Yao Xe Waon is Chinese for Hopeful: Updated
February 27, 2009 3:06 pm Current Events, PoliticsAt the rate we’re going, we will need to be learning a lot more.
Bloomberg reports that the Chinese no longer trust that our word is worth the money they are loaning us. They want a guarantee. And according to NBC, they are scooping up foreclosed properties in the LA area.
And there are rumors that the US is granting eminent domain to China as collateral for the massive debts they are carrying. Although the only source I can find comes from an anti-semitic blow-hard, so take it with several grains of salt. The comment section is overrun with racists too. I will update if I find anything from a credible source. For now, just rumors. Everything points back to this guy.
The fact remains that the US is heavily indebted to China. Someday, they will expect to be repaid. Currently, the money isn’t there. No one else in the world will loan us the money it will take to pay them back. Eminent domain or no, they will want something in return for their money, and it won’t be flowery words from O-teleprompter.
At least the food is good. I carry my own chopsticks.
February 27th, 2009 at 4:17 pm
“Gung He Fa Tzoi, suckas!”
translation: “Happy New Year . . . suckas!”
February 27th, 2009 at 4:52 pm
Fortunately, the debts of the US government are backed only by the “full faith and credit of the United States” and nothing more.
If we default we don’t have to give them anything, there IS no collateral securing the debts… but it WILL make it more difficult, if not impossible, to get loans later on.
Oh, darn. Maybe we’ll have to have a balanced budget.
February 28th, 2009 at 2:13 pm
[...] Weblog {February 28, 2009} Seeing more red THIS settles it: not that I was ever even considering maybe thinking about fixin’ to gonna, but I [...]
February 28th, 2009 at 4:09 pm
I have been wondering exactly what happens when China is done…Thats what Hillary’s trip was about as well as all of Obamas, the world is in this together stuff.
I understand that when there is no more credit from China, the economy comes to a screeching halt unless you have cash – but to me, it seems that things then go to a local economy as in the town bank loans the town grocery store, and the like – it ends the world wide lending market, which sucks for a global company, and I can see how it hurts small business too, but think that this cold splash of reality, no matter how painful, will put us back on the right path quicker.
Or am I missing something – probably underestimating the painfullness of the experience…
Pearls
February 28th, 2009 at 7:46 pm
Cruised in from Secret-Lives-of-Scientists. I wonder if it’s a part of Obama’s ACORN Neighborhod Revitalization Program – taking over Compton I guess where most of the foreclosures might be. They want to live on the east side they can as far as I’m concerned, hell they’re welcome to Oakland for that matter too. We’ll still fight them for the NorCal water.