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I see the US government says S&P has got their sums wrong, which is ironic considering how far out expected growth figures have sometimes been! People in glass houses.
Mind you this may not put interest rates up too much, not when Europe is doing so well at being so bad at managing our economies… we are hopeless in parts of Europe.
I bet the Chinese will push the Yaun to be a reserve currency now.
Andy
Yuan, Andy. Yaun is what Steve does to you sometimes.
Lol, at least I didn’t have to try and write it in Chinese, I have problems enough in English at times Paul.
Steve never makes me yawn, infuriates me sometimes and sometimes the opposite. I do make him yawn though … Zzzzzzzzzzzzzzzzzzzzzzzz
🙂
Andy
A reserve currency would be in demand and of high value. The Chinese government do not want the yuan to increase in value, it would make their exports too expensive
http://www.businessinsider.com/china-worlds-fastest-printing-press-2011-1
“China’s Money-Printing Addiction Could Spell Disaster” Where do you think they got all that money to buy US debt?
Print some money and lend it to the US government
Well the tightly control the yuan so not much chance of that I thought. Also it could be used more as a political ploy rather than an economic one. Why build an aircraft carrier when you can hit the USA into removing some of it’s by not buying more dollars and forcing bond yields up?
With high inflation and an over heating economy they might even want the yuan to increase in value to put a brake on things.
Andy
Want a paddle?
If the debt doesn’t get you, Climate Change will
http://www.independent.co.uk/environment/interactive-map-of-us-shows-how-climate-change-will-affect-health-2332297.html
“Interactive map of US shows how climate change will affect health”
GIGO is alive and well in the computer models and continues to rule!
http://www.nrdc.org/health/climate/default.asp
I’m really surprised we’ve not heard one “I TOLD YOU SO” from John McCain.
There is little indication McCain would have done anything much differently, once the same advisors told him that the economy was on the edge of a cliff and that stimulus was our one way out.
Now additional stimulus does not seem to be an option and the economy is nearly back to the edge of the same cliff.
They sold you a bill of goods. While they were telling you that QEx was all about re-inflating the economy, it was really all about re-inflating the corporate bottom lines. Profits are up, as are un-employment and real cost-of-living. Honestly, you people will believe anything that anyone with a tele-prompter tells you…
Obama, time to hope that it’s not too late for a change.
I just read this
“One of the most costly programs for the Defense Department is health care coverage for some 10 million active duty personnel, retirees, reservists and their families. The cost has jumped from $19 billion in 2001 to $53 billion now.”
That’s actually more than the entire UK defence budget!
Ok, for people injured in war there should be health care coverage, but people who have not? There is $40b savings right there.
Andy
Wa it because of the 64 cents — just asking a 64 million….