|Predictable - Excepts from the news following the US credit rating downgrade.
||[Aug. 6th, 2011|03:48 pm]
China tells U.S. "good old days" of borrowing are over. "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."
(I think we all saw that coming)
(and what sensible person could disagree with this?)
"In the Xinhua commentary, China scorned the United States for its "debt addiction" and "short sighted" political wrangling. .."China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," it said."
(as our banker they do have every right to demand the US address it's debt problems, agreed)
"It urged the United States to cut military and social welfare expenditure. Further credit downgrades would very likely undermine the world economic recovery and trigger new rounds of financial turmoil, it said."
(social welfare encompasses many things and should be on the table, but it gets real interesting when foreign nations start advising you to cut your defense expenditures)
If only our circus of a government would stop posturing for the next election and give a crap.