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China Credit Rating Agency Says U.S. Is Defaulting

June 14, 2011 by  

A Chinese credit rating agency says that America is defaulting on its obligations.While the Barack Obama Administration has attempted to paint a rosy picture of the economy, one of America’s largest creditors is not so sure that the United States will be able to pay its debts.

At least one credit rating agency in China, which holds $1.1 trillion in U.S. Treasury bonds, says that America is defaulting on its loans.

“In our opinion, the United States has already been defaulting,” Guan Jianzhong, the president of Dagong Global Credit Rating Co. Ltd., said, reports AFP.

Guan’s company is the only credit agency in China that gives sovereign ratings. The official also said that the U.S. was defaulting because it allowed its currency to slip compared to others.

Fox News reports that the top three credit agencies are warning that America’s credit rating might slip. According to the news source, Fitch has warned that America could lose its sterling rating if it fails to deal with its long-term deficits.

America’s credit rating will also likely be impacted by whether Congress raises the debt ceiling by Aug. 2, which is the date lawmakers have been given by Treasury Secretary Tim Geithner. Geithner said that if no action is taken by that time, the U.S. would likely have to default on some of its obligations, according to Fox.

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  • s c

    Geepers! China is now in the truth-telling business, and Washington has been exposed as a herd of retards, generational criminals, liars, users, abusers and traitors?
    Then again, what else should we expect? America has been raped and pillaged by this party and that party, even its many puppet masters can’t tell one group of traitors from another and yet millions of Americans refuse to allow for the idea that “it” can happen here.
    No wonder the Chinese have nothing to lose by dropping the subtle hint that our effing government [via the illegal machinations of the PRIVATE CORPORATION FED and other scummy twits] is flushing itself down the toilet. At least China has the great PRIVILEGE of being able to use CAPITALIST BUSINESS PRACTICES.
    Here, we’ve been co-opted by false academicians and SCUM who hate free enterprise and REAL caspitalism. By the way, they also hate those who love freedom (figure it out, people!).
    Score one for China. SCREW Washington!

    • http://WeThePeople Jean

      What do you mean – Score one for China. They were a favored country for over 20 years. During this time – they received and were granted concessions from the USA that no other country can claim. They also used this as a means to bring their people out of proverty? (yeah right). Look at how many multi-millionaries live there which includes their countries government hiarchy. That money that the USA owes them – can be said – the American people unknowingly contributed and our companies and jobs dried up. Let them eat the monopoly money. They do not deserve @##$%%.

    • MN

      Why can’t we impeach this joke? He ignore our laws promises money to Greese that we do not have. Passes a bill for HAMAS of all to bring them over here to live off our backs. I thought they were declared Terrorist!! He snubs Congress and has us in 3 illegal (wars) police actions none sanctioned by Congress. Impeach Obama or Impeach every Congress person we have!

      • http://Moreexpensive,moreunknowproblems. Lewis Munn

        I’m sure if you check there is an obscure law passed at 3AM one dark and stormy night that says the government or any member(s) can no longer be impeached. No matter what.

        • LindyMaeUSA

          Lewis: You’re absolutely CORRECT!

          Wikipedia confirms: the Senate is the governmental body with the authority to “impeach” a President but surely you know: “Not one of those crooks, liars, thieves and cheats” (aka: Congressmen/Senators) are going to do anything to interrupt the money flow to THEIR pockets by hindering their Cash Cow with Impeachment!

          If you remember, Clinton was Impeached (a ridiculous “media ploy” to satisfy the outraged public!) but the slimey Senators knew way ahead of time: they would never convict or depose that monster because his POTUS position was their unabated ticket to even more millions! Haven’t you noticed: they’re using the same “procedure” with the Obomination?
          In this decade however, they don’t even bother “pretending” as if they’ll Impeach him because they’re positive: “WE CAN’T DO A DARN THING ABOUT IT IF THEY DON’T IMPEACH HIM!” Get it? If not, you’re going to! :-(

      • Wayne937

        MN, we can’t impeach this Muslim Communist Jokester with a Democratic controlled Senate. IT would be impossible even though it would be the best for our country. As you can see, the Democrats are not doing the best for our country, or they would vote to impeach him. This is the reason we need to get a Republican controll House and Senate in 2012 after we kick this piece of crap out of the WH.

        • Ben Cataquet

          I don’t think he is a Muslin…He was eating pork in Puerto Rico.

  • Master Gunny

    Time to reclaim the republic.

    Step 1: Each state must add legislation that provides for recall elections for all legislators; federal, state, local . A politician who fears having to fight to stay elected will be less prone to follow the herd of group-think syncopants on Capitol Hill and elsewhere. Costly? Yes! Disruptive? Absolutely! Yet without a way to reign in rogue legisators we can expect only abomination followed by abomination pushed through by lawmakers.

    Step 2. Impeach federal judges who consistantly legislate from the bench. No one in any branch of government should ever be allowed the illusion that they are invulnerable to the will of the people. The way to keep jurists honest is to remind them that they are replacable and answerable to the people. Perhaps an ammendment to the Constitution is necessary to require that the Supreme Court can remove judges whose rulings are consistantly overturned by the High Court. Such an amendment would cleasne the 9th District Court in about 90 days.

    Step 3. Congress must assert it’s control over the bureaucracies. The various governmental departments are overseen by the executive branch but still belong to the people as represented by Congress. When ATF, FBI, FCC, etc. get a little cocky (usually based on prompting from the White House) the Senate should revoke the appointment of it’s head. The Senate approved the appointment and it stands a fortiori that the Senate can un-approve an appoinment.

    Without balance in the way power is exerted there is no republic, just little men with big egos running rampant over the Constitution and the ultimately the people.

    • http://N/A John

      Excellent! You Sir, have an excellent command of our Language. I am not a english teacher, but I am impressed. Would you please, and everyone reading this please, consider asking your Congreassional representatives to initiate a bill making ENGLISH the official language of these United States of America! Semper-Fi!

    • s c

      Good ideas, gunny. However, the best way to break the stranglehold of career politicians over America is for Americans to get into the absolute habit of DENYING thos scummy bastards any consecutive terms. THAT will persuade career criminal politicians to look elsewhere for a highly-paid “job” where their ‘special’ talents are needed.
      Patriots, yes. Career politicians, NEVER.

    • Freedom

      Yes that would rid us of the 9th Circus Court in 90 days or less, since over 80% of their cases are overturned in the Supreme court.

  • Alej

    Your three suggestions are excellent, Master Guns, and your last sentence says it all.

  • Disgusted

    This article should scare the “you know what” out of everyone. I can’t believe there are still people who have no idea any of this is going on, and I know some of them. People need to wake up before it is too late, or maybe it already is. We are certainly looking at having some hard times here in this great country and it is really sad that most of the citizens just sat on their butts playing video games and let it happen. I hope those of you that voted that Obamanation into office are happy with the “change” you got. God save this country.

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      Why should God save America?

      We have kicked Him out of schools, liberal churches, public meetings…about everything in this country.

      People have to turn to God for individual salvation before God is likely to save a Heathen America! Worshiping all kinds of other gods…money, etc.

  • Tim

    From a hard 5-10 years for some Obama has extended it to a miserable double decade for most. If USA defaults we are going into uncharted territory. Other empires have failed before on fiscal issues, they never had the likes of electronic cyber $. Will China repo Texas, or can they have California?

    • http://www.easyinvest.co.za peter

      Consider a deal here – let them have California provided that they take the Potus and his Lady with. Just a small bonus for them.We get to keep Texas – maybe thats all we will have in the end.

      • eddie47d

        We have been a debtor nations for quite some time now. We are encouraged to extend our credit and that has become apart of how we think. Shop till we drop,no money no problem! I owe no credit card debt but the writing has been on the wall long before Obama. I agree that our leaders need to set the example in financial responsibility and that is where I bond with Conservatives. We have a lack of fiscal responsibility from the poorest American to the wealthiest American. We have whole generations that are reckless and self rewarding without thinking of the consequences. I don’t look at Obama as destroying our nation any more than other Presidents.They all have an inbred recklessness that there is always more money somewhere.Whether for pet projects or warfare. I know I’m happiest when I don’t owe money to anybody and would like our nations leaders to think the same. It’s also a creepy feeling that China could take over our nation without firing a shot. Where they could own us lock stock and barrel.

        • Brad

          Eddie47d,

          I do agree with 90% of your comment, but remember when Pres. Bush asked congress to raise the debt ceiling, I believe in 07 Obama voted no stating it was leading the US into reckless spending habits. Now Obama has stated he wants the debt ceiling raised again, what happened to fiscal responsibility. Our debts are getting paid but at what cost to the American people. Obama and company needs to pair back all spending by each departments and agencies to include all foreign aid hear their and everywhere. We as a country need to send a loud clear message to our representatives no matter what party they are from and tell them; “QUIT THE SPENDING YOU ARE BLEEDING US DRY.” China will own us lock stock and barrel and they will laugh all the way to the bank. By the very good post I enjoyed reading it!

    • BEEJAA

      Leave Texas alone. One of the few states with enough gonads to get anything done anyway.

      • http://WeThePeople Jean

        Yes – leave Texas alone – give them Illinois

        • Brad

          You can add California, Oregon, Washington and New York but unfortunently that may not be enough to pay off our debt to China!

    • ValDM

      You know what China will get WHEN we default?? They’ll get our oil. Why do you think we can’t drill here? This has been the plan all along. We, as a nation, are being impoverished daily & the Chinese will gain our oil WHEN we default.

    • Freedom

      Let them have DCI (District of Criminal Intent), with all of the Crimminals onboard.

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      Yes, give them California and all the illegals there too. Use the HAARP array to split it off and they can tow it home, also.

    • LindyMaeUSA

      No Tim, not Texas or California!

      What I read over the weekend in a patriot site is: The Chinese are starting THEIR “takeover” of America via the governor of Idaho permitting that Communist country to buy 50 acres of land below Boise for the purpose of building a “self-contained, self-sustainable CHINESE CITY!”
      endoftheamericandream.com/…/china-wants-to-construct-a-50-square-mile- self-sustaining-city-south-of-boise-idaho
      How does THAT grab ‘ya?

  • http://stanleymuzyk@gmail.com Nutmegger

    We elected a token “Community Organizer” as our President — and now our voting stupidity — is coming back to haunt us!

    We created the biggest problem, by elected one!

    • http://Idon'tknowwhatiswantedhere? Tom

      The problem has been building for many years and to blame it on this president or that one is not helpful. It is the policies of many presidents and congresses that have brought this upon us. The people like something for nothing and they vote for it. The problem is in reality it is always something for something. We spend wildly out of control and we get economic decline and possibly economic collapse. The administration hates what China is saying because it borders so closely on the truth.

      Your racism speaks for itself

      • http://Idon'tknowwhatiswantedhere? Tom

        My comment was for Raggs not Nutmegger–sorry

  • Raggs

    The sky is falling… :)

    Now the administration is using China to cast lies on America!
    This retared jungle bunny needs to go!

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      Well said. Please go, and we will not think to write, I am sure.

  • skippy

    HEY, I HEARD THAT ANTHONY WEINER HAS ANNOUNCED HE IS RUNNING FOR PRES…AND ERIC HOLDER FOR VP. SO IT’S WEINER HOLDER FOR 2012!!!
    WHAT DO Y’ALL THINK???!!! :)

    • Bert Cundle

      He’d have to show me more…

      • Freedom

        I thought “The Weenie” showed enough already. Oh he still had the towel on in the shower room, but he did show his d__k in the one photo.

    • Carol

      You truely made my day but at least the American People would get a real laugh and not have to cry just thinking about who is running our country into the ground and thinking nothing about it at all.

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      Why not? Will make the press conferences more interesting!

  • http://none BAP362

    I wish China would stop buying our Treasury bonds, and force this govrnment to start living within it’s means. The sooner the better before the debt gets so high there may never be a return from the abyss. This country can not continue to go on it’s merry, merry spend thrift ways.

    • http://Idon'tknowwhatiswantedhere? Tom

      I think China may have pretty much done that or our FED would not have had to print 600 billion of paper to buy our own debt. China is also trying to get the dollar removed as the worlds denominating currency. If they succeed the consequences will be we will be forced to address our economic failures or face immediate substantial consequences and their will be substantial consequences across the world anyway if that happens.

      We must go well beyond living within our means to paying down our debts and we cannot do it voluntarily. we will have to be forced by economic consequences imposed by the international economy. It could easy be real ugly. Just imagine the riots like in Greece or Wisconsin by the unions but everywhere. We could easily be Greece or have Wisconsin’s union like riots in every state pretty soon.

      Cheery thoughts. But i woke up again today so what can I do?

  • tONY

    This has been Obama the Socialist plan all along. De value the Dollar by massive debt, and over printing so far past the gold standard that soon we will be forced to accept a new currency once hyper inflation occurs. When we are forced to accept a new currency the wealth of our nation will be destroyed in one fail swoop without resistence because everyone will be screaming to be saved. If for example we get 10 cents on the dollar, if you had 10,000 you now have 1000, if you had 1,000,000.00 you now have 100,000.00. Wealth wiped away and the U.S Socialized like the Community Organizer envisioned it.

  • Larry Pierson

    Communists are some of the world’s most blatant liars (they make liberals look saintly in comparison). And in this case, the Chicoms are hypocrites as well. They deliberately devalue their currency so they can bring more US dollars in than a free market could ever support, and now they’re whining that the dollars they have are losing value! What did they think was going to happen as they distorted world monetary policies?

    If the Chicoms hadn’t have been so hell-bent on trying use economic policy to crush America so they could dominate (and bully) the world, long before our debt levels reached their current positions America would have been unable to borrow anymore.

    I want to personally thank the Chicoms for supporting our way of life long after our borrowing should have self-ended. They are going to get a return worth only a fraction of what they thought it would be because they (like all socialists) don’t understand economics.

    • Freedom

      The problem is that the ILLEGAL IN THE WHITE HOUSE and a number in congress are communist.

  • Bert Cundle

    JUST BEACUSE CHINA SAYS WE OWE THEM… DON’T MEAN WE OWE THEM!!! WE Should Call in their debt to us! ( Them & THE RST OF THE WORLD!!!) Don’t let the EXTORSHINERS CORN COB, YA!

  • Bert Cundle

    WE Could Pay our debts: If We Raised Gas Tax $3.00 More or Less!

    • Raggs

      Are you freakin kidding us?

      Raising taxes Only gives obaba more money to blow on the unions while he pisses on everyone else.

      • Bert Cundle

        Join a union.

        • Raggs

          You need to join a circus! Try lion tamming….

          • Freedom

            Bertie needs to have a nice stay in a padded cell.

          • Raggs

            Oh my mistake, I thought that it was the norm for liberals to live under a rock that way all sh** falls on their heads and they digest the FREE food!

          • Bert Cundle

            Looks like wisdom isn’t in your future eather…

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      The rest of the world will do worse than corn-cob us. Possible slavery comes to mind! I do not see any indication that a blackish Muslim President would have any compunctions at selling whites, blacks, reds, and olives on the slave market! His religion does not find slavery, and taking and selling slaves, to be immoral in any way, far as I have been able to ascertain.

      In fact, those that are not killed outright are supposed to be taken as slaves, having no rights, and pay part of their income to the slaveholder for the privilege of living under Muslim law. And their children can be disposed of at will by the slave owner.

      Wonder if the Liberal politicians have considered this in their equations?

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      Bert, if you raised the gas tax by $3, very few could afford to drive, and so little gasoline would be sold. We’d be walking and biking and learning to ride horses! Cars would be used only by the very rich, so there would be no repair money for roads, and they would grow up to weeds, and cracked pavements.

      And the poor population would grow fast, as big families would be needed for subsistence farming by hand! Back to the 1800′s!!

  • pinkgin

    This has been in the picture for many years and the Repub above all knew it was coming.This is why our only choice was a different party in the pres seat or McCain and his Bimbo.
    Consequently, an idiot was elected and made to feel he was important and as such this massive problem ( and it is massive ) dropped into his lap.
    Must say, here in Arizona, the “home-boy” was elected, so maybe we can be sheltered from all the blame…it grieves me when posters say WE elected the fool and now we pay for it- speak for yourselves..Arizona is straight arrow…Now off to Walmart to extend the credit for China.

    • skippy

      pinkgin….i agree the “WE” that elected that obimbo does NOT include ME!!

      • http://Moreexpensive,moreunknowproblems. Lewis Munn

        Nor me.

        I voted for a 3rd party with a fiscally sound program and many more civil “rights”.

  • Bob Marshall

    Did China force the US Government to borrow billions from them? One thing about we Americans.We have never been able to look inside ourselves. It has always been easier to blame the other guy.Don’t blame our government because they knew they would nevr pay China back. much like people who buy homes in America knowing they can’t pay for it. Filling their credit cards knowing they can’t pay ot off. This has become the American way of life.

  • Dan az

    China’s economy is failing as we speak,they are know more immune to whats taking place then we are.They are half of what they where just two years ago.The IMF and the NWO gang has far reaching arms and if you think that the yuan is going to be the next world currency I think the world bank is going to have a problem with that.And guess who is applying for the job?Yep Hillary and who was it that helped china to make the big decision to invest into to fed notes?You got it.They and along with all the rest of the world has been taken for a ride.The ones behind the curtain are just closing the deal and will have accomplished their objective in short time now and there is nothing you or anyone else can do about it.It took them from 1913 to today to get it done.How long would you expect us to reverse it?It is not going to happen over night people and if we can hold on to this replublic that would be a miracle in its self.I feel that we have failed our fore fathers and all that have died for this country by letting this happen to us.I am ashamed for not seeing what was going on for so long and did nothing to stop it.Whats worse is that there is so many people that still to this day refuse to see it.I think the bumby ride is over and we just refuse to get off the roller coaster.The only thing left is getting ready for the NWO gang to collect their slaves and sit back and collect their due.Sure we can fight for survival but at what odds?The entire world is going to be pissed off at us for not stopping the greedy ones,do you think that we can stop the entire world from collapsing?Not in our life time or even in our great grand childrens time.Our nation was the bright star that set standards for all to achieve and we have failed.Do whats next?

    • Dan az

      So whats next.

      • http://Moreexpensive,moreunknowproblems. Lewis Munn

        Dan,

        The Gay’s will tell us to check with our four fathers, and get their advice.

  • JLJ

    Bob,

    You are very much correct.We as a society have caused this problem not the U.S Government, not the politicians, we did! We did by being complacent, we have allowed ourselves and our children to be lazy.Instead of continually studing our Constitution and Bill of Rights as well as the various branches of government. We have chosen to play video games, watch mindless hours of T.V WHEN WE SHOULD BE READING ABOUT THE BACKGROUND OF THOSE WE HAVE VOTED INTO OFFICE. We should have been doing our due diligence. We not only have the right to vote, but it is our duty as Americans, many of which are to busy playing video games,hang out at bars, and chasing girls(Not that there is any thing wrong with that!) but every thing has a time and place. Our forefathers said that Not only is it your right but your duty to participate in the process of electing your politicians. In the old days people looked upon you as a low class citizen if you did not participate in the process or understand the process. Women fought for the right to vote as well as blacks. What happen to those days when you wanted that right and were willing to fight for it. No one did this to us, we did it to our selves. No one was watching the harbor when the theives snuck into town under cover of night! B

    • http://Moreexpensive,moreunknowproblems. Lewis Munn

      JLJ,

      WE were told to have fun, enjoy life, and don’t worry about old-fashioned morality, let alone work! Some of us were worried, but we were scoffed at by most.

      And the old books turned out to be right.

      I rather think the word would be repentance, but not enough have been hurt yet to think of that!

  • Raggs

    I would call him the “N” word if I could get away with it.

  • i41

    JLJ, you hit that dead on the mark about the people. When ever a rino or a marxst/communist bastard is placed into office, these elected idiots are who dreamed up all of these worthless agencies. These are the bastards that are allowed to control the citizens from birth to death. Look at the bildge that has been jammed in to kids minds from time they are in this type of government education systems. It constistanly goes all the way into our colleges and right on into the out look, of only book trained morons know how to do something in what ever industry it is. Our numnutted Prez and our lawyer leech congressional members at classic over educted mouth piece, theoretical paper pushing morons. The people who want a government sow’s tit to be in their muzzle for life, and minorities have believed they get a larger tit. Because of the victumolgy, poor me s–t belief that has been pushed for decades. Citizens are getting what they allow to happen to them selves from these government wonk agencies.

  • JLJ

    Raggs,
    Calling him the N word would solve what? Your level of ignorance! That’s get away from shallow name calling and use that thing on our shoulders we call a brain. More would be accomplished if we do so! Sorry Raggs, just making a point. Name calling is easy, we all need to think. We have all gotten away from exercising it. And it’s one of the most important and dangerous of organs next to the tongue!

    Again, I apologize Raggs. Not trying to be mean.

    • Raggs

      And why do you think that I should bow to you or anyone else?
      Hide from the truth?.. Political correctness?.. Or prehaps the all time favorite RACISM.. I don’t give two RATs asses what anyone thinks of me or for whatever reason… Maybe it’s high time someone else grew a pair… If you are so polite than you get stuck with this loser!

    • Raggs

      If I found one horse of a different color that would feel to be proud of our country for other reasons than to get a free ride I would feel much better myself.

      • http://Moreexpensive,moreunknowproblems. Lewis Munn

        Raggs,

        Look at the real Christian churches…not the Cinos, and you will find good people working as they can, not only in this country, but overseas, also. People with good hearts and good minds too.

        People who consider Obama reviling them for their good works to be an honor!

        There are more than you imagine, but they are not tooting their own horns to be noticed. But, they ARE there, quietly doing what good they can.

  • http://none Karl

    Both China and the USA have huge debts to take care of. But neither country has a way to solve this problem. Our President has just ignored anyone who mentioned the 2 Trillion Dollars in debt he holds will be a problem. But I know that gigantic amount of money will ruin my country.

    We can just wait until our President has to explain the problem.

  • don

    F$%@ china, If wasnt for the greatest generation those yellow idiots would be speaking Japanese!!!!!!

  • http://none Karl

    We are just waiting for the government spending to end. It will be soon now.

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