Elaine Meinel Supkis
China announced they are going to change the way they run their currency. Instead of realistic currency reforms, our fiat currency is going to be pegged to the yuan of all things! Not even the euro! In future years, we will be buying oil using yuan, not dollars. We asked for this!
China may reduce the amount of US bonds it holds as part of its foreign exchange reserves, an influential official has reportedly said.The remarks, made by Parliamentary vice-chairman Cheng Siwei, triggered a fall in the US dollar against leading currencies in European trading.
China is a major funder of US debt, holding about £260bn (£149bn) in US Treasury bonds - second only to Japan.
Any reduction in China's dollar assets could hit the US economy.
Should China cut its US dollar holdings, this could drive up long-term yields on US bonds, which could in turn put pressure on interest rates.
Kiss our own asses goodbye. This is, of course a ploy. We went to the WTO to try to stop China from having any trade barriers and so China has decided to cut up our credit card. Whoo hoo. Will the USA surrender?
I HOPE THE CHINESE DO THIS!
The only way to stop the tidalwave of red ink that is sinking all of us into permanent debtor's prison is to cut up the damn credit card! Congress just raised the debt ceiling to $9 TRILLION hellish dollars! What the???? This is beyond ridiculous. Where is Ross Perot? I forgot. He joined the traitors killing America.
China's Central Bank said that Mr Cheng was speaking in a private capacity and his remarks did not represent government policy. China can increase buying of US products and gradually reduce its holdings of US bonds Cheng Siwei, vice-premier of the Chinese national parliamentHowever, with Chinese president Hu Jintao due to visit Washington later this month, the comments are sensitive and could put further pressure on the two countries' already strained trading relationship.
Of course, the Chinese aren't going to slit our economic throats yet. They are no where near finished with us. But if we squeal too loudly, they have to have someone shut us up. So this shot across our economic prow was deliberate and quite effective. You see, we can't fix anything unless we fix ourselves and the last thing most Americans want is to fix things.
I lived for 10 years in a tent in order to build a beautiful house. It is 100% my house. No bank owns it. This is called "making sacrifices" and one plans for the future by doing stuff like this. Accumulation of wealth and the freedom of ownership rather than recievership---this is stern stuff and we collectively wanted a free lunch, the Easter Bunny to marry Santa Claus and give birth to the Tooth Fairy and then all get even richer with the pot at the end of the rainbow.
This childish desire to get rich quick is now hitting the brick wall of reality. We were not becoming free and powerful by driving big vehicles, we were forging the chains of slavery with this! Instead of cutting down on use of foreign oil, we sucked it up at an ever increasing rate. We wanted big houses and were impatient about doing it the hard way so the Fed opened the fiscal sluice gates and flooded America with loans that were lower than the rate of inflation.
We had to cut inflation so we could have cheap loans so we shipped out all our industry and white collar jobs to cheap countries, thus reducing overhead so we could have everything, on credit, cheap!
And this destroyed America. Cheap money, cheap goods, cheap dollars. We printed it up and then shipped it to China who now has a noose around our necks and we deserve this. 100%. The Chinese didn't force us to do stupid things, we chose stupid leaders and begged them to do stupid things.
Now we get to squeal like a stuck piggie. Sooooowieee.
Elaine, Elaine, Elaine...
With every passing day you remind me more and more of Bret Harte:
"WHICH I wish to remark,
And my language is plain,
That for ways that are dark
And for tricks that are vain,
The heathen Chinee is peculiar,
Which the same I would rise to explain."
Posted by: jsmith | April 06, 2006 at 05:53 PM