China to US: Good old days of borrowing are over

On the one hand, we can't argue too much with China complaining about our current fiscal issues due to how much of our debt they own. But, on the other hand some of what they're saying is self-serving... they want us to cut defense spending at the same time that they are beefing up their own naval capabilities (surprise!) and they want to push for a new global currency which they would have a hand in (also not a surprise).

Of course, this is our fault for even letting ourselves get in the position to be reprimanded by China.
 
Thats just it. Its out fault we are in this mess. The current financial policies that we have been operating under the last however many years must stop.

Raising the debt ceiling isnt a solution. It doesnt do anything. Meanwhile we spend more and more on military campaigns. We DONT have any money. And yet we continue to spend.

People laugh at Ron Paul, but he is the only person that has consistently said over the last several years that all of this was going to happen, and has given the reasons why it was going to happen.

Just go back and watch the debates in 2007. The others all acted like he was nuts. We, he wasnt. And yet people still say he is. Everything he has said will happen, has.
 
Paul is right on this and everyone knows it - current congressmen and senators included. Doesn't stop them from loading up self-serving pork while being critical of the collective pork.

Paul's views on the Fed and banking are nuts.

At this point I don't know what is worse - a guy who clearly has the right vision on the nation's finances that could cause action to tank the markets or keeping the same band of gypsies in power that'll continue to spend.

China's comments were self-serving and kinda stupid. They must tread carefully. If we revert to another Great Recession and our consumer spending goes way down, they are ****** as well.
 
This is getting more and more humiliating for the US. Obama getting further lectured by the Chinese on financial solvency.
 
I think everyone will agree the federal government is utterly drunk with power. We have the Constitution. TIme to convene it once more to chain this century's carpet baggers with a more perfect complement of "negative rights".
 
Well put Uninformed- we agree more than we may think we do.

I wonder sometimes if we treated our country like a business- like a major, international corporation that is- what are we doing to grow revenues for the future? What kind of R&D, or Business Development are we doing?

We all know we need to manage expenses and eliminate waste- that is a no brainer. But, there is 50% of the equation that is left to "magic." Private citizens can innovate and produce- that is certain, but they are more likely to do this and more able to do this when they have a strong infrastructure, communications and a very strong education. I don't think we are doing anything to boost 50% of the equation for the USA- and that is sad.

How about the private-public infrastructure bank that both GOP and Dems agree about? How about more access to education through loan programs for students? How about spending money on advanced engineering projects that facilitate growth- like nuclear, biomass, energy storage, transmission lines and other brilliant ideas that immediately add to our infrastructure and foster growth? These could be funded through cuts in entitlement programs- which often do not foster growth.

I read once where the better infrastructure programs produce $10 of revenue for every $1 in expenses. Why are people only obsessing about ONE HALF of the equation? Any business run like this would go broke in years- as it will have nothing to produce.
 
Uninformed - Great post, I agree with much of it.

I think one major issue that no one talks about is that both tax cuts and gov't spending can be stimulative - but it's the change in policy that is stimulative, not the end policy usually. Meaning that it's the money freed up in the short-term via cuts or the money injected into the economy in the short-term via spending that makes a positive difference. Having low tax rates long-term has proven to not be a great tax policy, and it leaves us very little ability to stimulate via cuts. Likewise, high gov't spending long-term has proven to not be a great policy, and it leaves us very little ability to swallow "stimulus" spending when it's needed.

During the good times we should have been raising taxes back up to previous levels and cutting spending - so as to give us that ammo when the next downturn comes around. We haven't bothered to re-load our gun and now we're paying the price for it.
 
I have been assured by a very knowing South American friend of my acquaintance in Austin, that a young healthy welfare recipient well nursed is, up to 18 years old, a most delicious, nourishing, and wholesome food, whether stewed, roasted, baked, or boiled.
 
We are Argentina on steroids and, given our political system, almost certainly beyond the tipping point.

But we've got it good compared to the chinese, whose bond rating is still worse than ours and whose entire economy is a bubble. Given their insane demographics relating to birthrates, they are going to be taking in our laundry in another twenty years.

But I am still boycotting buying their goods.
 
How much money do we borrow to give to countries that don't like us? That would seem to be a good place to start - we cannot support other countries until we can support ourselves.
 
How about the US send a message to China....

Look mother *******, the good old day of exploiting young children and the poor are over. You can no longer ignore the environmental impact of your industrial practices. You can no longer treat your workers like slaves. You can no longer put lead in the toys of our children. If you want your cheap *** sorry goods to be sold in our country then you need to make some changes or we are going to increase importation taxes which will give manufacturing a competitive edge here in the US and bring back jobs here and to start rebuilding our country.
 
I don't know. Not an economics major. But perhaps increase importation tax if the goods or a signifcant portion of the parts of the goods come from countries like China that do not have labor laws or environmental laws at the standard that we do. Something to give manufacturers here a level playing field.
 
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