Is this the worse possible news from China?
Question by Overt Operative: Is this the worse possible news from China?
The Chinese government announced today that it plans to dump $ 1.4 trillion USD on the international currency exchange in favor of the more stable Euro.
This move will flood the currency market with USD and drive the value of the dollar down much further than the all time low it is now.
The effects of this move will be hard felt here in the USA. Anyone care to predict the outcome?
Will we see $ 200 a barrel oil by January?
Is this a good time to trade your USD for Canadian money?
Here’s the link for those of you who asked.
http://biz.yahoo.com/ap/071107/wall_street.html
Best answer:
Answer by ZardoZ
This clearly demonstrates the devestation of the Bush Administration, and also shows that the US should stop trading with China. The “free traders” in Congress and the white house are ruining our country.
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August 20th, 2012 at 10:25 pm
The worst possible news would be if China declared war on USA.
This is extremely serious if true.
We can hope that some other nations like Japan will buy up some of this.
However, in the long run, maybe it will get Congress to clean up the budget, deficit spending, trade imbalance, export of jobs, etc. etc. but dream on.
The best we can hope for is that fixing some of this becomes an issue in the Presidential Campaign.
August 20th, 2012 at 10:25 pm
Scary that is for sure!
Can’t say that I blame China, though…Although I DO blame them for the crappy products that the send everyone.
THANKS BUSH!
August 20th, 2012 at 11:20 pm
China is our worst enemy worst than the so called terrorism, invented by Bush & Co, where do you think Bin Laden lives ?(not hide) in China.
August 20th, 2012 at 11:32 pm
hope not
we are fasz_cked!
August 20th, 2012 at 11:44 pm
They threatened to do this a year ago. Now they make the same threat, and we know that they would lose 400 billion at least. Not likely to happen and if it did, we would go into a recession and the rest of the world would be harder hit, so not likely.
http://www.rense.com/general74/report.htm
“I don’t think that this is a real threat that China is about to unload its dollar holdings – but merely the mention of it should be enough to make Congress sit up and take notice,” said Simon Derrick, Bank of New York’s chief currency strategist in London.
Mr He’s statements were an apparent response to the US Senate Finance Committee, which last month approved legislation aimed at pressing for faster appreciation of the yuan. While the Chinese academies are not the official voice of the Chinese government, researchers’ comments often best reflect the mood in Beijing.
If China was to dump its US currency, it would hurt its own pocketbook because it is such a large investor. “There would be turmoil in the financial markets,” said Menzie D Chinn, professor of economics at the University of Wisconsin. “It’s not really a credible threat.”
August 21st, 2012 at 12:11 am
Wait what is that I hear. Oh its the conservatives trying to make up a positive spin on this. Just the other day Rush Limbaugh said the economy is the best its been in ten years. Did he lie again? Bush says don’t worry it will be ok if we bury our heads in the sand and repeat its ok its ok.
Ok conservatives get ready to lie on how this is good for the economy and blame the democrats for the dollar value dropping.
August 21st, 2012 at 1:04 am
Certainly not good news for the dollar…but that has been coming for awhile. China isn’t the first and won’t be the last to do so…
August 21st, 2012 at 2:02 am
Yes it would be nasty news, and maybe while not the nastiest (war would be worst as other posters note) I’m wondering whether it happened at all.
So just where is this announcement anyway? The last time China made this kind of announcement (they indicated an intent to shift their holdings away from dollars in January 2006) they made it through the State Administration of Foreign Exchange. However, when I check SAFE’s website their last announcement was made October 27. A link or reference of any sort would be appreciated to get a handle on what (if anything) we’re dealing with, since this would be big news.
Also, as others like libsticker note it’s not clear whether China would hurt themselves almost as badly as the U.S. by dumping so much currency in one throw. Consider:
* China has huge dollar holdings, and the value of those would drop.
* The global petroleum market is valued in US Dollars, and a drop in the dollar would increase oil prices. Right now China is the biggest petroleum consumer in the world so that would actually hurt them more than anyone.
August 21st, 2012 at 3:01 am
I felt my blood boil when the US started trading and dealing with communists. Our grandfathers would be rolling over in their graves if they knew whats taking place here in the country they fought for. I too have been contemplating what to do with our savings. It looks like the US is heading for another depression and fast. However if people panic thats exactly what WILL happen. With Bush at the helm though, I wonder if it will even matter.
August 21st, 2012 at 3:53 am
My take on this…
is that we could have used a friend in China. If China threatens us are we now going to retaliate and what would the consequences be? We are already bad for Iraq, which will cost us…badly in the future, though many in America may not be able to see this…or, perhaps they can but can not see or devise the real answer as they are either blind or too stubborn. Faith in God means that we, human beings, will always do what is right. After all it is God who created this world and wants man to live in peace. By undoing God’s will, we are making our world a more dangerous place for all to live in.
We must to what we can for our own survival, yet have some faith in the true god of the Bible.
I have my own opinions, different from others. And all I can say is by making things right. Iraq for example, we can spare ourselves many future problems…not seen at this time.
The wrong that we do, we will have to pay for in one way or another. Other people in the world will remember us for who we are. Due to Bush we will be remembered collectively and as Bush made America out to be.
If our path is crooked, things will not work out right and our vision in the future will therefore be crooked in our efforts for our own survival. I am to guess that some people are like Bush and they turn a blind eye to truth and reality (that God exist and that God is alive, that God is good and that there is always a good way and a wrong way to life).
For some, in order to survive, China and other nations MUST BE NUKED for OUR own survival. Would this be God’s plan for salvation of mankind? Or said of the destruction of Iraq? Hitler killing six million Jews is bad enough. Bush killing two million Iraqis from the land of Shem and remnants of Eber is a great crime and international tragedy! Why doesn’t the media publish stuff like this that is found in CIA intelligence reports!
Certainly, if worked right Bush I and II could be heroes today. Some great man once said carry a big stick and walk softly. I feel that he meant that we should maintain military and economic power, yet be wise enough to do what is ultimately right and thereby be able to speak softly.
Past violations of the law will lead our nation to a road of total destruction. Perhaps, this is our destiny and a gambler’s way out. His full knowing that the world is coming to a short end, so he does not care about his life and thereby neither yours!
Is Giuliani like this? Is Hilary Clinton like this? How about Ron Paul and others? I am more of an optimist, where I am saying to myself that what we do upon this earth, the results will return to us manifold. Both the good deeds and the bad deeds will bring forth collective results.
If you do good, then you should reap the reward of your goodness, yes? What does the Bible say on the subject. And many of you truly have the answers written on your hearts and written on your sleeves.
My employer wishes that he could do his part in China and says to us that everyone has a lot to learn even he.
Thanks for being so patient with me.
Yours,
Max
ADDED LATER:
(1) I like Rove and Enigma, perhaps, equally. Yet, what I say would be different from their ideas. China is not the evil power that our nation portrays. If they are exactly like what we say, then we should nuke them off of the surface of this earth in order for goodness to survive. This last sentence is propaganda, self-fulfilling propaganda. If we do evil in this world, other nations will follow suit and our credibility will not be as authoritative as it should have been. What this nation chooses, I must live with. I do know this though, that you make your own choices and God will judge you for your activities. My employer’s position, he has long ago informed me, is to live within God’s frame work and allow God to be the ultimate judge. IT is God’s wrath that is coming and perhaps the nations that don’t like us will serve as God’s executioners.
Common sense and doing what is right (what is upright), in my opinion, is the only way to fly!
Max
(2) Thanks Valkyrie for the additional comments.
(3) Goodness and truth, real truth, God’s truth say that it is better to have a good man in the White House, at this time, rather than a blind hawk. Someone blind to true reality and seeking only survival amidst dirty and fowl deeds. Unrepentant souls. If the majority want to go down in flames, that will be your reality…the reality of the blind gambler. This is the person throwing good money after bad. He loses and takes everyone down with him. He loses, because he is afraid of prison time and being found wrong in the eyes of everyone.
(4) A good negotiator negotiates out of strength. Sometimes strength is not military might solely. Some of it rest in diplomacy and having the cooperation of other nations around us. We live in a vast world with many people, all being sons or creations of a living God. What we do with our time on this earth either pleases a loving and grand creator or goes against all rationality of right versus wrong.
NImrod was the first opposer of God after the flood during Noah’s time. He didn’t want to listen to reason and disobeyed God. By Bush’s intentional murders (they knew that what they were doing was wrong, even Powell knew) he knows as a Christian full well that there is a God and that God oversees things in this world. Jews of old worshiped God and God blessed their nation and protected it. It says so in the Bible…many examples of God’s intervention in mankind’s affairs.
Strength is sometimes being good, so one will have friends and an arguing position based in goodness. My saying takes on my own meaning that I am ascribing to it, which is “Talk softly (diplomatically and fairly) and maintain one’s political, economic, and military strength. If one is doing what is wrong by God’s standards, standards of true goodness as given in the Holy Bible, one can not talk fairly with other nations as no nation would listen to a big crook and cheater in international affairs and diplomacy!
Every nation has rights and the right to happiness as our nation has.
(5) Fixing problems via Bush-type methods will doom this nation. Ralph S. seems to have a better handle on this. Yet, I feel that this is God’s test as to our nation’s integrity. Do we as a nation act as honorable men or do we blast our way out continually killing millions upon millions of innocent people (merely so we, by our own perception, can survive?). In someway it does not matter what choices are made for our nation, even if we choose to slaughter all of China’s people. What matters is our relationship with God and that we, individually, are standing right by him.
.
August 21st, 2012 at 4:13 am
China is the greatest threat to the United States, if not the world.
They bleed money and industry from us, make shady deals with dangerous nations, and are slowly poisoning US Citizens with contaminated goods.
How anyone could have ignored the red lights on this deal is beyond my scope of reason.
August 21st, 2012 at 4:14 am
I saw this coming.. It’s not IF, but WHEN..
Canadian dollars are a good bet, and so are the Brazilian Reals, and Australian dollars also – any country that has a growing economy due to having vast natural resources (e.g., oil and gas) is a good bet.
Better yet, you can trade your FRNs (Federal Reserve Notes) for gold and silver, because gold and silver are appreciating against ALL fiat currencies (paper money).
Silver is cheaper, so buy silver.
August 21st, 2012 at 4:40 am
Well, they will certainly trade some of it, but certainly not all!
China must succeed to sell it and doing so will drive the $ down. So they will sell by chunks to reduce the impact on the $ value, as if they don’t do so, they will end up losing billions because of the value dispreancies.
But if China decide to dump all of inside a short period of time, then the US will be in deep troubles!! If China is doing this, its because they want to use leverage against the US for some reasons, and it won’t work, as if they do so, they also weakened themselves economically! And since economy is synonimous of stability in China, they must act carefully…