China now lectures the U.S. - Page 3 - Mercedes-Benz Forum

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post #21 of 28 (permalink) Old 12-08-2008, 09:59 PM
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I think that it is very possible that W's Legacy is going to be that his policies were the trigger that caused the financial power shift from the US to China, Russia and Europe.
that doesn't sound like 'we're winning.' hmm



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post #22 of 28 (permalink) Old 12-08-2008, 10:18 PM
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that doesn't sound like 'we're winning.' hmm
What is this "win" concept of which you speak? I have a fuzzy recollection.

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post #23 of 28 (permalink) Old 12-09-2008, 01:23 AM Thread Starter
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When foreigners ( Japan & China) own/hold most of a nations bonds (USA) that nation no longer controls its financial destiny as it once did.Bonds are an OBLIGATION.To reply with "screw them" infers the USA should default on its' bond obligations.Think you've got it rough now??? You do not want to see the fallout from a bond default. Like it or not,USA is obligated in a very major way to China & Japan,so it is...legitimately...their right to express issues which affect the bond market (on which,I might add,they have TRUSTED the USA to make good on it's commitments).Google up some stats to see the value of US-issued bonds owned by China & Japan.Pretty shocking.Just as the Consumer has leveraged debt on income they don't have,so has the US Government issued bonds with money they don't have.I'd be concerned if I was on the receiving end like China/Japan too.

Read up on some Karl Denninger, if you haven't. He sees the bond default as inevitable, given our complete refusal as a country to live within our means.
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post #24 of 28 (permalink) Old 12-09-2008, 12:25 PM
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Read up on some Karl Denninger, if you haven't. He sees the bond default as inevitable, given our complete refusal as a country to live within our means.
If that happens, welcome to the third world. Our status as a first world country will be history.

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post #25 of 28 (permalink) Old 12-09-2008, 12:25 PM
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What is this "win" concept of which you speak? I have a fuzzy recollection.
just as defined by shrubco.



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post #26 of 28 (permalink) Old 12-09-2008, 03:39 PM
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I think the problem is we have to keep borrowing and issuing new bonds. To do that we have to have buyers. Can't very well piss off the folks with money by stiffing them on the current IOUs.
Thanks mcbear for re-stating my point simply and accurately.
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post #27 of 28 (permalink) Old 12-10-2008, 01:13 AM Thread Starter
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a civilization with over 4000 years of history and know-how should be entitled to bitch-slap an arrogant 200-something year old country run by overgrown frat boys.
We, the overgrown frat boys of America, resent this insinuation!

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post #28 of 28 (permalink) Old 12-12-2008, 08:52 PM Thread Starter
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Now it's Germany's turn

Germany's lecturing too. They may have even more solid ground from which to do so than the Chinese, but one thing's clear--both countries are being dragged down with us, like it or not.
"Their near no-risk attitude to money is reflected in their spending habits: the Germans have minimal debt, few credit cards, no sub-prime mortgages and what could almost be described as a national phobia about the stock market. Just over 15 per cent of Germans own shares and some 500,000 of them sold what they had at the first signs of the credit crunch in August 2007.

"Less than half of Germany's 80 million citizens have mortgages, and a 30 per cent deposit before buying a home is the norm. Sixty per cent of the population lives in rented accommodation and only 5 per cent use credit cards regularly. Most people pay cash or use direct-debit cards. Experts such as Fabian Christiandl of Cologne's university's economic research institute admit: "The puritanical ethic of the war generation is still very much a part of today's Germany."
Why spendthrift Brown is scaring the Germans - Business News, Business - The Independent
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