Now Even China Is Lecturing Us About The Debt Ceiling Crisis {large image}

[xchrom]

http://www.businessinsider.com/china-tells-us-to-raise-debt-ceiling-2013-10



BEIJING (Reuters) - China urged Washington on Monday to take decisive steps to avoid a debt crisis and ensure the safety of Chinese investments, as a deadlocked U.S. Congress confronted a looming deadline to increase the nation's borrowing power or risk default.

China, the U.S. government's largest creditor, is "naturally concerned about developments in the U.S. fiscal cliff", Vice Finance Minister Zhu Guangyao said in the Chinese government's first public response to the Oct 17 deadline in the United States for raising the debt ceiling.

"The United States is totally clear about China's concerns about the fiscal cliff," Zhu told reporters in Beijing, adding that Washington and Beijing had been in touch over the issue.

"We ask that the United States earnestly takes steps to resolve in a timely way before October 17 the political (issues) around the debt ceiling and prevent a U.S. debt default to ensure safety of Chinese investments in the United States and the global economic recovery," Zhu said.



Read more: http://www.businessinsider.com/china-tells-us-to-raise-debt-ceiling-2013-10#ixzz2h2CXjO7Q

[leveymg]

1. His master's voice.

We can thank Bush, Sr. in large part for the "vision thing" of moving our factories and jobs to China in exchange for debt service. The global banks have a lot to thank the GOP for.

They won't let this happen.

[madokie]

2. square this round hole

Question: Who Owns the U.S. National Debt?
Answer: The U.S. debt is more than $16 trillion. Most news headlines focus on how much the U.S. owes China. And, in fact, China is the largest foreign owner of U.S. debt. However, the biggest single owner of national debt is the Social Security Trust Fund, aka your retirement money. How does that work, and what does it mean?

http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt.htm

[liberal N proud]

5. The teabaggers are very interested in destroying the Social Security Trust Fund

They don't care what China says.

They are looking past that at a grand goal of destroying Social Security once and for all.

[madokie]

6. Yes but China doesn't own most of our debt

is my point.
How is it that we can push such false info when we give the pukes hell for doing the same

The pukies have been trying to destroy SS since day one, we all know that pretty much.

[liberal N proud]

7. The US has the most sophisticated propaganda system ever conceived.

The misinformation on the debt is generated by the right and propagated by the so called liberal media. It has been like a cancer spreading since the 80's.

[madokie]

8. Its unbelievable isn't it

The Russians or the Nazis didn't got shit on us

[leveymg]

9. That is correct. The SSTF holds about 1/6 the US debt ($2.7T). China holds $1.2T

Foreign governments hold about 46 percent of all U.S. debt held by the public, more than $4.5 trillion. The largest foreign holder of U.S. debt is China, which owns more about $1.2 trillion in bills, notes and bonds, according to the Treasury.

In total, China owns about 8 percent of publicly held U.S. debt. Of all the holders of U.S. debt China is the third-largest, behind only the Social Security Trust Fund's holdings of nearly $3 trillion and the Federal Reserve's nearly $2 trillion holdings in Treasury investments, purchased as part of its quantitative easing program to boost the economy. http://usgovinfo.about.com/od/moneymatters/ss/How-Much-US-Debt-Does-China-Own.htm

When people say SS is a Ponzi scheme, the large holding of US debt is the key fact they point to. But, it's really more complex than that. The whole global financial system is an interconnected house of cards.

[marmar]

3. K&R

[dipsydoodle]

4. Their exposure is the sheer amounts of US bonds they're sitting on

in addition to which both China and Japan substantially reduced buying of US bonds months ago.

Analysis: Default or not, Asia a hostage to U.S. debt

The creditors - China, Japan and other Asian governments - have a hoard of U.S. Treasuries in their $5 trillion cache of foreign exchange reserves, the equivalent of almost a third of U.S. gross domestic product.

http://www.reuters.com/article/2013/09/29/us-usa-debt-asia-analysis-idUSBRE98S0GY20130929