Chinese banks have been told to immediately stop lending money to the United States, according to Reuters.
Game over.
No. 1 lender of finance to the United States: China. According to AFP, China is the world’s biggest holder of foreign reserves and second biggest holder of US treasury bils. Take Chinese money off the table, $700 billion is likely not enough.
The takeaway line?Ǭ†from “New America Media:
“In times of hardship, China and the United States seem to have traded places. The United States seems to be moving closer to a Communist economy in the wake of the financial implosion, while officially Communist China is hurtling towards capitalism.”
great find, thanks
yikes! this is really bad news for us here in the USA…not liking our current situation at all…very uneasy!!
So of course I am out there looking for anything to cooberate this puppy, and there is nothing that I could find that would indicate that anyone else has picked this story up. Not on any of the major financial sites, checked MSN Money, Market Watch, Forbes, etc. Do you know if anyone else is picking this up, even market futures are up slightly, this is the kind of information that would drive market futures way down.
I think there might be some interesting shifts in the worlds marketplaces coming shortly. I'm sure there will be further developments over night, will have to stay tuned I guess.
That quote is so true.
Just wait till China starts dictating terms of repayment :/
Seems the Reuters source was not following the Chinese Party Line on that story – see latest update from Reuters ('UPDATE #3) http://www.reuters.com/article/asiaIpoNews/idUS… where the Chinese Banking Regulatory Commission refutes giving these instructions.
Still pretty scary if you're a US banker (or are a taxpayer with a mortgage).
We are not becoming Communist. People are just over reacting.
I think they meant that in terms of the economy — and I also think it's a valid point.
Interesting timing to note that “Communist China is hurtling towards capitalism” just as all Chinese banks were ORDERED not to lend to borrowers of their choice.
It's a long way to go to get to actual Communism, but it's a matter of degrees. People are certainly deceiving themselves, though, if they think this was the watershed event that broke the barriers; you can look to Social Security, welfare, Medicare, and highly progressive tax rates for that. Communism is all about wealth redistribution, and those are the American strongholds of it.
Thanks for sharing
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