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Breaking News Home | All | Religion | Society | Tech | Choice | Fridays | SA Newsroom
FRONT PAGE  |  10/21/2017
TUESDAY, OCT 8, 2013  |  9 comments
Get your fiscal house in order: China warns US

China, the biggest foreign creditor of the United States, has waded into the American budget crisis, warning Congress that it must resolve the political impasse over the debt ceiling without further delay.

The Chinese Vice Foreign Minister, Zhu Guangyao, told America‚Äôs deadlocked politicians on Monday that ‚Äúthe clock is ticking‚ÄĚ and called on them to approve an extension of the national borrowing limit before the federal government is projected to run out of cash on 17 October.

‚ÄúWe ask that the United States earnestly takes steps to resolve in a timely way the political issues around the debt ceiling and prevent a US debt default to ensure the safety of Chinese investments in the United States,‚ÄĚ Mr Zhu told reporters in Beijing. ‚ÄúThis is the United States‚Äô responsibility,‚ÄĚ he added. ...


CLICK HERE to Read Entire Article
www.independent.co.uk

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· Page 1 ·  Found: 9 user comment(s)
News Item10/13/13 9:14 AM
Fiat Down! | The US  Find all comments by Fiat Down!
Just this morning:
"As the first step in creating a de-Americanised world, all nations must try to shape an international system that respects the sovereignty of all nations and ensures the US keeps out of the domestic affairs of others, Xinhua said.

"The developing and emerging market economies need to have more say in major international financial institutions including the World Bank and the International Monetary Fund, so that they could better reflect the transformations of the global economic and political landscape," the editorial says.

It also called for an end to the use of the US dollar as the international reserve currency, a step that would ensure the international community could maintain a safe distance from the side-effects of domestic political turmoil in the United States."

From: http://www.ibtimes.co.uk/articles/513431/20131013/china-debt-ceiling-shutdown-xinhua-de-emericanised.htm

9

News Item10/9/13 7:29 PM
R. K. Borill | Baton Rouge, Louisiana  Find all comments by R. K. Borill
The rich ruleth over the poor, and the borrower is servant to the lender. (Proverbs 22:7 KJV)
8

News Item10/9/13 11:19 AM
Anne | The Wild West  Find all comments by Anne
Chris, if their money was mostly wrapped around the US dollar, that would make sense, but at last "guesstimate" this accounted for less than 30% of their holdings in foreign monies. They've hedged themselves well and need only to wait for whatever moment they want. Like I said though, they may have another path in mind and not care a fig about us; it's plausible though. They've surpassed us as export kings. Follow the GNP's of both countries and we're like a turtle on it's back...
7

News Item10/9/13 8:52 AM
penny  Find all comments by penny
http://www.ibtimes.com/china-russia-currency-agreement-further-threatens-us-dollar-248338

trade outside of dollar has already commenced, despite our efforts with Qadd, etc, and if you hear Putin's comments from G20, you will find they think its important to deal with the "imbalances" of the international economy (that would be the holders of the world currency printing it out of value)

http://www.forbes.com/sites/jackperkowski/2012/06/26/china-busy-signing-currency-deals/

we watched 16 trillion go out the back door in the last few years!

was this ever meant to be paid back?

did those who demanded this money also hold the responsibility to pay it back?

there were concerns expressed to Congress that if this wasn't done, martial law could ensue! in other words, if you vote no, there will be martial law?

Here's youtube of Congressman on floor describing what was said to him at the time.

http://www.youtube.com/watch?v=gnbNm6hoBXc&feature=player_embedded

what we've been doing for a hundred years, isn't that like handing your credit card to a teenager?

praying for our country.

6

News Item10/9/13 7:49 AM
Christopher000 | Rhode Island  Find all comments by Christopher000
China won't cash in for the same reason that the Russian oil borst (sp?) never switched from the American dollar...because it would crash the American economy, I think anyway, and trickle throuhout the entire world. What does China own, like 51 or 49% of the US via T-bills?
5

News Item10/8/13 6:07 PM
penny  Find all comments by penny
Brother Mike, do you think the bailout debt of trillions is payable with the petrodollar? or as Anne said, with what? I'm wondering if land will be traded?
4

News Item10/8/13 4:21 PM
Mike | New York  Find all comments by Mike
From the news:
"The Chinese Vice Foreign Minister, Zhu Guangyao, told America‚Äôs deadlocked politicians on Monday that ‚Äúthe clock is ticking‚ÄĚ and called on them to approve an extension of the national borrowing limit before the federal government is projected to run out of cash on 17 October."

Sure, more debt is getting your fiscal house in order, right ZG? Your support of our president's position is noted.

There are plenty of dumb speeches these days. With federal revenues running more than 2.5 trillion annually, and the debt service costs running around 220 billion, does anyone consider this: By law servicing the debt takes priority over other spending. If the debt can be serviced, no default can occur.

Spending is still the problem.

3

News Item10/8/13 3:23 PM
Anne | The Wild West  Find all comments by Anne
China holds more of our debt than any other country in the world, by a considerable sum. What does one think would happen should they call in their debt? They don't even have to call in the majority of their holdings - about 35%-40% would cause the collapse of the US dollar. The Feds could print the money, but that would ramp up inflation and then all of our debt holders would want to divest as quickly as possible. Just one of many scenarios, but a very plausible, easily calculable one. If China did this, they would be in position of world dominance from a fiscal standpoint practically overnight. They have moved their chess pieces and it looks as though they were thinking waaayyyy ahead. Sadly, they have been handed the clout to make statements like this.
2

News Item10/8/13 1:55 PM
protesting protestant  Find all comments by protesting protestant
‚Äúthe clock is ticking‚ÄĚ and called on them to approve an extension of the national borrowing limit-quote

China is a State Church upholder and now they are a voice in the House of Representatives? Sounds like they are not the only State Church upholders. "And the beast that was and is not is the eighth and is of the seven, and goeth into perdition." Rev. 17:11

1
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