China scolds US over S&P credit downgrade

By Archean ยท 6 replies
Aug 6, 2011
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  1. China has scolded the US over its "addiction to debt" after rating agency Standard & Poor's downgraded the US' top-notch AAA rating to AA+. The downgrade ended a week of growing uncertainty for the world economy. Fears that the US might be headed for a double-dip recession and the eurozone's debt problems were set to spread to Italy and Spain saw stock market sell-offs around the world.

    Although I am not a big fan of rating agencies, and think that they are part of the problem which first created the bubble upto 2008 financial markets crash, I believe the US debt is heading to dangerous levels now, and if nothing concrete is done in near future, the likes of China (who already have started changing strategy with regard to $ along with other BRICS countries) will probably move away from dollar, weakening it further, which in turn will hurt the economy even more. Interestingly they also want printing of US currency to be checked, perhaps put under some sort of international control, now that is like opening Pandora's box.
  2. captaincranky

    captaincranky TechSpot Addict Posts: 13,012   +2,536

    Oh dear, China is catching on to the Obama "let's just print some more money" scam, that can't be good.
  3. dividebyzero

    dividebyzero trainee n00b Posts: 4,891   +1,264

    Time to dust off the old plates...

    What are the odds that Michelle's face adorns the new $1,000,000 note ? Maybe bring in some extra revenue by having the reverse side sponsored (" This currency proundly brought to you by Sinopec")
  4. red1776

    red1776 Omnipotent Ruler of the Universe Posts: 5,224   +164


    She's probably on her own $7 bill
  5. captaincranky

    captaincranky TechSpot Addict Posts: 13,012   +2,536

    I'm flatly surprised that in one fell swoop of blatant nepotism, Barack didn't invent a new cabinet position for her, "Secratary of the Hairdressury".

    I know what you're thinking, Bill Clinton invented a new under desk position for Monika. True dat, but you still can't "advise and consent" with your mouth full. Now darlin', easy with the debriefing:grinthumb

    I'm also thinking that we should replace, "In God We Trust", with, "Abandon Hope all Ye Who Enter Here".
  6. red1776

    red1776 Omnipotent Ruler of the Universe Posts: 5,224   +164

    I thought she was appointed to an 'under cabinet ' position?
  7. captaincranky

    captaincranky TechSpot Addict Posts: 13,012   +2,536

    Sorry, that was obviously a dire lapse of euphemistic sensibilities on my part...:eek:

    While I'm thinking about it, does this mean Obama will have his, "Titanium Rewards Card" revoked, and will no longer get cash back when he gasses up Air Force One?

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