BREAKING: CHINA TO DUMP ONE TRILLION IN U.S. RESERVES!!!

I didn't make an attempt to validate the article heading this thread. All I said was that I had raised some concerns about the looming economic crisis addressed in a thread that got no responses.

I also said this latest news adds to my concern. This article may be bunk, but my concerns are still there. I'm also concerned that very few others are concerned about the state of the economy as a whole and not just measured by the stock market.

Setanta wrote:

Short-term effects for the United States might be an economic slump, but not severe, and the long-term effects would be negligible. The short- and long-term effects on China would be much worse, because their cities have filled with peasants from the countryside, looking for manufacturing jobs, which would dry up, and already resentful of the treatment they get as provincials and wage-slaves. This would hurt China more than the United States.

A couple of thought-provoking articles here that pretty much confirm what Setana said in his first post of this thread:

LA Times - A Soft Sale On China Trade

Excerpt:

Quote:

During his speech at the Academy of Social Sciences, Bernanke argued that more open markets, more spending and less saving would benefit China and the world economy.

Some, however, questioned Paulson and Bernanke's altruistic tone and call for quick results. "America wants everything to happen tomorrow," said Wang Yiwei, an American studies professor in Shanghai. "There's a cultural difference here."

U.S. officials acknowledged there are good reasons Chinese consume relatively little and save a lot: The country has a weak social safety net. Only 14% of the population has health coverage and 16% of workers can expect a pension.

The solution, Bernanke and Labor Secretary Elaine Chao said, was for Beijing to spend more on welfare so citizens feel more secure and spend more.

Wang Xiaofeng, 38, a Beijing-based magazine writer, said his quality of life had risen tremendously in the last decade and there was much more consumer choice and disposable income in China. But he still saves roughly half of what he makes.

"America has a very good and mature social security system, so they 'dare' to spend," he said. "China has a huge population and not all that much money for good infrastructure. So we save because we don't feel secure. Americans and Europeans can afford to be confident because they have enough to eat."

Resource Investor: U.S. Government's Momentous Misunderstanding

Excerpt:

Quote:

Paulson and the rest of the Bush administration are grouchy because data published on Tuesday showed that the U.S. trade deficit with China grew 6.1% to a record $24.4 billion in October, and that the deficit with China represented 41% of the total U.S. deficit for the month of $58.9 billion. But their anger is inappropriate.

Trade numbers like these more an indication of Americans' demand for the goods that China makes than of an undervaluation of the yuan, the latter being Paulson and the U.S. government's primary bugbear when it comes to China.

But let's assume for a moment that the yuan is maybe 50% undervalued, and that tomorrow, its value was to suddenly be adjusted upwards by that dramatic proportion. China would still be the cheapest place for U.S. firms to source virtually all the goods they currently import from the country.

It is likely that the yuan is somewhat undervalued, and it is also likely that when the Chinese are ready, they will allow it to appreciate. But in doing so, they will be making the way of life that Americans have become accustomed to more expensive to enjoy, without necessarily prompting any major change in the pattern of trade between the two countries.

Of course, the story might be different if the yuan's undervaluation were to be of the magnitude implied by the World Bank's 2005 judgement of its value based on purchasing power parity (PPP) estimates for the year 2003, which has the dollar equivalent to 1.8 yuan. However, PPP-based exchange rate estimates can be very misleading, and no reasonable observer would expect the dollar to yuan exchange rate to shoot towards that level if the controls were removed tomorrow.

An exchange rate such as that implied by the World Bank's estimate might well shift some of the manufacturing currently done in China for the U.S. market back across the Pacific. But it is also unrealistic and isn't likely to come to pass any time soon, even if the yuan were to become a free floating currency. It shouldn't be forgotten that since July 2005, the yuan has been free to appreciate by a maximum of 0.3% each day, but market pressure for it to do so has been limited, suggesting that the market has a different view on the currency to the U.S. government.

No discussion of this issue is complete without the point being made that while the yuan may be undervalued, the dollar is overvalued. But you don't hear the Secretary of the Treasury complaining that the dollar isn't declining fast enough because the Chinese are manipulating it, although they are.

China's ongoing purchases of U.S. dollar assets with the proceeds of its trade surplus keep the dollar's parity with other currencies reasonably secure at present levels.

The abandonment by China of this policy would lead to a substantial devaluation of the dollar. My point is that both currencies need to move.

So what's the solution? A cautiously timed policy shift by the Chinese to allow the yuan to appreciate while allowing the dollar to fall would benefit both countries in the long run. While change is necessary, excessively rapid change, which could potentially hit growth in China and push the U.S. into recession, won't do anyone any favours.

To avoid this, the two governments should cooperate and try to come up with a timetable, but with the low level of tact being employed last week by Paulson, that may be difficult

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In China's pocket

Robert Kuttner The Boston GlobePublished: 2006-12-18 10:27:53

BOSTON: The high-profile mission to China of key U.S. economic officials looked like another predictable fizzle. The delegation, headed by Treasury Secretary Hank Paulson and Federal Reserve chairman Ben Bernanke, was long on state dinners and photo ops, short on real progress.

That's because the Chinese have learned to play their U.S. trading partners like a soothing violin, and we Americans are all too willing to dance to the tune. Despite the precarious condition of the U.S. dollar, the Chinese central bank keeps lending us dollars by the hundreds of billions, so that we can keep buying their cheap products. The more we owe them, the less leverage we have.

As the cliché used to have it, damn clever, these Chinese. A better interpretation would be: Damn stupid, these Americans.

Bernanke, Paulson and company make a big deal of China's deliberately undervalued currency. By intervening in money markets to keep the yuan cheap, China makes its products artificially discounted.

But the yuan is the least of America's problems. If the Chinese actually did what Paulson and Bernanke say they want and stop pegging the yuan to the dollar, it could trigger an international run on the dollar. What the U.S. officials really want is the appearance of progress, and very gradual appreciation of the yuan, to head off pressure from Congress for tougher measures.

However, slow adjustment of the yuan, which is already occurring, will hardly make a dent in the trade deficit with China. The far bigger problem is China's entire economic system.

China has managed to combine something that in theory can't exist: a Leninist one-party state, and a fiercely efficient pseudo-capitalist economy. Since President Bush I, American leaders have insisted that as China becomes more capitalist, it will become more politically liberal. But tell that to opposition leaders who keep being jailed. China is no closer to a Western style democracy than it was on the day of the Tiananmen Square massacre of 1989.

China's mercantilist economy defies norms of free trade. But American industry finds it too convenient to use China as a low-wage production zone to complain very much.

So the U.S. government goes through the motions of protesting China's subsidies to industry, its theft of American intellectual property, its coercive demands for the transfer of sensitive technologies by U.S. business partners and hardly bothers to protest the slave-like labor conditions in many Chinese factories. The Chinese make soothing noises, not much changes, and the U.S.-China trade imbalance keeps going through the roof.

Last June, the AFL-CIO filed a petition under Sec. 301 of the 1974 Trade Act, which makes brutal labor conditions in an exporting country an unfair trade practice, just as theft of intellectual property is an unfair trade practice. The petition described: a nightmare of 12-hour to 18-hour work days with no day of rest, earning meager wages that may be withheld.

The factories are often sweltering, dusty and damp. Workers are widely exposed to chemical toxins and hazardous machines, and suffer sickness and death at the highest rates in world history. They live in cramped dormitories, up to 20 to a room, with each worker's space limited to a bed in a two-tiered bunk ?- comparable in space, discomfort, and privacy to prison cells in the United States. Ten to 20 million workers in China are children. No one knows the precise number, because statistics of that kind are state secrets. The severe exploitation of China's factory workers and the contraction of the American middle class are two sides of a coin.

In rejecting the petition, the Bush administration did not deny the conditions, but cited ongoing consultations. Yet, last year's annual Report of the U.S. Congressional-Executive Commission on China declared that the Beijing government had simply "avoided discussions with the international labor community on Chinese workers' rights." And labor conditions were not even on the Paulson-Bernanke agenda.

In the early 1990s, China was a lot weaker economically, Americans were a lot less dependent on Chinese lending, and China eagerly wanted entry into the World Trade Organizations. But three administrations Bush I, Clinton, Bush II gave up that diplomatic leverage and worked to welcome China into the WTO in exchange for mostly empty promises. Why? Because American business elites were so eager to make more deals.

So, after the Paulson-Bernanke trip, once again nothing much will change, and we will be deeper in hock to Beijing than ever.

Robert Kuttner is co-editor of The American Prospect and a senior fellow at Demos. His column appears regularly in The Boston Globe.

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U.S. trade gap reaches a record high in 3rd quarter
Widened imbalance reflects oil imports

Bloomberg News, The Associated PressPublished: 2006-12-18 17:10:48

WASHINGTON: The U.S. current account deficit widened to a record $225.6 billion in the third quarter, the government reported Monday, in line with expectations, as the trade gap grew and the country paid more interest to overseas investors.

The shortfall in the current account, the broadest measure of trade because it includes transfer payments and investment income, followed a revised $217.1 billion gap in the second quarter, the Commerce Department said.

The trade deficit ballooned during the July-to-September quarter, when oil prices surged and imports from China flooded into the United States. Stronger economies abroad and a weakening dollar suggest exports will strengthen and the trade balance will improve in coming months, lessening the risk that foreign investors turn their backs on U.S. assets.

"The important thing, though, is that the deficit isn't growing as fast as it was before, which is exactly what you want to see," said Chris Low, chief economist at FTN Financial in New York. "Sudden shifts would scare financial markets."

The figure represents the amount of money that must be borrowed from foreigners to make up the difference between what America imports and what it sells overseas. The U.S. needs to attract about $2.5 billion a day to finance the gap, and any shortfall would potentially undermine the value of the dollar.

The gap amounted to 6.8 percent of the economy, the second-highest level ever, compared with 6.6 percent in the second quarter. The deficit reached a record 7 percent of gross domestic product in the fourth quarter of 2005.

"Continued large U.S. deficits will keep talk of potential instability in U.S. asset markets in play," said Michael Englund, chief economist at Action Economics. A "likely significant moderation" in the trade gap in the fourth quarter will help assuage those concerns, Englund said.

The dollar has fallen 1.4 percent this quarter against a basket of currencies, and dropped 4.6 percent so far this year.

Economists had forecast a deficit of $225 billion for the third quarter, according to the median estimate of 39 economists in a Bloomberg News survey. The current account deficit is expected to set a record for the full year, far surpassing last year's $791.5 billion.

The deficit in trade, which accounts for about 90 percent of the total current account imbalance, widened to $200.3 billion last quarter from $193.1 billion in the second quarter.

U.S. investors, meanwhile, received less income on their holdings of overseas investments than foreigners received in the United States. That helped to widen the overall current account deficit.

Income on overseas assets held by U.S. investors rose to $160.8 billion from $156 billion. Foreign earnings on U.S. assets, including wages and other compensation, rose to $164.6 billion in the third quarter from $158.2 billion in the previous three months. That left $3.8 billion deficit on income payments, the largest ever, compared with a $2.2 billion shortfall in the second quarter.

A widening deficit with China is aggravating trade tensions between the two countries. Some U.S. lawmakers have called for higher tariffs and other measures against China for currency policies that they say unfairly bolster Chinese exports.

Separately, the European Union's statistics office said Monday that the European trade deficit with China surged 19 percent in the nine months through September.

Europe's trade deficit with China grew to 63.4 billion, or $83 billion, in the period. China is poised to overtake the United States this year as the second- biggest source of imports to the euro area, behind Britain.

How long will it be before the bubble bursts?

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Lord Ellpus wrote:

This article is twaddle.

What I find to be of more signifance, is that Iran is now going to trade in euros, and not dollars. Oil included.

It may not mean much at this moment in time, but if some other oil producers follow the lead and drop the dollar, or at least start accepting euros as payment, it could lead to a bit of a run on the dollar, to say the least.

Yeah. Occum might remember that quite some time ago, I was talking about Iran trading in euros instead of dollars.

The article from the Economist & infoclearinghouse is relevant regarding China's powerful position regarding holding over $941 BILLION of US debt. Do you really think the Chinese will sit there holding that much debt? They aren't fools. When they decide to change those dollars into euros, what do you expect will happen to the US economy? But, you go ahead and ignore that as well as my comments MONTHS ago about Euro vs Dollar, and what all the hoopla in Iran and Iraq was really about. You yanks are real good at ignoring the obvious until it smacks you in the face.

Setanta ought to wake up from his wet dream and remember Rome. It can and will happen to the US.

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pachelbel wrote:

Lord Ellpus wrote:
This article is twaddle.

What I find to be of more signifance, is that Iran is now going to trade in euros, and not dollars. Oil included.

It may not mean much at this moment in time, but if some other oil producers follow the lead and drop the dollar, or at least start accepting euros as payment, it could lead to a bit of a run on the dollar, to say the least.

Yeah. Occum might remember that quite some time ago, I was talking about Iran trading in euros instead of dollars.

The article from the Economist & infoclearinghouse is relevant regarding China's powerful position regarding holding over $941 BILLION of US debt. Do you really think the Chinese will sit there holding that much debt? They aren't fools. When they decide to change those dollars into euros, what do you expect will happen to the US economy? But, you go ahead and ignore that as well as my comments MONTHS ago about Euro vs Dollar, and what all the hoopla in Iran and Iraq was really about. You yanks are real good at ignoring the obvious until it smacks you in the face.

Setanta ought to wake up from his wet dream and remember Rome. It can and will happen to the US.

Pachel old boy,
1. I'm not a Yank, not that it's relevant in this argument, and
2. I made mention of this "Oil for euros" situation some fourteen months ago ( http://www.able2know.com/forums/viewtopic.php?p=1612940&highlight=euros#1612940 ) so it's not something of which I've only recently been made aware.

The Chinese will not allow the USA to go under. Admittedly, they wield a mighty stick at the moment, with all their dollars stashed away, but the USA is by far their biggest customer.
Like Set says, there are millions of Chinese people managing to put food on the table by beavering away each day, making stuff for the Americans.
If those goods were no longer being made for America, how would those Chinese workers make a living?
Do you think for one minute that the Chinese government wants massive unemployment overnight?
In the end, the law of economics will prevail, and China will have to bring the value of their currency up to its realistic level, but it will have to happen very gradually in order to keep the money markets from wobbling too much, as this would ruin things for everyone, Chinese included.
It's gone midnight here, so I'm not arsed to google for anything right now, but I'll try to find some relevant links tomorrow.

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I've seen two long programmes in the Storyville series about Louisiana and Katrina that made me wonder whether China was a minor matter.

Any steer?

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Published on Monday, December 18, 2006 by Earth Policy Institute

Santa Claus is Chinese or, Why China is Rising and the US is Declining
by Lester R. Brown

I know Santa Claus is Chinese because each Christmas morning after all the gifts are unwrapped and things settle down I systematically go through the presents to see where they are made. The results are almost always the same: roughly 70 percent are from China. After some research, it seems that my one-family survey is representative of the country as a whole.

Let's start with toys. Some 80 percent of the toys sold in the United States?-from Barbie dolls to video games?-are made in China. Talking toys that speak English learned the language from Chinese workers. Electronic goods?-from Apple's iPod to Microsoft's Xbox?-are made in China. Clothing?-from the latest cashmere sweaters to gym suits?-is also likely to have a "Made in China" label.

The Christmas tree itself may come from China. While real Christmas trees are grown in every state in the United States and are marketed locally, many families now gather around artificial Christmas trees. Eight out of every 10 artificial Christmas trees sold in the United States are made in China. Last year Americans spent over $130 million on plastic Christmas trees from China.

This year Americans will spend over $1 billion on Christmas ornaments from China. And in perhaps the greatest irony of all, even nativity scenes are made in China. Last year Americans spent more than $39 million buying nativity scenes shipped in from the East. China's success in attracting foreign investment capital and mobilizing this huge workforce has made it the workshop of the world.

That the U.S. Christmas is made in China is a metaphor for a far deeper set of economic issues affecting the United States. Today Christmas is celebrated in both the United States and China?-but for different reasons and with far different economic consequences. For the Chinese, the manufacturing bonanza means record profits, rising incomes, and, in a society where people save some 40 percent of their income, a sharp jump in savings. In the United States, Christmas shopping expenditures, headed for another record high this year, contribute to rising credit card debt and a soaring trade deficit.

Underneath the American Christmas spirit and good cheer is a debt-laden society that appears to have lost its way, marred in the quicksand of consumerism. As a society, we seem to have forgotten how to save so we can invest in a better future. Instead of leaving our children a promising economic future, we are bequeathing them the largest debt burden of any generation in history.

At the personal level, credit card debt just keeps climbing, and at the government level, we have the largest deficit in history. At the international level, we have a trade deficit that moves to a new high month after month.

It's not the fact that our Christmas is made in China, but rather the mindset that has led to it that is most disturbing. We want to consume no matter what. We want to spend now and let our children pay. It is this same mindset that introduces tax cuts while waging a costly war. Economic sacrifice is no longer part of our vocabulary. After the Japanese attack on Pearl Harbor, President Roosevelt banned the sale of private cars in order to mobilize the manufacturing capacity and engineering skills of the U.S. automobile industry to build tanks and planes. In contrast, after 9/11, President Bush urged us to go shopping.

In the United States we are so intent on consuming that personal savings have virtually disappeared. We have an average of five credit cards for every man, woman, and child. Of the 145 million cardholders, only 55 million clear their accounts each month. The other 90 million cannot seem to catch up and are paying steep interest rates on their remaining balance. Millions of people are so deeply in debt that they may remain indebted for life.

The official national debt, the product of years of fiscal deficits, now totals $8.5 trillion?-some $64,000 per taxpayer. (See data at www.earthpolicy.org/Updates/2006/Update62_data.htm.) By the end of the Bush administration in 2008, this figure is projected to reach a staggering $9.4 trillion. We are digging a fiscal black hole and sinking deeper and deeper into it.

Each month the Treasury covers the fiscal deficit by auctioning off securities. The two leading international buyers of U.S. Treasury securities are Japan and China. In this role, China is now also becoming our banker. This developing country, where income levels are one sixth those of the United States, is financing the excesses of an affluent industrial society. What's wrong with this picture?

In times past, when our fiscal deficits were covered largely by U.S. lenders, interest payments on the debt were reinvested in the United States. Now they are flowing abroad to Japan, China, and other foreign holders of U.S. debt.

While the U.S. fiscal deficit, driven partly by the war in Iraq, soars to stratospheric levels, the country is facing an unprecedented fiscal challenge as the baby boomer generation retires, pushing up the costs of social security, Medicaid, and Medicare. This, combined with the growing interest payments on our debt to China and other countries, will put a nearly impossible tax burden on the next generation?-something for which they may never forgive us.

The U.S. trade deficit is growing by leaps and bounds, nearly doubling from $452 billion in 2000 to an estimated $850 billion in 2006. Rising oil imports and the trade deficit with China account for over half of it.

National policy failures such as not adequately supporting the use of renewable energy technologies have contributed to the growing U.S. trade deficit. For example, the United States should be a leading manufacturer and exporter of solar cells and wind turbines, but it has fallen behind both Europe and Japan. The solar cell, invented at Bell Labs in 1954, is an American technology. But the U.S. effort to develop solar energy was so weak and sporadic that both Germany and Japan forged ahead and developed robust solar cell manufacturing and export industries.

The situation is similar with wind. Although the modern wind industry was born in California at the beginning of the 1980s, the U.S. failure to sustain support for wind resource development allowed European countries to largely take over this industry.

Even though rising oil imports are widening our trade deficit, we consume oil with abandon, weakening the economy and undermining our political independence.

We have lost influence in world financial markets simply because of our mounting debt, much of it held by other countries. If China's leaders ever become convinced that the dollar is headed continuously downward and they decide to dump their dollar holdings, the dollar could collapse.

Beholden to other countries for oil and to finance our debt, the United States is fast losing its leadership role in the world. The question we are facing is not simply whether our Christmas is made in China, but more fundamentally whether we can restore the discipline and values that made us a great nation?-a nation the world admired, respected, and emulated. This is not something that Santa Claus can deliver, not even a Chinese Santa Claus. This is something only we can do.
Copyright © 2006 Earth Policy Institute

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~`

Ellpus, old boy, there are 450 million plus consumers in Europe alone.

As noted in the article above: 'Of the 145 (US) million cardholders, only 55 million clear their accounts each month. The other 90 million cannot seem to catch up and are paying steep interest rates on their remaining balance. Millions of people are so deeply in debt that they may remain indebted for life'.

Or, how about the $850 BILLION US trade deficit? How long do you think that will continue without repercussions?

The US is not the only place that welcomes Chinese goods. If the buying power in the US is based on credit, why should the Chinese continue to hold the bag? Why finance US debt?

As for the euro vs dollar question, the fact that I posted it months ago doesn't mean I didn't know about it well before the post. Anything negative said about the US or the value of the almighty dollar, prior to BushCo's fall from grace, was labelled anti American and summarily dismissed. How far did you get with your post about the euro/dollar?

I find that issue to be as important as China dumping US dollars; curious that the media doesn't want to discuss it..........or maybe just typical considering who owns the press in the US.

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Re: BREAKING: CHINA TO DUMP ONE TRILLION IN U.S. RESERVES!!!

Solve et Coagula wrote:

BREAKING: CHINA TO DUMP ONE TRILLION IN U.S. RESERVES!!!

December 15
l

Damn! I just converted my entire fortune from dollars to huangs based on this, what should I do now?

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Reserve Diversification Continues

One final factor that continues to impact the exchange rate is the slow but steady program of reserve diversification by the world's central banks.

Countries such as China, Russia, South Korea and India and the various Gulf states have been amassing enormous reservoirs of foreign exchange reserves. Russia's foreign reserves are presently growing at $20 Billion per month?-dwarfing the pace of asset growth of any speculative player in the market.

With the Euro as the only viable reserve alternative to the greenback the percentage of euros in these Central Banks portfolios has steadily increased. This trend has become especially pronounced in countries such as Russia which does the majority of its trade with the Euro-zone and China which now exports more good, to Europe than to United States. This movement towards more Euro diversification may accelerate as the exchange rate nears the 1.2500 level which appears to be the preferable price point of many Central bank purchases. Furthermore, if the sharp deterioration in US Balance Sheet position continues as TICS capital inflows print materially lower than the ever widening Trade deficits, the whole dynamic could quickly pick up pace and cascade as speculative traders begin to join the Central bankers in stockpiling euros.

www.x-rates.com (Exchange Rates) EU/US forecasts

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...and a bit from BBC News....

Snippet.....

...."Brad Setser, a former US Treasury official, estimates that China now holds $700bn in US long-term bonds, enough to lower US long-term interest rates by 1.5% - which helped stimulate the recent housing boom.

But those holdings are a double-edged sword.

If China attempted to diversify its holdings, it could cause a collapse in the value of the dollar and higher inflation in the US.

That would also lower the value of China's own reserve assets - so China is only slowly moving out of dollars and into other currencies such as the euro.
However, it also ties the fate of the US economy to China.........."

More....

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Quote:

Well, my shoes, they come from Singapore,
My flashlight's from Taiwan,
My tablecloth's from Malaysia,
My belt buckle's from the Amazon.
You know, this shirt I wear comes from the Philippines
And the car I drive is a Chevrolet,
It was put together down in Argentina
By a guy makin' thirty cents a day.

Well, it's sundown on the union
And what's made in the U.S.A.
Sure was a good idea
'Til greed got in the way.

Well, this silk dress is from Hong Kong
And the pearls are from Japan.
Well, the dog collar's from India
And the flower pot's from Pakistan.
All the furniture, it says "Made in Brazil"
Where a woman, she slaved for sure
Bringin' home thirty cents a day to a family of twelve,
You know, that's a lot of money to her.

Well, it's sundown on the union
And what's made in the U.S.A.
Sure was a good idea
'Til greed got in the way.

Well, you know, lots of people complainin' that there is no work.
I say, "Why you say that for
When nothin' you got is U.S.-made?"
They don't make nothin' here no more,
You know, capitalism is above the law.
It say, "It don't count 'less it sells."
When it costs too much to build it at home
You just build it cheaper someplace else.

Well, it's sundown on the union
And what's made in the U.S.A.
Sure was a good idea
'Til greed got in the way.

Well, the job that you used to have,
They gave it to somebody down in El Salvador.
The unions are big business, friend,
And they're goin' out like a dinosaur.
They used to grow food in Kansas
Now they want to grow it on the moon and eat it raw.
I can see the day coming when even your home garden
Is gonna be against the law.

Well, it's sundown on the union
And what's made in the U.S.A.
Sure was a good idea
'Til greed got in the way.

Democracy don't rule the world,
You'd better get that in your head.
This world is ruled by violence
But I guess that's better left unsaid.
From Broadway to the Milky Way,
That's a lot of territory indeed
And a man's gonna do what he has to do
When he's got a hungry mouth to feed.

Well, it's sundown on the union
And what's made in the U.S.A.
Sure was a good idea
'Til greed got in the way.

Union Sundown.... Bob Dylan....1983.

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Butrflynet wrote:

I didn't make an attempt to validate the article heading this thread. All I said was that I had raised some concerns about the looming economic crisis addressed in a thread that got no responses.

I also said this latest news adds to my concern. This article may be bunk, but my concerns are still there. I'm also concerned that very few others are concerned about the state of the economy as a whole and not just measured by the stock market.

"just cause you're paranoid doesn't mean they are not out to get you". Laughing

any other country owning too much of amerca's assets is never a good thing. and china, the largest remaining communist nation, really, really wants to be the big dog.

makes l'il kim and moumad imanutjob look like regular pikers, seems to me.

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BREAKING: CHINA TO DUMP ONE TRILLION IN U.S. RESERVES!!!

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