China TELLS America to Cut Military and Social Welfare Spending.
Well FireDogs, we have all of us known since at least the beginning of 2009, that our modern gilded age dandies were a bunch of dumb bastards. Just a bunch of inbred morons born on third base and steady believing that they hit a triple. Since the inauguration of Barack Obama as President of the United States of America, the fascist plutocracy has completely had its way, getting every single thing on their wish list. Turns out that, much like the unimaginably beyond greedy idiocy that was excersized once all the financial industry deregulation had occurred, causing the housing bubble, and the destruction of still unknown tens of trillions in wealth through mortgage and derivatives fraud; and having “socialized” all those losses and begun once again to plough on ahead with their “free trade” predatory capitalism, having “almost” destroyed the economy of the whole world wasn’t quite satisfactory. These morons are too stupid to stop. Having been given some fairly spectacular proofs that their financial ideology ……does……not……work. They are bound and determined to keep on doing even more yet still of what hasn’t been working, ’cause perhaps then………..ahhhhrrgggg.
Sorry about the run on sentence rant. Really. I suggest that prior to reading the rest of this post that you go where ever it is that you need to go to get some chopsticks, so that you can begin to practice intently while you read. This could become important. Being poor will be bad enough, but if you throw social ineptitude in on top of that, it may be too much to bear.
China roundly condemned the United States for its “debt addiction” and “short sighted” political wrangling and said the world needed a new stable global reserve currency.
In a harshly-worded commentary by the official Xinhua news agency on Saturday, China gave its first official comments on the United States losing its gilded AAA long-term credit rating from Standard & Poor’s.
“China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” Xinhua said.
China also urged the United States to apply “common sense” to “cure its addiction to debts” by cutting military and social welfare expenditure.
“International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua said.
Beijing has repeatedly urged Washington to protect its dollar investments, estimated by analysts to account for about two-thirds of its $3.2 trillion in foreign exchange reserves, the world’s largest.
Officials, from the head of the International Monetary Fund (IMF) to the Philippines finance minister, have warned that the US dollar may lose its reserve status.
For China, the largest lender to the US and the world’s second biggest economy, the answer is close to home.
“I think the US debt crisis adds new urgency to the Chinese government’s efforts to promote the yuan as an international currency,” Zhang Ming, a Beijing-based scholar at the Chinese Academy of Social Science (Cass), tells BBC News.
China holds more than $3.2trillion (20.6tn yuan; £2tn) in foreign exchange reserves, of which 70% is estimated to be in US dollars.
As the dollar falls in value against the Chinese yuan and other currencies around the world, because of the US’s financial problems, Beijing faces losses on its holdings.
“Before the outbreak of the sub-prime crisis, the US dollar was considered a stable international reserve currency,” he says.
In July 2009, less than a year after the collapse of investment bank Lehman Brothers, Beijing announced a pilot programme allowing some companies to settle imports and exports with yuan.
According to UBS Securities, trade settlement in the Chinese currency rose from just 18.4bn yuan ($2.86bn; £1.95bn) in the first three months of 2010 to 360bn yuan in the first three months of 2011.
The global stock market slide in the past week has focussed everybody’s attention but it is really responding to three seperate concerns: over the US recovery which is stalling; over the Eurozone sovereign debt crisis, which is not over; and to slowing growth in Asia.
And staying with the theme of this post, a quote from one of my favorite mostest people ever on the planet :
“The chief weapon of sea pirates, however, was their capacity to astonish. Nobody else could believe, until it was too late, how heartless and greedy they were.”
Illegitimi non Carborundum
Take care of one another and keep each other Strong.