The gfacade is cracking.
Here's from a keyed in aam amerikhan aadmi
verbalizing the US response to the cheenis when push comes to shove.....Open Letter To The Chinese Premier
Must read, IMHO. Though the writer is a tad excitable.
Some choice excerpts:
Dear Wen Jaibao:
We in America have noted with concern your nations' expression of alarm at our Federal Reserve's blatant money-printing, debt monetization, and interference in the free markets, in particular the recent commentary of China's bank regulator.
However, yesterday afternoon Ben Bernanke gave you the finger, Donald Kohn, another Fed Governor, erected his middle finger in your direction as well with his comments last night and Yellen added her view this morning in which they also both said "we see no bubble." That's three.
How many more times do you need to be flipped off before you get it: The Fed isn't going to do what you want, and neither is Obama. Get over yourself.
On the objective measures the price/earnings multiple of the S&P 500 currently stands at over 130, more than double its previous record and vastly beyond anything achieved even in China's manipulated and overheated markets. In short, they're lying and they don't care.
Welcome to American Politics Mr. Wen.
Meaning - the Fed is not going to raise interest rates anytime soon. Period. And no one, not even the superpower-in-waiting, can make them. Period again.
Now that I have your attention by making sure you that you realize that our Central Bank has flipped you off, let me point out something you should be aware of:
The so-called "paper" you hold denominated in our dollars will not be paid in full.
Let me put forward a few realities you may not be aware of, since you are the Premier of a Communist Nation where there is no freedom of the press nor, for that matter, any of the other freedoms guaranteed in our Bill of Rights. That is, you head a nation where you believe the government has rights and the serfs, er, population has privileges you grant, where our founding documents express the precise opposite view - we believe that all people have rights that are endowed by our creator, that government can secure and protect rights but is incapable of bestowing them (since it didn't have them in the first place), and that government has mere privileges granted by the people - and that the people have the right to revoke those privileges.
Here's the problem you face, in a nutshell, just to make sure you read it correctly the first time:
We're not going to pay.
Uh-oh. Is he verbalizing what is already on many minds? That the US might wilfully have to default on its debts? Nothing new, has happened before with many many countries only.
But on what basis the default? Well, the obvious reason is that to maintain solvency. The ostensible reasons though will be couched in high rhetoric.
First, we (the citizens) didn't enter into these obligations. You pursued a mercantilist strategy that involved, among other things, near-literal enslavement of your citizens under working conditions equal to or worse than those we imposed on the Africans we forcibly imported into this nation (that is, kidnapped) in the 1600s and 1700s. ...
As a consequence we the people don't like you very much. In fact, some of us would be quite content to invite you to dinner - as the main course.
Wow. so the pitch begins or what? Is that the line the yanks will ultimately pull?
Next, it is clear that you have strong-armed our government into exchanging toxic securities you bought from private actors for "good credit" US Treasuries. You are among those who have played the "Financial Armageddon" card with a fair measure of success. Precisely what you said and to whom you said it has not been publicly disclosed, but that threats were part of the negotiation is essentially assured, since nobody in their right mind would exchange used toilet paper for good Treasury Debt otherwise. Yet our government wasn't the agent of the original fraud - those were private corporations and actors. Instead of doing what reasonable people do - that is, sue in a US Court and hold the guilty to account - you decided to play geopolitics. You have that right, but we have the right to tell you to stuff it - today or tomorrow. That day will come I can assure you.
Hmmm. I see.
Third, there is the matter of our citizens waking up to the scams - including your scams....
Trust me when I tell you we're just as pissed off about the frauds and scams as you are, but that doesn't give you the right to obligate we the people who were not the architects of these scams and frauds to pay for them, and we will not accept any such putative "obligation." Go take your gripe up with Mr. Paulson, Bernanke, Geithner, Obama, Bush and those who peddled all this crap worldwide. Your beef is with them, not us, and we hold that those who commit bad acts are where the liability for same begins and ends.
Finally, we have the matter of our children and those yet unborn. They did not consent to any of this - not even the rampant consumerism you fueled in this nation with your slave labor and pegged currency. They have no obligation whatsoever to you or to any debt contracted by anyone prior to their coming of age, and it is highly unlikely they will consent to be bound to it.
You proceed from the unfounded belief that our government will be able to extract this effort from us via either voluntary compliance with ever-rising taxation or the employment of naked force at arms. This is not a sound assumption.
Sooner or later, whether by peaceful election or less-than-peaceful means, a leader will arise in America who will contemplate erecting the middle finger back in your direction, just as many Americans have flipped off Washington DC. Ben Bernanke, Mr. Kohn and Ms. Yellen are just the first three you've seen in our officials who are willing to tell you where to stick your expectations - the day will come, I assure you, where a decision is made to simply tell you to stuff it at the highest levels of our government. Yes, such a declaration - that your alleged and dear "Treasuries" are in fact nothing more than toilet paper - would have severe geopolitical consequences. So what? By then our nation will be incapable of paying anyway - a default by any other name is still default. But our citizens, unlike yours, are and will be armed - go ask Admiral Yamamoto about the wisdom of considering an attempt to enforce your alleged debt by force. While you're at it count the blades of grass in our nation. I think you can figure the rest out for yourself.
Worse for you, while we would suffer were America to turn isolationist, we would survive. Your nation and its people would not.
There you have it. The bare naked iron claw. No more velvet gloves now. No?
Read it all.