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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on September 19, 2008, 09:40:07 PM
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China’s state media today reports on the real reason behind the Wall Street meltdown and a subject that the mainstream US media dare not mention - the Federal Reserve’s overissuance of currency - which the Chinese say is part of a wider agenda to justify increased control over the global economy.
The Bush administration today announced a plan to use hundreds of billions of dollars of taxpayer money to buy up up bad mortgages and other debts. The process of injecting more fiat money into an already over-inflated system had the desired effect - the Dow Jones shot up 450 points - but the dollar, following a brief jump, began to plummet.
According to numerous Chinese state media news sources today, the Federal Reserve’s continued zeal for propping up the market by injecting illusory liquidity is part of an agenda to gain trust and grease the skids for increased government intervention in financial markets.
China Finance , China News and Chaobao Financial News, all state owned media outlets, slammed the Fed for taking action that will only make long term economic conditions worse and devalue the dollar by “creating money that does not exist which leads to the inflation of liquidity,” a policy contrary to China’s position as a holder of vast reserves of US dollars.
China has previously threatened to liquidate its vast holding of US treasuries, amounting to $1.33 trillion, if Washington imposes trade sanctions to force a yuan revaluation. The Communist power has also repeatedly expressed its anger at the Fed’s indifference to the weakening dollar. If China were to dump the dollar it would likely set in motion a chain of events that would lead to a collapse of the greenback.
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Would it be right to say 'fuck our current administration'?
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The Chinese are eventually going to drop us like a bad case of hemorrhoids.
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The Chinese are eventually going to drop us like a bad case of hemorrhoids.
They definatly have America by the balls.
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Bush just asked Congress for another 700 BILLION
They're really gonna have to cut taxes alot to raise that kind of money
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Bush just asked Congress for another 700 BILLION
They're really gonna have to cut taxes alot to raise that kind of money
lol
When they need $700 billion that really means a few TRILLION.
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what this country needs is 8 more years of bush err mccain policies to slam dunk a financial Armageddon. :o
NT
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The Bush Admin has never really been a good with numbers. The cost and length of the Iraq war comes to mind. Also, they just cooked up this plan in the last few days so you know they've barely started to get their big brains around the problem
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Where's Alex when you need him?
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Bush just asked Congress for another 700 BILLION
They're really gonna have to cut taxes alot to raise that kind of money
hahahahaaa.
Tax cuts double tax revenue!
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The Bush Admin has never really been a good with numbers. The cost and length of the Iraq war comes to mind. Also, they just cooked up this plan in the last few days so you know they've barely started to get their big brains around the problem
Call me a skeptic but I think they are playing stupid and shocked. They knew what they were doing from the get go.
what do any of you think?
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Call me a skeptic but I think they are playing stupid and shocked. They knew what they were doing from the get go.
what do any of you think?
I agree
Bush looked liked he just got kicked in the balls when he had his first press conference this week
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[...]Bush looked liked he just got kicked in the balls when he had his first press conference this week[...]
He's always had that look ever since he quit cocaine.
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He's always had that look ever since he quit cocaine.
His typical demeanor during press conferences are swagger, bravado, sometimes anger and irritation.
This time he just looked scared and tired