Commentary - China Declares Economic War on the US

[sharon sanders]

China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.

China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

"The U.S. 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," China's official Xinhua news agency said in a commentary.

more...

http://www.reuters.com/article/2011/08/06/us-eurozone-idUSTRE7712HB20110806

 

[Giuseppe]

Re: Commentary - China Declares Economic War on the US

The massive amount of debts accumulated in decades cannot be safely managed in a global turmoil.

The autophagy currently demonstrated by global markets is pushing world in another catastrophic recession.

Without a strong leadership in US and elsewhere the consequences for millions of people cannot be predicted.

A thing is sure: without public health funding, a number of infectious diseases outbreaks are anticipated, even vaccine-preventable, because for a growing number of people basic health care services will be out-of-reach.

 

[sharon sanders]

Re: Commentary - China Declares Economic War on the US

The massive amount of debts accumulated in decades cannot be safely managed in a global turmoil.

The autophagy currently demonstrated by global markets is pushing world in another catastrophic recession.

Without a strong leadership in US and elsewhere the consequences for millions of people cannot be predicted.

A thing is sure: without public health funding, a number of infectious diseases outbreaks are anticipated, even vaccine-preventable, because for a growing number of people basic health care services will be out-of-reach.

I agree.

 

[Emily]

Re: Commentary - China Declares Economic War on the US

http://www.marketwatch.com/story/us-moves-to-sell-rent-92000-foreclosed-homes-2011-08-10?Link=obinsite

Aug. 10, 2011, 3:46 p.m. EDT
U.S. moves to sell, rent 92,000 foreclosures
Administration looks for buyers for U.S.-owned foreclosed homes


By Ronald D. Orol, MarketWatch

WASHINGTON (MarketWatch) ? Struggling to clear its inventory of foreclosed properties, the Obama administration said Wednesday it?s looking for investor ideas for converting more than 92,000 foreclosed properties owned by the U.S. government into rental units, a sign of the depths to which the U.S. housing market has sunk....

I hope another private/public partnership does not just end up exploiting taxpayers even more. I did some research on a nearby property going into foreclose and saw that HUD guaranteed it a near $400,000 second mortgage on top of a $100,000+ private mortgage already on the property in 2006.

The value of the home at the time was only about $270,000 to $340,000, depending on the source. I'd say it was $340,000 only if part of the property was sold off as lots. No way was the property worth half a million dollars, but brokers were getting fees that increased with the size of the mortgage.

The HUD loan was a variable interest rate loan reverse mortgage they are facilitating for seniors. The banks and brokers make all the money, and we taxpayers are responsible if the home is worth less than any remaining equity in the home at the time of the sale. In this case the owner died a few months after the loan was signed, and it looks like the reverse mortgage loan was closed out by HUD at some point.

The property passed to a relative and is going into foreclosure on the first loan, but there are a lot of actual HUD foreclosures in the area. (And the county housing authority/HUD is still offering loans to people to build new homes, totally out of sync with the needs of this current market where we need to sell used homes. :tiphat: )

News for the Chinese government: There were no "good old days" for responsible U.S. taxpayers who have had their futures mortgaged away.

 

[Pathfinder]

Re: Commentary - China Declares Economic War on the US

World Food Programme

Contributions to WFP 2011




<HR>TOTAL CONTRIBUTIONS: US$ 2,159,115,803
as of 07 August 2011

Government Donors
<TABLE class="contrib contrib-gov" border=0><TBODY><TR class=even><TD class=rank>1</TD><TD class=title>USA</TD><TD class=amount>718,812,341</TD></TR></TBODY></TABLE>
...
<TABLE class="contrib contrib-gov" border=0><TBODY><TR class=even><TD class=rank>
23



</TD><TD class=title>
China



</TD><TD class=amount>
4,000,000



</TD></TR></TBODY></TABLE>
http://www.wfp.org/about/donors/year/2011

 

[Pathfinder]

Re: Commentary - China Declares Economic War on the US

U.S. Shells Out Aid for Africa as China, Russia Hold Back​

Published August 09, 2011​

FoxNews.com


The United States is stepping up aid to the drought-stricken Horn of Africa in spite of deep deficit problems, while the countries that have snickered on the sidelines about America's cash crunch, specifically Russia and China, are giving pennies on the dollar to what the U.S. has committed.

According to the latest statistics from the Financial Tracking Service, which records humanitarian aid around the world, Russia has so far put up $1 million and China has pledged $14 million...

By comparison, Japan -- which is still reeling from a combination earthquake-tsunami-nuclear crisis -- has put up $96 million, according to FTS. The United Kingdom, the second largest national donor after the U.S., has pledged or contributed almost $200 million so far.

While Russia and China hold on to their bucks, they're not shy about dispensing financial advice to the United States.


Russian Prime Minister Vladimir Putin was recently quoted saying the United States was "acting as a parasite" by not living within its means and "shifting the weight of responsibility" on others.

After U.S. credit was downgraded by Standard & Poor's Friday, Chinese state media scolded the U.S. and said its "good old days" of massive borrowing are over.
...
Following Pelosi's statement, China's foreign ministry reportedly said over the weekend that it was paying "close attention" to the drought.

Read more:

http://www.foxnews.com/politics/201...rica-as-china-russia-hold-back/#ixzz1UiwRaeYB​