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Old 02-11-2009, 10:13 PM   #21
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IMHO this is a pretty good description of the banking mess / Markets - Insight: How Wall Street scammed the Chinese banks

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Old 02-12-2009, 02:01 PM   #22
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Originally Posted by yakers View Post
IMHO this is a pretty good description of the banking mess / Markets - Insight: How Wall Street scammed the Chinese banks
Most interesting article. So if wall street really scammed the Chinese banks, without "wink wink" the regulators knowledge, who is the Yakuza going to pay a visit to?

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Old 02-12-2009, 04:59 PM   #23
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I'd guess that the Chinese are not pleased with us these days. Maybe that's why they have explicitly said they need a guarantee that the dollar will not devalue and ruin their treasury holdings.

“In talks with Clinton, China will ask for a guarantee that the U.S. will support the dollar’s exchange rate and make sure China’s dollar-denominated assets are safe,” said He in Beijing. “That would be one of the prerequisites for more purchases.” Worldwide

“These comments are some sort of a threat but of course China can never get such a guarantee,” said Thomas Harr, a currency strategist at Standard Chartered Plc in Singapore. The U.S. may assure China that it will clean up the financial system and that it “won’t push for a weaker dollar but they can’t promise not to increase the fiscal deficit,” he said.

We'll never be able to pay back those trillions unless we devalue the dollar. Maybe this demand is a play for us to raise interest rates on the treasuries? If we do that, the US government will self destruct from humongous interest payments on the debt. Seems like we've got a Catch-22 game going on.
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Old 02-12-2009, 11:20 PM   #24
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It is all about Karma.

As I have said several times, there is a certain justice to the Chinese selling us toxic toothpaste, toys, and dog food, and us paying for these junk with toxic financial instruments.

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