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China to solve US borrowing problem

Discussion in 'Off Topic Threads' started by Joe Potosky, Aug 5, 2011.

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  1. Joe Potosky

    Joe Potosky Well-Known Member

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    China says debt financing unlikely 'to save' US, EU


    AFP - China said Friday that debt deals in the United States and in Europe would not be enough to save their economies and "concrete steps" must be taken to rebalance the global economy.


    "The only way the Americans have come up with to improve economic growth has been to take on new loans to repay the old ones," a blistering commentary published on the official Xinhua news agency said.


    "To eat May's grain in April, however, will never be a permanent solution to a problem," the report said.


    China warned on Wednesday that Washington's efforts to raise the US limit on borrowing had failed to defuse America's "debt bomb" and signalled that BEIJING WOULD FURTHER DIVERSIFY ITS HOLDINGS AWAY FROM THE DOLLAR.


    After months of bitter negotiations with his Republican rivals, US President Barack Obama finally signed an emergency bill on Tuesday that averted what would have been a disastrous debt default for the world's biggest economy.


    Beijing's latest comments rounded on Thursday's 500-point drop in the Dow Jones industrial index, noting that it had exposed "the plight of western economies and their deep structural defects."


    "The United States has long been maintaining economic growth and excessive consumption by means of debt financing, hence masses of economic bubbles, which eventually triggered the financial crisis," the commentary said.


    The commentary also took aim at the European Union, whose members recently constructed a deal to stave off a sovereign debt crisis in Greece in fear that it would be a harbinger to a wider and deeper credit malaise in the eurozone.


    "The current bailouts offered by international bodies such as the EU are in a sense, to 'rob Peter to pay Paul'," it said.


    "Only by introducing reform can they save themselves; only with a sound economic structure can they assume responsibility for the world economy."
     
  2. spritc

    spritc Active Member

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    Duh!!!! Send this to the libs pal Obamanation
     
  3. JLSO5

    JLSO5 Member

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    Guys this has been a 2 party BARN BURNER.
     
  4. JLSO5

    JLSO5 Member

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    Guys this has been a 2 party BARN BURNER.
     
  5. Rick Barker

    Rick Barker Well-Known Member

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    If they are really that concerned about us, maybe they will send back all the jobs that left this country to go to theirs.
     
  6. R.Kipling

    R.Kipling Well-Known Member

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    "Unrestricted Warfare" it's been a part of their plan since 1953. This title is a book written by Chinese military personnel in the 90's. I've had a copy since around 2000, got it from a friend in Washington - it was assigned reading in the Basic School back then. I've included a link to it on-line.

    If you travel to Viet Nam today you will see dedicated monuments in many Provence's that detail the Asian plan "60 years of struggle for freedom". Our Yankee Imperialist "Viet Nam conflict" part of the plan only spans about the middle third.

    We may have been prosperous at one time, we are fast becoming the dupes of the universe with this crisis of leadership we have today. We've become a rudderless ship of state - God only knows where the wind will push us.

    IMHO,
    Kip
     
  7. slowdp

    slowdp TS Member

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    Every leaded in my lifetime has followed the same path. Spend more - borrow more. I don't see any way to get out of this trouble except by bankruptcy or cut all spending to zero.

    How can we possibly pay back our debt load when we borrow 40% of what we spend each year. First we cut back 40% so that we are spending what we take in.

    How much more would we have to cut back just to pay the interest?

    How much more would we have to cut back just to pay the minimum on the credit card?

    Do I hear chapter 7?
     
  8. bigdogtx

    bigdogtx Well-Known Member

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    Medicare/Medicaid for AMERICANS, Interest payments on current debt, military pay and benefits and finally SS for AMERICANS; these are the ONLY MUST pay always,,,,EVERYTHING else would be on the table,,,,now SS and Medicare must be restructured but done in such a way that those that don't have time to realign their lives and savings, i.e. above age 50 or 55 would have the same system,,,,

    We have to borrow money to send it to other countries,,,,for the moment, we to immediately stop sending away money we DON'T HAVE,,,,we can't help everyone "as a government",,,,until that is COMPREHENDED,,,,we will continue on our current downhill trend....God Save America!!!
     
  9. R.Kipling

    R.Kipling Well-Known Member

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    We go on a cash accounting program, and cut expenses from the top - down. That's Leadership! It's post Cold War, POTUS should be traveling in a Citation 900, at most. Robert Townsend outlined one most successful program in his book "Up The Organization".

    Doesn't have to be drastic, or fast if we take back our bank from the Federal Reserve, and stop paying them to control our money. The only way the rest of the world will not go wild when we take back the Fed, is, if we are already on a strict transparent, cash system.

    About 25% of our monthly expenditures are waste, fraud and abuse, this needs to be focused on before anything else. There is most likely much more, but it's hidden within the Fed. Inflation is killing Americans and lining the pockets of our elitist handlers.

    Never happens because it takes true patriot leaders, not elitist parasites as we have now.

    IMHO,
    Kip
     
  10. capulona

    capulona TS Member

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    67% of the US economy is consumer spending. we've brought it upon ourselves by becoming a consumer nation/society. the corporations made us believe that buying and possessing stuff will make us happy. it's all about instant gratification, no one wants to save money and buy something after you've earned it, there's always credit... now look at this mess
     
  11. dave-320c

    dave-320c Well-Known Member

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    Ron Paul is right

    David
     
  12. slic lee

    slic lee Active Member

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    What bullship from all of you. Is this the best you have to say?
    Wave that white flag
     
  13. Setterman

    Setterman Well-Known Member

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    Budget Amendment

    Cut entitlements. If you don't work for it or pass a drug test, no free stuff.

    NO FREE STUFF

    Cut foreign aid. Especially to those a-holes that back stab us.

    Flat tax.

    No benefits for illegal aliens.....none.

    Thats a start. Arguments on why we shouldn't?
     
  14. mallard2

    mallard2 Active Member

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    Great, now you are quoting China a a reliable source of information. What do you think they would say about the U.S.?

    Geez, open eyes, please. Both parties are to blame.
     
  15. bigdogtx

    bigdogtx Well-Known Member

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    Did you even read the article?? Tell us what they are saying that is wrong.
     
  16. colonel klink

    colonel klink Active Member

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    Last year we "gave" China 247 million dollars for Humanitarian Aid. How can this make sense. We borrow billions from them & then GIVE money back to them for free. Wow, we are the biggest dumb a$$e$ ever. Colonel
     
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