China Official: GOP 'Playing With Fire' With Debt Ceiling

Source: USA TODAY

There's been an interesting warning on the debt ceiling today -- from China.

Li Daokui, an adviser to the People's Bank of China, told reporters in Beijing, "I think there is a risk that the U.S. debt default may happen -- the result will be very serious and I really hope that they would stop playing with fire."

China is no dis-interested party: It holds more than $1 trillion in Treasury debt as of March.

President Obama may well agree with the Chinese banker's sentiment, as he urges Congress to go ahead and raise the nation;s $14.3 trillion debt ceiling.

MORE...

Read more: http://content.usatoday.com/communities/theoval/post/2011/06/china-official-gop-playing-with-fire-with-debt-ceiling/1

The repigs will listen to their bosses, the billionaires & CEOs, and raise the debt ceiling. This is all a show for the rubes & sheep that vote for repigs. If by some small chance some of the new teabagger legislators actually cause a question about the outcome of the debt ceiling vote, enough of them will be persuaded* to change their vote to let the debt ceiling increase go through.

* (the mildest form of repig persuasion involves a dead horse head in bed; the more extreme cases include messing with aircraft equipment so the threatened party dies in a plane crash along with hundreds of "collateral damage")

They get rid of Social Security, Medicare, Medicaid and everything else except the military and the cops.

Just the way they want it.

We are fucked.

Maybe the Chinese will take over Parks and Recreation here. We are going to start a Recall on that jerk in a couple weeks!

"We got the End Game strategery all worked out for our Republicon Billionaire Cabal O' Cronies, so we don't give a smidgen O' shit about what happens to the Little People, America's Proles, the Vast Yellow Horde, or who-freaking-ever. Our Eeeleete Cronies will fulfillerize our dArkSide intentions all the same. Sneer."

* RAD = Republicons Agressing for Darkness (R)

they are psychopaths and sociopaths. They don't care, they are crazy.

We have the tea party that is at the moment holding the reins of Republican power. Whatever I think of their beliefs and their politics, I do realize their financial and political influence is growing rather quickly. Frankly, I think the more moderate Republicans are afraid of the fanatics and will lean further right even when it disagrees with their own conscience. It's not simply fear of political failure or loss of power and status. It's fear of outright destruction.

We must keep history in mind here, remember how Nazi Germany began - it wasn't that a whole Nation consisted of fanatic authoritarians and ignorant people full of hatred. Rather, it was that some were fanatics full of hatred and that those few were underestimated. When Hitler came into power in Germany, German political figures of the time believed they could control him. They were wrong.

Today's republicans are trying to prove that they are true fiscal conservatives capable of repairing our economy through austerity measures. I do not know how far they will go in doing so, yet I suspect that they will not bend easily, certainly not without great concessions on our part. It is a dangerous, potentially disastrous situation.

The Republicans, under the leadership of the tea party, could very well refuse to raise the debt ceiling indefinitely. Should that occur... well, what happens next is anyone's guess, but it sure as hell won't be pleasant.

obama is a liberal republican.

intelligent republican is almost an oxymoron.

Jokes aside though, perhaps you are right. I'm finding myself increasingly worried though, about the growing power of a small group of politically interested lunatics.

Perhaps we can hold them off for a time - for a very limited time, particularly if we default on our debt. Yet their economic and military status continue to grow - they're already, generally speaking, better and more adequately educated than most of our citizens. Perhaps their military is ten or more years behind ours... but I suspect there are things we do not know. We are in a very dangerous position, if we default on our debt the American dollar becomes a whole lot weaker. I'm no economist, so I can only say it would be really, really ugly.

One way or another, they will have their due. I don't suspect that they're particularly concerned with what economic difficulties we are facing at this time.

I'm not worried about their military in the least. what are they going to do, transport 100 million soldiers across the pacific? Nuclear weapons have made war between superpowers a very remote possibility. I believe we will default one way or another and that it's basically inevitable. Democracy and fiat currency mix like matches and 8 year olds.

they would still have their nominal face value here. So they would buy up a trillion dollars worth of assets, factories, stores, whatever, and the money would leave their hands, and they would own hard goods in exchange for those little pieces of paper.

Fair is fair; we would still own all the cheap shit we bought from there with nobody holding a gun to our heads.

they just bought the Toledo Docks and Port for example. Frankly, I think that ought to be illegal but plenty of Panda huggers out there disagree.

That's a funny phrase. You're referring, of course, to all the Fat Cats and CEOs who relocated their production facilities in China. Or maybe all the millions of repig Walmart-shoppers who love buying "Made in China" stuff.

and, to a lesser extent the wal mart shoppers (of both political parties) who are so poor now thanks to our panda hugging "free trade" policies, that they don't have a choice but to buy the cheap disposable shit on the wal mart shelves. I don't think anybody "loves buying made in China stuff" btw. But if that's all you can afford or, more likely, that's all that's available to you, sometimes you do what you have to do. As a rule, I do not purchase wal mart's Chinese goods however. I don't buy much of anything unless I have to these days actually.

last 20 years, but this is what I have been predicting for my eco students for that time.

They have dollars. The whores who run this country want dollars. They'll get to do pretty much what they want, I imagine.

I'm sure they could come up with some new recipes, like moo-shu redneck or Rush Hotpot (although that would need to be a BIG pot). It won't occur to the Repubs until far too late just whose balls are in whose vice.