September 24, 2008

And then China's Communist Party paper threw the United States under the bus, and called for a new world order that doesn't rely on the dollar or US


From "The People's Daily", the official newspaper of China's ruling Communist Party:

"The eruption of the U.S. sub-prime crisis has exposed massive loopholes in the United States' financial oversight and supervision."

"The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States."

(Its pronouncements do not necessarily directly reflect leadership views, but this commentary by a professor at Shanghai's Tongji University suggested considerable official alarm at the strains buckling world financial markets.)

24 comments:

Nick said...

Who cares what the Chinese think? They can talk tough but in the end they have to support us because if they don't, then their economy will sink also.

Anonymous said...

What. Do you really believe that the Chinese are as stupid as the fat dumb broke Americans?

They are not stupid. Americans, are stupid and getting stupider by the minutre listening to bullet-head Paulsons wet bullshit dream of a unlimited Bailout for his pals, including George and Dick.

Why is Paulson leading this action? He stated without reservation on Meet the Press during the Olympics he will not stay on in his current job no matter what after Bushco-Cheneyburton are thrown out of power.

Why listen to a short-timer like Paulson? It reminds me of the Russian leaders opinon of Nixon 'like sending goats to tend the cabbage'.

America = stupid/ignorant/lazy
China = Smart
Japan = Really Smart

What's in your driveway?

Adam SlowHand Smith said...

We sell the Chinese worthless and toxic CDOs, and they sell us worthless and toxic toys and food, using lead and melamine.

I dunno, doesn't that seem pretty fair to you?

went2puke said...

One warning b4 I go puke:

Watch out folks! Bush is to something not good; in a couple of weeks, you'll wake up to the mother of all shocks: Trading on Wall Street will be halted for 3 months; Bush will declare a state of emergency, suspend the constitution, and postpone the elections. I see this coming folks!!

Congress is dead, the Supreme Court is in a coma, the military is bogged down in Iraq and Afghanistan, and the road is clear before Bush, Cheney and Co to mount a bloodless coup and hold on to power. Bush always wanted to be a DICTATOR. Paulson and bernanke are only figure heads paving the way for their masters to take control!!

Tongue in cheek? maybe! But I insist that there's something not quite right.

What's happening before our eyes can only take place in a banana republic. The only thing left before America officially becomes a banana republic is a military coup! Watch out!

Benji Franklin said...

When faced with a crisis (that our government told us WASN'T a crisis, up to about a month ago!), it pays to look to prior examples of similar crises.

Take Sweden, for example.

They apparently dealt with a collapsed real-estate bubble about 10 years ago, and their crisis ALSO threatened to bring down their financial institutions. Unlike the Japanese (who chose to prolong the effects by denying the problem, resulting in their "lost decade") the Swedes apparently decided to take some tough medicine and make it work.

See the following article from today's N.Y. Times; this is absolutely REQUIRED reading for anyone who's interested in what's going on, as well as a better approach than giving Paulson a (or should I say, another?) 'bazooka'

http://tinyurl.com/4rs383

BB said...

When the headlines read...

"Country X dumps U.S. treasuries"

...we will have arrived at panic.

In the rural areas -a return to VERY localized government in its true form -militia style.

In the urban areas -a combo of hurricane Katrina and the Rodney King riots thrown into a blender.

Our nation WILL make it through this, but we're entering a very dark period in my opinion.

Here's to the constitution boys!

Fight like hell!!!!!!


.

Anonymous said...

Can someone say Dictatorship

http://www.huffingtonpost.com/
2008/09/22/
dirty-secret-of-the-
bailo_n_128294.html

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives.

san diego native said...

Wow, that's crazy (but had to happen sooner or later) despite what "nick" thinks. Nick - China actually has a couple bucks in the bank, their economy would sink, but not collapse - comprende?

Also, I bought another gun today. Gun store was crazy. 3 months ago it was not this busy on a Saturday. 3 months ago, on a Tuesday at 4pm there would be maybe 5 people in the store. Today, I had to wait 30 minutes to spend $1k. Probably 25 people total in the relatively small gun store - not including the range. Including myself, at least 8 customers in business attire. This is in an upper class neighborhood in San Diego. I also asked them to order me a second new gun which I will pick up in two weeks.

Tokyo Girl said...

Just give us all your banks.

sunnyvale said...

Nick,
Ok lets break this down so you can understand ok. If you had a friend who kept borrowing money from you every month and never paid you back what would you do? Now what would you do if the money he borrowed from you kept increasing, and last you checked his financial situation was worse than ever. Would you keep lending to him, or would it be smarter to cut your losses short? Believe me when I say China is quickly learning they are better off without the U.S. since they know they will NEVER see that money they lent us, NEVER EVER. They also know there are other countries who will pay that money back and are in good financial condition. China will only benefit from selling products to this country if they eventually get paid. Its only a matter of time for our big creditors like China to cut us off.

Anonymous said...

told ya sucked all the money from the US and then turned around said we weren't worth a damn if we can't keep our finances together. Expect more countries to follow suit, and you think those people like you, no they despise you as they try to be just like you. But isn't this bailout thing something like getting all bets covered by the house. But don't they get their hands broken, cars blown up so on and so forth if they don't come up with the money (they do in the movies), not in the USA, they get a 50 million dollar golden parachutes and stock options. No wonder the chinese want to be like you. and it's not the latest episode of american idol, it's dancing with the stars.

Anonymous said...

"The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States."



so that we can unfairly peg the yuan at a fixed rate to it.

Anonymous said...

Wow, that's crazy (but had to happen sooner or later) despite what "nick" thinks. Nick - China actually has a couple bucks in the bank, their economy would sink, but not collapse - comprende?

----------------------------

dude, it would kill their economy. China's economy is base on selling crap to America. The rest of the world's economy is based on selling america crap.

George L said...

went2puke said...

"Watch out folks! Bush is to something not good; in a couple of weeks, you'll wake up to the mother of all shocks: Trading on Wall Street will be halted for 3 months; Bush will declare a state of emergency, suspend the constitution, and postpone the elections. I see this coming folks!!"

yeah,and I'm banging Scarlett Johansson


I disagree,bush Has very limited military,law enforcement,national guard units to pull it off successfully .plus it would prove difficult for soldiers to move against their fellow countrymen.and mercenaries won't work for free.

300 million people in america, 200 register firearms and war vets protesting against the war daily and many more soldiers refusing to go back to war.they're tired of bush.

they're trying to keep the economy from falling in to a depression,because if we do fall into one;it's over for the rich boys, and they know it

Anonymous said...

I say American should just make its own crap and sell the crap to each other . I think America should just
start drilling and coming up with good energy sources . I think America should spend 700 billion on new energy or bridges or roads that are needed .This will create Jobs

I think China should start selling crap to their own people and raise their incomes so they can pay for the crap .


If I didnt know better I would say that the housing boom was a plot to drown us in our crap we went into debt to get .

Anonymous said...

should i realy write up the thought of a bullet in the back of the head like they give out to free speakers in /at our friends the commie chinese?

Afterthought said...

Yeah, they realize they are never going to be paid back.

Sucks to be them.

Next!

Anonymous said...

Starting in Aug 1993, the US Treasury & Fed went full throttle writing massive Gold put options on Comex/Tocom via Goldman Sachs, Sumitomo, etc -- I followed the aggregate totals almost daily -- you know what struck me the most? Not the sheer treachery on our end knowing there was no gold bullion collateral backing up the put options but the realization that somebody or some entity on the long end of the equation was taking delivery each month.

Don't be surprised in the not to distant future to wake up one morning to the news that China, Russia and/or the Arabs (or all of the above) have announced a gold-backed currency.

Western civilization is over on that date...and you can take that to the bank.

Anonymous said...

"Life is unfair. This whole thing is unfair" - What an arrogant comment from a crook who has a vested interest in getting bailed out.

How about this, sucker ? Lets stop all foreign aid to Israel, period. Instead divert the money to the Palestinians and then we'll see the response from these same wretched criminals about how "unfair" it is to their true master- the zionist entity that has manipulated America since WWII

Anonymous said...

Putin said the same thing as the Chinese last Friday:

Prime Minister Vladimir Putin called for changing the architecture of the international financial system.

“We all need to think about changing the architecture of international finances and diversifying risks. The whole world economy cannot depend on one money-printing machine,” Putin said at the final press conference after a meeting of the Russian-French bilateral commission on cooperation in Sochi on Saturday.

http://www.itar-tass.com/eng/level2.html?NewsID=13094201&PageNum=0

Boom2Bust.com said...

While we focus on China, it looks like the Japanese are going in for a sneak-attack on Wall Street...

"Japanese Go Bargain-Hunting On Wall Street"
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/23/AR2008092300219.html

Nick said...

Anonymous san diego native said...

Wow, that's crazy (but had to happen sooner or later) despite what "nick" thinks. Nick - China actually has a couple bucks in the bank, their economy would sink, but not collapse - comprende?

Also, I bought another gun today. Gun store was crazy. 3 months ago it was not this busy on a Saturday. 3 months ago, on a Tuesday at 4pm there would be maybe 5 people in the store. Today, I had to wait 30 minutes to spend $1k. Probably 25 people total in the relatively small gun store - not including the range. Including myself, at least 8 customers in business attire. This is in an upper class neighborhood in San Diego. I also asked them to order me a second new gun which I will pick up in two weeks.

September 24, 2008 6:23 AM

Dear "San Diego native", you don't understand that the Chinese have much more to lose by not supporting us. They are not a developed country like the U.S. and thus they can not afford even a mild recession let alone a Depression.

However, when and if the day comes when foreigners no longer trust us, then we will have problems. But the Fed will print money anyways. The American people have a lot of faith and trust in the Fed.

It won't matter to me that the economy will fall apart. Good, let it. I already had my toys and fun thanks to all of you DOPES saving your money.

Anonymous said...

san diego native:
"Also, I bought another gun today. Gun store was crazy. 3 months ago it was not this busy on a Saturday."

Hunting season? It's starting where I live. Maybe that's what's behind the "conspiracy" to buy more guns?

I was in a liquor store on Labor Day and it was busier than a Monday a few months ago. I could think there were more people because of the economic woes, or I could actually think.

Anonymous said...

For the first time since the Asian financial crisis more than a decade ago, Hong Kong has faced a bank run.

Hundreds of depositors lined up at the city's third-largest lender Bank of East Asia Ltd. yesterday as the bank hit out at ``malicious rumors,'' and Chairman David Li rushed back to Hong Kong from the U.S. to reassure clients and investors.

http://www.bloomberg.com/apps/
news?pid=20601080&sid=aII1tgrPIB.s