while many companies such as IBM, HP, Dell, GE and the like are flooding this nation with cheaper foreign workers.

What jobs American corps have not outsourced, they've made sure foreign workers have gotten preferential treatment.

I've been in the business 26 years, I've seen the transition up close and personal.

45 posted on 08/06/2011 5:20:54 PM PDT by servantboy777
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To: Cringing Negativism Network

>>So what’s preventing us from finding out??<<

Crooked, power hungry politicians that cannot bring themselves to pull corporate hands from their pockets.

It’s all about money, greed, and lust for power.


46 posted on 08/06/2011 5:24:46 PM PDT by servantboy777
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To: Cringing Negativism Network

So the solution is to slit our own throats?

China’s rattling their sword. The only way they can get what they need is people, and that’s something the US ain’t got.


47 posted on 08/06/2011 5:45:55 PM PDT by BenKenobi (Honkeys for Herman!)
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To: meyer

China told the damn truth. They have watched as stupid US companies not only let them make the product, but; they also get our plans.

We have not learned how to deal with the Orientals. The Asian smiles while the Chritian riles, and he weareth the Christian down. At the end of the fight is a tombstone white with an epitath to the late deceased-”A fool lies here who tried to hustle the East.”


48 posted on 08/06/2011 6:00:20 PM PDT by Lumper20
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To: upchuck
However, China is walking a really fine line here because the LAST thing they want is chaos of their trading partners, USA and the European Union by dumping US Treasury bonds. China has a hugely-powerful export economy and if the USA and Europe falls, there goes most of China's export revenue, and that could bring down China's "Big Four" banks.

I do think over the next few years, an agreement will be made to start returning world currencies to a asset-based standard using gold, silver, platinum, palladium and even possibly copper and nickel, the most commonly-used metals for coins and bullion bars used in monetary trade in the past.

49 posted on 08/06/2011 6:01:54 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: RayChuang88

Commence the chaos.

Bring on the trade war.


50 posted on 08/06/2011 6:03:42 PM PDT by Cringing Negativism Network (We are not tea partiers ... we are good tea partiers. Life-long tea partiers)
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