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 ...
Oh HELL, if there is a call for the world community to oversee American sovereignty, you can bet Hussein will be on board.
Oh HELL, if there is a call for the world community to oversee American sovereignty, you can bet Hussein will be on board.
“Wonder how the freakin Chi-coms would feel if our leadership began passing legislation facilitating the movement of manufacturing back on to American soil?”
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So what’s preventing us from finding out??
COMMENCE THE TRADE WAR.
“Free traders” get the h*ll out of the way.
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.
>>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.
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.
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.”
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.
Commence the chaos.
Bring on the trade war.
China--if it was smart--would aggressively pursue policies of aggressively converting coal to motor fuels (China has huge reserves of coal), providing assistance to exploit new oilfields in eastern Siberia, and aggressively developing a nuclear power program based on using thorium-232 as fuel (since China has large reserves of thorium from their rare-earth metals mining program).
Gerald Celente--a well-known economic doomsayer who has made some salient points (I've communicated with him by email a couple of times) has said that the country that can successfully exploit local resources and markets will be the big winners over the next decade. China--sitting on huge reserves of coal and large reserves of thorium-232 that could be used in the liquid fluoride thorium reactor--could achieve near-complete independence from imported oil within 10 to 12 years. The USA under the right regulatory environment--especially encouraging development of local resources, streamlined regulations and a business-friendly income tax system--could do the same, especially with huge amount of coal still in the ground, hundreds of thousands of tons of thorium-232 for the LFTR reactor, new production techniques to extract out oil and gas on a huge scale, exploiting oil shale and opening up previously-closed areas for oil and gas extraction.
That's exactly what they want. At $10 a loaf even the hardest of hardcore republicans will be voting for the party of handouts just to feed their children.
I don't think I want any kind of war with this President in control. Maybe with Sarah Palin or Paul LePage or Alan West
Sir they are into the Oil Sands in Canada.
Yeah, I know. I just don't like hearing it from them, but it is true. Our government is destroying our nation. Companies didn't go to China just for cheap labor - they went there to escape hyper-regulation. EPA, OSHA, EEOC, NLRB, and countless others conspiring to destroy industry in the US.
I think we can deal with the Orientals just fine - it's the commies in Washington that are the problem. :)
While China has interest in the Alberta oil tar sands, shipping that oil back to China has proved to be much hard than anticipated, especially with environmental opposition to building an oil pipeline from the tar sands location to a British Columbia port. That’s why China needs to aggressively pursue exploiting its coal reserves in a new way and aggressively develop nuclear power using thorium-232 as fuel.
They are Smart going the with Thorium, I heard in 5 years some of this will be on line there!
I think tariffs are in order.
Well, we DO owe them money.
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