China demands US austerity in wake of S&P downgrade

The Godfather

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May 9, 2007
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China, the largest foreign holder of US debt, demanded that America tighten its belt and confront its "addiction to debts" in the wake of Standard & Poor's decision to downgrade the US credit rating.

China currently owns US$1.2 trillion of US Treasury debt, the largest stake of any central bank.

The commentary carried by the state-run Xinhua News Agency was Beijing's first official response to the S&P decision.

"The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua said.

It said the rating cut would be followed by more "devastating credit rating cuts" and global financial turbulence if the US fails to learn to "live within its means."

http://www.nzherald.co.nz/economy/news/article.cfm?c_id=34&objectid=10743533



So you have to end Social Security?



So you have to balance your budget and deal with riots in the streets?

 
Jun 2, 2005
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Dallas
#2
Hey look! It's what happens when you're biggest debt holder decides you're less likely to pay him back!

Good job, Obama. Really, great work on that one. Wanna blame Bush again?
 

Don the Radio Guy

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Mar 30, 2006
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#3
You think Greece is bad. Just wait until the public employees unions start "flash mobbing". It'll make Charlie Manson's Helter Skelter look like a peace march.

Ps. Fuck the media for using the word flash mob to describe roving bands of niggers.
 

Falldog

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#4
Hey look! It's what happens when you're biggest debt holder decides you're less likely to pay him back!

Good job, Obama. Really, great work on that one. Wanna blame Bush again?
Glad to see this pissing match has started off already.

Both presidents are to blame.
 

Party Rooster

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Apr 27, 2005
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#6
Hey look! It's the same dumbass thread starter that:

1. Doesn't understand Social Security
2. Could have just updated his other China debt thread.
 
Aug 11, 2005
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Glad to see this pissing match has started off already.

Both presidents are to blame.
Umm yeah

One President didn't create trillions upon trillions of dollars of debt. Care to name which one?
 

the Streif

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#11
Hey look! It's the same dumbass thread starter that:

1. Doesn't understand Social Security
2. Could have just updated his other China debt thread.
Oh give the poor fella a break. I'm sure it's hard to concentrate when you have four fingers shoved up your ass.
 

The Godfather

Spark it up for The Godfather and say!!!!!
May 9, 2007
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#12
Hey look! It's the same dumbass thread starter that:

1. Doesn't understand Social Security
2. Could have just updated his other China debt thread.
Oh, how Social Security is funded through "trust funds", that are backed by the Treasury Depts ability to request bonds from the Fed?

sounds like SOMEONE doesn't like what's going on in the world.
 

Party Rooster

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Apr 27, 2005
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#14
Oh, how Social Security is funded through "trust funds", that are backed by the Treasury Depts ability to request bonds from the Fed?

sounds like SOMEONE doesn't like what's going on in the world.
Social Security is funded by a regressive tax, and was pretty sustainable until we started fucking with it to pay our other debts. You're like every other idiot that just lumps SS in with Medicare and welfare as eveeel entitlement programs where the expenditures aren't fixed like they are with SS. It's pretty easy to calculate SS payouts. For the most part you factor in a CoL raise and do demographic projections. Obama's just going to have to hike the payroll taxes and raise the retirement age again like St. Ronnie did.

LOL.
 
May 24, 2004
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#16
"The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua said.
China now sounds like a typical teabagger.
 
Jun 2, 2005
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Dallas
#18
Glad to see this pissing match has started off already.

Both presidents are to blame.
Bush is not to blame for Obama playing politics for 3 years by blaming the past administration instead of taking control of his own and fixing problems. He played politics and fiddled while all this came to a head, and now real consequences are coming.

I guess this is progress in the liberal responsibility process, though. For the last 3 years it's been all Bush's fault, now that the shit's hitting the fan it's shared responsibility.
 

Falldog

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#19
Bush is not to blame for Obama playing politics for 3 years by blaming the past administration instead of taking control of his own and fixing problems. He played politics and fiddled while all this came to a head, and now real consequences are coming.

I guess this is progress in the liberal responsibility process, though. For the last 3 years it's been all Bush's fault, now that the shit's hitting the fan it's shared responsibility.
 

domelogic

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#20
Bush is not to blame for Obama playing politics for 3 years by blaming the past administration instead of taking control of his own and fixing problems. He played politics and fiddled while all this came to a head, and now real consequences are coming.

I guess this is progress in the liberal responsibility process, though. For the last 3 years it's been all Bush's fault, now that the shit's hitting the fan it's shared responsibility.

You may be right but dont act like he didnt add to the debt or in some way make it worse
 

THE FEZ MAN

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#21
Bush is not to blame for Obama playing politics for 3 years by blaming the past administration instead of taking control of his own and fixing problems. He played politics and fiddled while all this came to a head, and now real consequences are coming.

I guess this is progress in the liberal responsibility process, though. For the last 3 years it's been all Bush's fault, now that the shit's hitting the fan it's shared responsibility.
and why is there a moon cricket sitting in the white house? oh yea.... 8 years of bushes bumbling....
 

lajikal

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#22
It's dumb America's fault for still having a president and all that shit. What is this the 19th century?
 
Jun 2, 2005
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Dallas
#23
You may be right but dont act like he didnt add to the debt or in some way make it worse
and why is there a moon cricket sitting in the white house? oh yea.... 8 years of bushes bumbling....
I'm not saying he didn't, and I'm not a Bush fan, never have been.

But Bush isn't here now, and he hasn't been for 3 years now. When will people stop talking about shit that's not currently relevant. Obama and Pelosi are directly to blame for the current climate. If they were truly the change and revolution they claimed to be, we wouldn't be here now.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
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#24
I'm not saying he didn't, and I'm not a Bush fan, never have been.

But Bush isn't here now, and he hasn't been for 3 years now. When will people stop talking about shit that's not currently relevant. Obama and Pelosi are directly to blame for the current climate. If they were truly the change and revolution they claimed to be, we wouldn't be here now.
eh we all know its Roosevelt fault
 

Falldog

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#25
When will people stop talking about shit that's not currently relevant.
You're right, I completely forgot that Obama was handed a clean slate upon taking office. :icon_cool

We can't possibly understand our predicament without considering the years of policy and fiscal (ir)responsibility that lead up to this predicament.