Two officials at leading Communist Party bodies have given interviews in recent days warning - for the first time - that Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.The Americans are now one Chinese foreclosure away from the spiraling costs of Bush's imperial misadventure and the rot spreading through the sub-prime market overwhelming their whole economy.
If I had any money I'd be converting it to gold right now and hiding it in my mattress.
Hat tip to Matthew
3 comments:
The time has come, the walrus said, to ignore the cabbage heads who think they're kings and get liquid.
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"Hey lets sucker a lot of desperate, poor, short term thinkers into onerous long term debt with some short term gratification - what could possibly go wrong?"
The part that bugs me is that a lot of the people squealing for government bailout of the sub-prime sector were the folks rolling the bodies of the manufacturing sector as they collapsed and piously talking about market forces winnowing out the weak.
Now their message is: "Because my business model worked for a few years the government is obligated to protect it forever."
Things change when it's their money dematerializing.
Yup.
But the most important thing to be if you've way over extended yourself and have incurred huge debts that are now being called?
Why, a bank of course.
Cause they've already been bailed out with billions and billions in the past week.
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