Selling Junk- To The World
The con game of selling to China (or any nation) bundled and depreciating assets to foreign countries is over. All those "bundled transactions" (can you say real estate mortgage backed securities?) have turned out to be worth as much as 50% less than suspected. How long did we think we could play that game at home let alone abroad?
Thus the rest of the world is no longer rushing to the ticket counter to buy more greenbacks!
Sometime in the last twelve months, the rest of the world has caught on to the "game" that America has been playing. It's not too different than what Bernie Madhoff accomplished. He took money from people, promised them security and good annual returns. America has sold bonds to the rest of the world with a good return (interest rate). The problem is that the return of the investment doesn't match the interest being paid.
Thus the rest of the world is no longer rushing to the ticket counter to buy more greenbacks!
As George Ure reports, "Since December 2007, Iran has been operating an oil exchange denominated in pretty much anything but dollars. Other nations around the Gulf haven't been blind to their success in extricating themselves from dollar-dependence." The party is over and none of the Democrats are too worried about it while most Republicans are too busy playing "catch up" to concentrate on the serious matters.
The world is done buying our junk!
But here's the reality check of it all. That the US$ has been the world currency cannot be over stated as to what that has meant to our ability to lead the world in finances. With the departure of the US$ as the currency of the land, so goes our ability to keep spending and building deficits. We can't keep printing money, bailing out this corporation and that, and we can't afford to add a TRILLION to our debt to push through a national health care bill.
The world is done buying our junk!
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Wayne Hill surveyed his treasure trove of rusty scrap metal searching for the perfect piece He snagged an old large wrench and held it up What is this he said with a playful look that tells you a wrench is the incorrect answer He held the defunct tool in front of him admiring... read more or search more on creativity from sparked »Spout Off
Does anyone know the lady that sold the knock off jewlery in cape may last weekend on Jackson street There was an Octoberfestival and she seemed to be a local As people were waying to her as if she sold it often Anyhow just wondering if anyone knew how to reach her or buy her... read more or search more on off spout »Cable Thieves Arrested
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- web: @nbcsnl How can Obama get award 4peace he sold debt 2 China.Thats buying a car not paying,selling diff junk car & say they owe you the money or search more on can how nbcsnl » by:
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jsfailor - web: After a successful garage sale yesterday, we are at it again. Selling lots of really nice junk. Probably the classiest garage sale ever! or search more on after garage successful » by:
mariannacecile - web: It's been hard cleaning house and selling my gear. The hardest which I never expected to be so hard, is letting of of my things. Junk is ez. or search more on been cleaning hard » by:
moses_lam