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China says we are already defaulting by printing more worthless fed notes.
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China says we are already defaulting by printing more worthless fed notes. - 07-13-2011, 11:15 AM

China Agency Says US Already Defaulting on Debt
Friday, 10 Jun 2011 08:35 AM


Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

"In our opinion, the United States has already been defaulting," Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.

Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies -- eroding the wealth of creditors including China, Guan said.


Guan did not immediately respond to AFP requests for comment.

The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion -- but Republicans are refusing to support such a move until a deficit cutting deal is reached.

Ratings agency Fitch on Wednesday joined Moody's and Standard & Poor's to warn the United States could lose its first-class credit rating if it fails to raise its debt ceiling to avoid defaulting on loans.

A downgrade could sharply raise US borrowing costs, worsening the country's already dire fiscal position, and send shock waves through the financial world, which has long considered US debt a benchmark among safe-haven investments.

China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.

Beijing cut its holdings of US Treasury securities for the fifth month in a row to $1.145 trillion in March, down $9.2 billion from February and 2.6 percent less than October's peak of $1.175 trillion, US data showed last month.

Foreign ministry spokesman Hong Lei on Thursday urged the United States to adopt "effective measures to improve its fiscal situation".

Dagong has made a name for itself by hitting out at its three Western rivals, saying they caused the financial crisis by failing to properly disclose risk.

The Chinese agency, which is trying to build an international profile, has given the United States and several other nations lower marks than they received from the the big three.



Read more on Newsmax.com: China Agency Says US Already Defaulting on Debt

What me worry?


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gromulan
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07-13-2011, 11:52 AM

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Originally Posted by Sev View Post
Um yes.

What do you call 15 bureaucrats in control of a field they are not required to be familiar with?

I guess you believe having an accountant do brain surgery would not leads to problems as well.
I call it a spin job by you and whoever wrote the BS article you poasted. A death panel is a group of people deciding whether granny should get the kidney she needs or whether she should just die (a decision that currently is made by the 'death panel' at her insurance company, by the way). The people in the article you posted are NOT doing that.


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07-13-2011, 12:06 PM

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Originally Posted by gromulan View Post
I call it a spin job by you and whoever wrote the BS article you poasted. A death panel is a group of people deciding whether granny should get the kidney she needs or whether she should just die (a decision that currently is made by the 'death panel' at her insurance company, by the way). The people in the article you posted are NOT doing that.
However their decisions have the power to cause rationing and cause procedures and or medication not to be offered.

Worse than a death panel. Blanket decisions that cover the entire industry rather than a case by case decision.


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07-13-2011, 07:15 PM

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Originally Posted by Casual Observer View Post
If you don't let me spend more borrowed money to buy dependency, favors, and union bosses, I'm not going to send checks to a bunch of old people who didn't save any of the money they earned over 50 years and are completely dependent on the government as a result.
Sounds like liberalism alright...
CO, I have to take issue with you on this one. I was self employed for several years and paid not only 30% income tax but Social Security Taxes at 14%. If I had been able to keep that 14%, I would agree with you, but that is not the case for a lot of self employed who have to pick up both the employer share and the employee share of the payment side. If the government defaults on SS payments to seniors before they default on the $$ they continually hand over to Karzai and his POS regime , the Iraqi govenrment, Israel, and the rest of the fuggin ourside world..... I can only promise you there will be rage in this country of the violent kind.. THE VERY VIOLENT KIND.....

And I haven't taken a penny of SS and won't be eligible for many years. But, I'll be damned if this government will get a away with stealing from me and giving it to the bastards on Wall Street like they'v done in the bailouts. Dumping on SS would be the shot heard around the world.


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07-13-2011, 07:19 PM

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Originally Posted by our_auctionguy View Post
CO, I have to take issue with you on this one. I was self employed for several years and paid not only 30% income tax but Social Security Taxes at 14%. If I had been able to keep that 14%, I would agree with you, but that is not the case for a lot of self employed who have to pick up both the employer share and the employee share of the payment side. If the government defaults on SS payments to seniors before they default on the $$ they continually hand over to Karzai and his POS regime , the Iraqi govenrment, Israel, and the rest of the fuggin ourside world..... I can only promise you there will be rage in this country of the violent kind.. THE VERY VIOLENT KIND.....

And I haven't taken a penny of SS and won't be eligible for many years. But, I'll be damned if this government will get a away with stealing from me and giving it to the bastards on Wall Street like they'v done in the bailouts. Dumping on SS would be the shot heard around the world.
Dumping SS will never happen. Just scare tactics by Obama and the dems.
  
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07-14-2011, 05:34 AM

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Originally Posted by Rickw View Post
Looks like McConnell blinked. I was waiting to see who would win this game of chicken. It's nice to see that someone is going to do something to ensure we do not go through a default.

http://politicalticker.blogs.cnn.com...nment-default/
lol...

Still belieiving in angels, I see.

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07-17-2011, 05:51 AM

Was just listening to Kusinich.
Appears that the trustee's of Soc Sec have certified that there is over 2 trillion in the trust fund.

Hmmmmm.


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07-17-2011, 05:54 AM

Quote:
Originally Posted by Sev View Post
Was just listening to Kusinich.
Appears that the trustee's of Soc Sec have certified that there is over 2 trillion in the trust fund.

Hmmmmm.
From here:
In the mid-1980's, a stalwart senate staff colleague of mine decided to find this "Social Security Trust Fund." She finally found it, literally, in the desk drawer of a mid-level federal bureaucrat somewhere in West Virginia — handwritten numbers representing the "value" of the "trust fund" for each passing year.

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07-17-2011, 10:52 AM

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Originally Posted by chefjeff View Post
From here:
In the mid-1980's, a stalwart senate staff colleague of mine decided to find this "Social Security Trust Fund." She finally found it, literally, in the desk drawer of a mid-level federal bureaucrat somewhere in West Virginia — handwritten numbers representing the "value" of the "trust fund" for each passing year.

Jeff Livingston
I forgot to include there is also a surplus.

It would be worth not raising the debt limit just to hear Obama say there was no real money in the trust fund.


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“Nothing in the world is more dangerous than a sincere ignorance and conscientious stupidity.”
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