China has 'canceled US credit card': lawmaker

[lostinblue]

http://news.yahoo.com/s/afp/20090430/pl_af...omyuschinabonds

WASHINGTON (AFP) ¨C China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

 

China has the world's largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country.

 

But Treasury Department data shows that investors in China have sharply curtailed their purchases of bonds in January and February.

 

Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had "very legitimate" concerns about its investments.

 

"It would appear, quietly and with deference and politeness, that China has canceled America's credit card," Kirk told the Committee of 100, a Chinese-American group.

 

"I'm not sure too many people on Capitol Hill realize that this is now happening," he said.

[Guest Tony n Terrific]

http://news.yahoo.com/s/afp/20090430/pl_af...omyuschinabonds

WASHINGTON (AFP) ¨C China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

 

China has the world's largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country.

 

But Treasury Department data shows that investors in China have sharply curtailed their purchases of bonds in January and February.

 

Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had "very legitimate" concerns about its investments.

 

"It would appear, quietly and with deference and politeness, that China has canceled America's credit card," Kirk told the Committee of 100, a Chinese-American group.

 

"I'm not sure too many people on Capitol Hill realize that this is now happening," he said.

If this holds true look out Baby here comes inflation! The Treasury Dept. presses mission statement will be 8 days a week.

[GZBILL]

http://news.yahoo.com/s/afp/20090430/pl_af...omyuschinabonds

WASHINGTON (AFP) ¨C China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

 

That's not really a surprise, is it? I mean, I know very few Einsteins make it to Congress, but why wouldn't a creditor cut back on lending?

All major US credit card companies are slashing credit limits and pruning out less creditworthy cardholders. The "China Credit Card Company" should be doing the same.

 

Now what would be truly newsworthy -- and funny as hell -- would be to see the US Government slash government salaries, benefits and perks. It's about time the government started practicing what they preach and live within its means.

Edited May 3, 2009 by GZBILL (see edit history)

[LeeFisher3]

http://news.yahoo.com/s/afp/20090430/pl_af...omyuschinabonds

WASHINGTON (AFP) ¨C China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

 

That's not really a surprise, is it? I mean, I know very few Einsteins make it to Congress, but why wouldn't a creditor cut back on lending?

All major US credit card companies are slashing credit limits and pruning out less creditworthy cardholders. The "China Credit Card Company" should be doing the same.

 

Now what would be truly newsworthy -- and funny as hell -- would be to see the US Government slash government salaries, benefits and perks. It's about time the government started practicing what they preach and live within its means.

Yeah, like that's gunna happen anytime soon.

[Guest Pommey]

looks like the end of the USA credit dream at last

 

will this lead to "fiscal spending"?

 

how will continue to pay for our world policing ?

[Guest Tony n Terrific]

looks like the end of the USA credit dream at last

 

will this lead to "fiscal spending"?

 

how will continue to pay for our world policing ?

The US refused to pay for the 3% convienance fee on International credit card transactions.

[Corbin]

http://news.yahoo.com/s/afp/20090430/pl_af...omyuschinabonds

WASHINGTON (AFP) ¨C China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

 

That's not really a surprise, is it? I mean, I know very few Einsteins make it to Congress, but why wouldn't a creditor cut back on lending?

All major US credit card companies are slashing credit limits and pruning out less creditworthy cardholders. The "China Credit Card Company" should be doing the same.

 

Now what would be truly newsworthy -- and funny as hell -- would be to see the US Government slash government salaries, benefits and perks. It's about time the government started practicing what they preach and live within its means.

Yeah, like that's gunna happen anytime soon.

About as soon as pig fly.....

[markndannie]

Now tie this in with china doubling their gold investment from 500 tons to over 1000 tons this quarter. The dollar is falling against the RMB 6.8210 today. I think China is rethinking their investment strategy and will let the dollar fall. Our govt reps don't have a clue and there are just going to keep printing money on TP. Crap and I want to retire in a few years!

[GZBILL]

Now tie this in with china doubling their gold investment from 500 tons to over 1000 tons this quarter. The dollar is falling against the RMB 6.8210 today. I think China is rethinking their investment strategy and will let the dollar fall. Our govt reps don't have a clue and there are just going to keep printing money on TP. Crap and I want to retire in a few years!

 

The exchange rate has been fluctuating between 6.82 and 6.84 for a couple of months now.

 

The best thing you can do is get a good job in China where you can elect payment in local currency.