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(France 24)   China downgrades U.S. credit rating from peking duck to egg rolls   (france24.com) divider line 179
    More: Obvious, U.S., credit rating, Standard and Poor  
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7434 clicks; posted to Main » on 17 Oct 2013 at 1:23 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-17 11:42:08 AM  
Yea, Ha Ha.
But, Shirley, would you loan money to the fools in Congress?
 
2013-10-17 11:46:00 AM  
That's it, they're going to loan those billions and billions to..... hang on, I'll think of it.....
 
2013-10-17 12:10:12 PM  
The wealthy of China invest in the US because they don't trust their own country's currency or government.

I don't think this is going to change any time soon.
 
2013-10-17 12:34:51 PM  
Okay.  And I downgrade the Yuan.

Same effect.
 
2013-10-17 12:45:26 PM  

obenchainr: The wealthy of China invest in the US because they don't trust their own country's currency or government.

I don't think this is going to change any time soon.


Nor should they. The yuan is experiencing rampant inflation. Food prices and fuel prices have continually risen for several years, not to mention a particularly extreme housing bubble that the government has been trying to slowly let the air out of (instead of popping) for the last several years.
 
2013-10-17 01:25:09 PM  
Of course they did.  They're making a hard push to find a new global currency to replace the US dollar.

Not that it'll work, but it's consistent with their previous talk of how bad the US dollar is at the moment.
 
2013-10-17 01:27:27 PM  
Great. Even Chinese know that we should have rather defaulted than allowed to continue making payments on existing credit by borrowing more.
 
2013-10-17 01:27:50 PM  

Infernalist: Of course they did.  They're making a hard push to find a new global currency to replace the US dollar.

Not that it'll work, but it's consistent with their previous talk of how bad the US dollar is at the moment.


Bitcoins.  They're the wave of the future
 
2013-10-17 01:28:15 PM  
Political stupidity aside, US won't default.  The 2/3 vote in favor in the House proves that this last month has been most theater (plus a few dozen insane Congresspeople).
 
2013-10-17 01:28:21 PM  
How can China be so huge and yet so laughable?
 
2013-10-17 01:29:27 PM  
so does that mean Ted Cruz is a secret agent for the Chinese?
 
2013-10-17 01:29:40 PM  

Nightjars: Political stupidity aside, US won't default.  The 2/3 vote in favor in the House proves that this last month has been most theater (plus a few dozen insane Congresspeople).


s/most/mostly
 
2013-10-17 01:29:42 PM  
Nice work republic*nts! That was just what the Chinese wanted.
 
2013-10-17 01:30:44 PM  
I'll be worried when reach reach egg drop soup stage.
 
2013-10-17 01:31:46 PM  
What is worrying me that we are relying too much on credit-borrowing to make payments on our debt, as a result we are in 17 trillion dollars. Eventually China (and whoever else) will stop lending us cash, and we will default even if we do not like it.
And than we will be crying crocodile tears thinking that those ugly Teabaggers were right all along and we should have listened to them.
 
2013-10-17 01:32:45 PM  
Thanks to those dumbasses in Congress, America has lost its won tons.

YOU'VE LOST YOUR ECONOMIC WON TONS!
 
2013-10-17 01:32:53 PM  

SuperNinjaToad: so does that mean Ted Cruz is a secret agent for the Chinese?


Ted is Canadian, so...
24.media.tumblr.com
 
2013-10-17 01:33:32 PM  

sage254: What is worrying me that we are relying too much on credit-borrowing to make payments on our debt, as a result we are in 17 trillion dollars. Eventually China (and whoever else) will stop lending us cash, and we will default even if we do not like it.
And than we will be crying crocodile tears thinking that those ugly Teabaggers were right all along and we should have listened to them.


Crocodile tears? Bitter tears, maybe.
 
2013-10-17 01:33:52 PM  
Egg rolls? Egg drop soup?

Amateurs.
 
2013-10-17 01:35:51 PM  
Man, now I want some ducking egg rolls.
 
2013-10-17 01:35:54 PM  
Isn't the Yuan tied to the dollar? What would this accomplish?
 
2013-10-17 01:36:03 PM  
This is the real news. (besides all y'all mocking it)
 
2013-10-17 01:36:21 PM  
Well, I'm convinced then.
 
2013-10-17 01:37:14 PM  

flucto: That's it, they're going to loan those billions and billions to..... hang on, I'll think of it.....


Businesses in Germany, Japan, the UK, and maybe even some in the US (as opposed to loaning that money to the US government.)  While the governments of many petroleum producing nations may not be trustworthy, sinking the money into privately run petroleum extraction operations located there might be a good investment.
 
2013-10-17 01:38:17 PM  
Dagong lowered its ratings for US local and foreign currency credit from A to A-

www.totalpackers.com

DaaaaaaaaaaaaaaaGong
 
2013-10-17 01:39:14 PM  

flondrix: Businesses in Germany, Japan, the UK, and maybe even some in the US (as opposed to loaning that money to the US government.) While the governments of many petroleum producing nations may not be trustworthy, sinking the money into privately run petroleum extraction operations located there might be a good investment.


What will businesses in Germany, Japan and the UK do with all those dollars? Buy Massachusetts?
 
2013-10-17 01:39:34 PM  

flucto: That's it, they're going to loan those billions and billions to..... hang on, I'll think of it.....


The other 190ish countries in the world.
 
2013-10-17 01:40:51 PM  

obenchainr: The wealthy of China invest in the US because they don't trust their own country's currency or government the US is the single largest pool of capital on the planet.

Fixed.

 
2013-10-17 01:41:22 PM  

Nightjars: Political stupidity aside, US won't default.  The 2/3 vote in favor in the House proves that this last month has been most theater (plus a few dozen insane Congresspeople).


FTFA:

"The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged," Dagong said in the statement, adding Washington's solvency was vulnerable as old debts were still repaid through raising new debts.

Assuming the statement is sincere, it's not about the default theater, it's about our borrowing and spending habits.
 
2013-10-17 01:41:52 PM  
Latinum ftw!
 
2013-10-17 01:41:54 PM  

BATMANATEE: The other 190ish countries in the world.


What do they plan to do with all those dollars?
 
2013-10-17 01:42:58 PM  

sage254: What is worrying me that we are relying too much on credit-borrowing to make payments on our debt, as a result we are in 17 trillion dollars. Eventually China (and whoever else) will stop lending us cash, and we will default even if we do not like it.
And than we will be crying crocodile tears thinking that those ugly Teabaggers were right all along and we should have listened to them.


Well, you are certainly crying crocodile tears NOW....

/I don't think you know what that phrase means.
 
2013-10-17 01:44:35 PM  
Enjoy the power trip, just remember to save enough for bus fare home, China.
 
2013-10-17 01:45:19 PM  
""The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged," Dagong said in the statement, adding Washington's solvency was vulnerable as old debts were still repaid through raising new debts.""


So when did the Chinese start thinking like fiscally responsible capitalists?
 
2013-10-17 01:46:23 PM  

flucto: BATMANATEE: The other 190ish countries in the world.

What do they plan to do with all those dollars?


Two chicks at the same time.
 
2013-10-17 01:47:38 PM  
Felgraf:
Well, you are certainly crying crocodile tears NOW....

/I don't think you know what that phrase means.


Do you really think any of the politicians even knowing that they were wrong would admit their mistakes? Sincerely?
Crocodile tears. But you are right, the general public will be crying real, bitter tears.
 
2013-10-17 01:48:30 PM  

The Angry Hand of God: Two chicks at the same time.


You win.
 
2013-10-17 01:48:38 PM  
Dagong lowered its ratings for US local and foreign currency credit from A to A-

bbsimg.ngfiles.com
 
2013-10-17 01:50:54 PM  

sage254: Great. Even Chinese know that we should have rather defaulted than allowed to continue making payments on existing credit by borrowing more.


That isn't why they lowered the credit rating. It was lowered on news that a few morons nearly defaulted on paying.
 
2013-10-17 01:51:26 PM  
So does that mean egg rolls are gonna be six bucks?

2.bp.blogspot.com
 
2013-10-17 01:51:50 PM  
Dagong

ibankcoin.com
 
2013-10-17 01:52:16 PM  

limeyfellow: That isn't why they lowered the credit rating. It was lowered on news that a few morons nearly defaulted on paying.


No it was lowered for purely political reasons. But party on and stuff.
 
2013-10-17 01:53:57 PM  

flucto: What do they plan to do with all those dollars?


It they follow throught, it will likely be a slow divestiture of US Bonds.
 
2013-10-17 01:54:19 PM  

flondrix: Assuming the statement is sincere, it's not about the default theater, it's about our borrowing and spending habits.


I understand the concern, but there is still 0% chance of default, outside of a political decision to default.  The risk you take with US bonds isn't whether you'll be repaid, its the valuation of the USD at the time that you get repaid.  For people who believe we're heading for high inflation, that would be a real concern - but the timing of this "downgrade" really makes me think that this isn't what they're doing.  The timing of the Chinese government's calling for a deAmericanization of the world economy really makes me think this downgrade is more political in nature than economic.
 
2013-10-17 01:55:11 PM  

limeyfellow: It was lowered on news that a few morons nearly defaulted on paying.


That and the fact that our debt load continues to increase.  Neither one of these are good for our credit rating.
 
2013-10-17 01:55:14 PM  

HeadLever: It they follow throught, it will likely be a slow divestiture of US Bonds.


So they're going to stop selling us stuff?
 
2013-10-17 01:58:03 PM  
What China says: "The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged," Dagong said in the statement, adding Washington's solvency was vulnerable as old debts were still repaid through raising new debts.

What Republicans hear: "The Republicans were completely right all along, but they'll be blamed anyway for not being able to convince the voters of it in time."

What Democrats hear: "The Republicans ruined our plan to spend limitless amounts of other countries' money with their teabagging, and should be declared traitors to the Obama Nation."
 
2013-10-17 01:58:09 PM  

flucto: flondrix: Businesses in Germany, Japan, the UK, and maybe even some in the US (as opposed to loaning that money to the US government.) While the governments of many petroleum producing nations may not be trustworthy, sinking the money into privately run petroleum extraction operations located there might be a good investment.

What will businesses in Germany, Japan and the UK do with all those dollars? Buy Massachusetts?


The bond market does over $800b A DAY in the US alone. I'm sure someone can figure out where to invest.

/Even businesses awash in assets issue short-term corporate bonds for production
 
2013-10-17 01:59:21 PM  

HeadLever: flucto: What do they plan to do with all those dollars?

It they follow throught, it will likely be a slow divestiture of US Bonds.


The interesting thing about financial instruments (and currency counts) is that they're really only good in the country that issued them. (Some exceptions apply.)
 
2013-10-17 01:59:58 PM  

flucto: So they're going to stop selling us stuff?


Probably no.  However, selling us stuff (which they can excange into other currencies)  and divesting of our current holding of bonds is two different things.
 
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