Asia claims we are broke.

Asia claims we are broke. (Full Version)

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pahunkboy -> Asia claims we are broke. (12/21/2008 4:27:06 AM)
insolvency, or debt default. On the historical level, there are no recent examples of countries with currencies valued at reserve status that have lapsed into public debt insolvency. There are also few or no precedents of such a vast and rapid expansion of public debt. The United States also runs large deficits in its public balance sheet and balance of trade. Families and businesses are also deeply in debt: in 2007, American private debt was equal to a little more than 100% of GDP. At the moment, it is not clear how much of America's private debt has been "nationalized" with the recent bailouts. In the early months of next year, when the official data are published, the United States will run a serious risk of insolvency. This would involve, in the first place, a valuation crisis for the dollar. After this, the United States could face a social crisis like that in Argentina in 2001 /snip http://www.speroforum.com/a/17305/US-debt-approaches-insolvency We voted for this. Mabye "early months of next year" means the Chinese year a calendar the gives us more time. SUURRRRRRRRRRRRE. I suppose it is all of are fault. Hadnt they thought that walmart "could" bail us out? Or the the oil in Iraq will pay for all the costs of Iraq. How uungreatful those Asians. argh (cougghs)

DarkSteven -> RE: Asia claims we are broke. (12/21/2008 5:26:33 AM)
Cliff's notes: The US is broke and cannot meet its obligations should they all come due at once. China's kept its currency artificially low to stifle imports and push exports. No breaking news here. The US has always operated at deficit, although the Bush administration aided by a clueless Congress has expanded that beyond reason. If China demanded full payment now, we would simply devalue our own currency. China would get its dollars devalued, everyone else would see the value of their holdings devalued, and China would get chewed out at the UN.

pahunkboy -> RE: Asia claims we are broke. (12/21/2008 7:47:27 AM)
Dark, China is by no means an angel in the mess. Everyone tried to play everyone. It all begs the question, whom is going to toil real time, real sweat, real calluses; to make good on over 9 trillion $. add in SS, Medicare-caid, poof 55 trillion. ...ad in the derivatives that in still collapsing =- 660 trillion $. lets review, 1980. we were broke. very broke. so now 29 years later... we gutted our steel, manufacture, our rail roads, some of the roads, we sold ball parks and stadiums. what asset do we have??? do you think our gold at fort knox is fully accounted for? think a minute... the fed res cant juggle digital money.... the gold in the vault, is long gone. so we might have the national parks left. and perpectural mineral rights, and time rated tolling for every errand the person takes. ....we llive in a corporation. the east india, kenesion hell hole.

Raechard -> RE: Asia claims we are broke. (12/21/2008 8:36:41 AM)
quote: ORIGINAL: DarkSteven China's kept its currency artificially low to stifle imports and push exports. That is what everyone outside the US accuses the US of doing.[:D]

Lorr47 -> RE: Asia claims we are broke. (12/21/2008 9:14:38 AM)
Transport Topics (Freight & Transportation Newspaper) 12/15/08: Volvo AB booked 41,970 European orders for new trucks in the third quarter of 2007. Volvo AB booked 155 European orders for new trucks in the third quarter of 2008. (No, that 155 is not a misprint.) Shipping has tanked so much that it is almost 90% cheaper to ship goods over the ocean today than it was in the beginning of the year. Air freight traffic dropped 7.7% in September alone. The Markit iTraxx Crossover index of credit swaps on mostly speculative-grade companies is at a level saying more than half of the companies will default. At a recovery rate of 20%, the implied default level is 45%. At a salvage percentage of 10%, the index suggest 40% of its members will renege on their commitments. The article concludes " It is hard to see how consumer confidence will recover when companies start going bust." When "foreigners" yell fire, they had better look behind them. Everybody's house is on fire.

popeye1250 -> RE: Asia claims we are broke. (12/21/2008 11:51:02 AM)
Yeah, we have all their money! Ha, Ha! Now, like the asshole brother-in-law who owes you a couple of G's they have to be "nice" to us! Sometimes it really pays to be the "debtor!"

Raechard -> RE: Asia claims we are broke. (12/21/2008 11:55:58 AM)
If I've said this once I've said this a thousand times: never let China be your accountant.

popeye1250 -> RE: Asia claims we are broke. (12/21/2008 12:05:02 PM)
quote: ORIGINAL: Raechard If I've said this once I've said this a thousand times: never let China be your accountant. Raechard, yes but we WANT them to be our Banker! "Fuck you, I don't have it! Sue me!"

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