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China tells U.S. to take steps to avoid debt crisis

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I AM NOT THAT GUY Grand Master

I AM NOT THAT GUY   5,715

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BEIJING (Reuters) - China urged Washington on Monday to take decisive steps to avoid a debt crisis and ensure the safety of Chinese investments, as a deadlocked U.S. Congress confronted a looming deadline to increase the nation's borrowing power or risk default.

China, the U.S. government's largest creditor, is "naturally concerned about developments in the U.S. fiscal cliff", Vice Finance Minister Zhu Guangyao said in the Chinese government's first public response to the Oct 17 deadline in the United States for raising the debt ceiling.

"The United States is totally clear about China's concerns about the fiscal cliff," Zhu told reporters in Beijing, adding that Washington and Beijing had been in touch over the issue.

"We ask that the United States earnestly takes steps to resolve in a timely way before October 17 the political (issues) around the debt ceiling and prevent a U.S. debt default to ensure safety of Chinese investments in the United States and the global economic recovery," Zhu said.

"This is the United States' responsibility."

http://news.yahoo.com/u-steps-avoid-debt-crisis-china-vice-finmin-080413034.html

Peikko Grand Master

Peikko   1,575

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I think they are more than worried about their investment. If the US is allowed to unravel, the repercussions in every other economy are going to be horrendous.

Refusing to use the spellchick!

I have put you on ignore. No really, I have, but you are still ruining my enjoyment of this site. .

mota bhai Veteran

mota bhai   2,675

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You know what would be awesome?

If the Democrats and Republicans are working together and this is all just theatre?

What if the whole idea is to default at which point the executive gets to decide which debts they'll service and which debts they won't and the Chinese debt is the debt that gets pushed aside.

We have all their money.

They have a bunch of our paper.

What if we just tore that paper up?

We'll set China back about 50 years.

Might be worth a default.

I AM NOT THAT GUY Grand Master

I AM NOT THAT GUY   5,715

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If the Chinese decided they could not longer trade with the US, because the bonds the US pays for the difference in exports (trade deficit) defaulted, then the prices US importers pay for goods increases dramatically, as they already have. On the other hand, labor costs in the US were falling, so many jobs were coming back to US, and the President has been shielding the manufacturers from the true cost of Obamacare. It will be interesting to see if President can continue that momentum long enough to regain control of Congress. I doubt it, but it will be a close call, I am certain.

Darnell Grand Master

Darnell   8,479

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rofl.gif They're worried about their investment.

So they hold T-bills and cash.

Want yer money back? Sell yer T-Bills.

To someone else ;)

Sometimes my language usage seems confusing - please feel free to 'read it twice', just in case !
Ya know, you can find the answer to your question with the advanced search tool, when using a PC? Ditch the handphone, come back later on a PC, and try again.

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Darnell Grand Master

Darnell   8,479

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You know what would be awesome?

If the Democrats and Republicans are working together and this is all just theatre?

What if the whole idea is to default at which point the executive gets to decide which debts they'll service and which debts they won't and the Chinese debt is the debt that gets pushed aside.

We have all their money.

They have a bunch of our paper.

What if we just tore that paper up?

We'll set China back about 50 years.

Might be worth a default.

There's a pile o merit to this. I really hope some bright fella, or a group of bright fellas, take this concept and run with it, straight to the paper-tearing stage. Call it an intellectual-property-fees reclamation, if'n ya want to get legal ;)

I think with the other sh|te going on in the Congress, this might actually be the right time to slide 'this' in, when no one is looking.

Edited by Darnell

Sometimes my language usage seems confusing - please feel free to 'read it twice', just in case !
Ya know, you can find the answer to your question with the advanced search tool, when using a PC? Ditch the handphone, come back later on a PC, and try again.

-=-=-=-=-=R E A D ! ! !=-=-=-=-=-

Whoa Nelly ! Want NVC Info? see http://www.visajourney.com/wiki/index.php/NVC_Process

Congratulations on your approval ! We All Applaud your accomplishment with Most Wonderful Kissies !

 

RGinWA Experienced

RGinWA   816

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They loaned money to the drunken sailor that comes to the bar every night so that they can continue to sell him drinks. And now they are worried?

We should let them have Texas and Vermont and we can call it good.

If it wasn't for the fact we buy all their cr@p they wouldn't lend us a cent.

The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 

-John Kenneth Galbraith

 

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Darnell Grand Master

Darnell   8,479

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Hey ! don't let China have Texas, outright. Purty Please? ;)

Sometimes my language usage seems confusing - please feel free to 'read it twice', just in case !
Ya know, you can find the answer to your question with the advanced search tool, when using a PC? Ditch the handphone, come back later on a PC, and try again.

-=-=-=-=-=R E A D ! ! !=-=-=-=-=-

Whoa Nelly ! Want NVC Info? see http://www.visajourney.com/wiki/index.php/NVC_Process

Congratulations on your approval ! We All Applaud your accomplishment with Most Wonderful Kissies !

 

 

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