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  1. #1
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    Default The "Dumb Money" Refuses To Play Along: China wont rescue Europe

    A few days ago China telegraphed it refuses to continue to be seen as the world's rescuer and the dumbest money in the room. Many assumed China was only kidding: after all how would China let its biggest export partner flounder? And furthermore, all China does is provide vendor financing, right? Well, as it turns out, wrong, because to China the current state of Europe is far from the terminal crisis Europe is trying to make it appear. This is happening even as a thoroughly desperate and grovelling Europe, kneepads armed and ready, has said via the EFSF's Regling that it will even consider issuing Yuan-denominated bonds. Alas, China is less than impressed. As AFP reports, "China’s state media Sunday warned that the country will not be a “savior” to Europe, as President Hu Jintao left for an official visit to the region including a G20 summit. Hu’s visit has raised hopes that cash-rich China might make a firm commitment to the European bailout fund, but in a commentary, the official Xinhua news agency said Europe must address its own financial woes. “China can neither take up the role as a savior to the Europeans, nor provide a ‘cure’ for the European malaise. “Obviously, it is up to the European countries themselves to tackle their financial problems,” it said, adding that China could only do so “within its capacity to help as a friend." A friend, who at this point is quite sensible, and realizes far better deals are to be had down the line if one merely waits. That said, we are certain China is not the only one out there with an instant notification pending the second Santorini, Ibiza or the Isle of Capri hits E-bay.

    China’s Vice Foreign Minister Cui Tiankai said Friday that the G20 should focus on the sovereign debt crisis in “developed countries” and the growing pressure of global inflation.

    He added that members should make efforts to stabilize financial markets and restore investor confidence.

    For its part, G20 partners will also be looking to China to stimulate domestic demand, diversify its export-led economic model and allow the yuan currency to appreciate more freely so as to slim down its massive trade surpluses.

    Another Chinese official has played down hopes of a breakthrough at the G20 meeting. Vice Finance Minister Zhu Guangyao, also speaking Friday, said investment in the European bailout fund was not on the agenda.

    Beijing fears the financial risk of a major investment, which could also spark a domestic backlash as the Chinese public asks why they should bail out wealthier nations. Already, opposition to such a move is being expressed on the Internet, on China’s hugely popular weibos - microblogging sites similar to Twitter - and in state media.


    The bold says it all. And for those to whom it is still confusing:

    “China will only participate in a global program that is defensible to the Chinese people. So don’t expect a ‘bailout’ or ‘rescue’ from China,” China Macro Strategist for brokerage CLSA, Andy Rothman, told AFP.

    China has been burned before on overseas investment. It bought stakes in investment bank Morgan Stanley and asset management firm Blackstone only to see values collapse in the 2008 global financial crisis.

    “China was taken in. Once bitten, twice shy,” said independent economist Andy Xie, former chief economist for Morgan Stanley.


    So, about that magical European box full of promises and quite empty of money...

    ---------------------------------

    I cant wait for the stock market to open.. should be a good day.
    Last edited by [LoD] EE; 10-30-2011 at 18:37.

  2. #2

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    ahh this is going to hurt

  3. #3
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    At this point the only thing that can save Americans is if Europe falls apart before we do. If that happens government will get their shit together. There will still be pain and I fear the weak are going get shafted majorly under pretense of sacrifice for all.
    "What, you think just because you need it means you have a right to take mine?"


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  4. #4
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    Quote Originally Posted by Silverhandorder View Post
    At this point the only thing that can save Americans is if Europe falls apart before we do. If that happens government will get their shit together. There will still be pain and I fear the weak are going get shafted majorly under pretense of sacrifice for all.
    I think if the EU falls, America wont be far behind. We have too much tied into the EU economy that its going to hurt like a motherfucker either way the dominoes falling, from the west or east.

    Its going to be an interesting ride none the less. Shit aint begun to get bad. You think the 08 crash was a wild ride.. Keep your hand and feet inside the ride at all times!

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    Unlike EU we got a lot of completely unproductive ventures. EU has shit for military expenses. If we begin crashing the first thing that would happen is us shrinking our military expense to a fraction of what they are now. That would give us enough time to see cut programs without just cutting them all of in one day.
    "What, you think just because you need it means you have a right to take mine?"


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  6. #6
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    no, your fallout fantasies wont come true, im sorry
    Quote Originally Posted by Marilio View Post
    You can't educate people that do not want to be educated.
    Quote Originally Posted by Apex Vertigo View Post
    Dunning-Kruger, showing the internet as a parody of the human race since 1999.

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    No one here is talking about fallout. Can you be any more of a dumb ass?
    "What, you think just because you need it means you have a right to take mine?"


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    Quote Originally Posted by Silverhandorder View Post
    Unlike EU we got a lot of completely unproductive ventures. EU has shit for military expenses. If we begin crashing the first thing that would happen is us shrinking our military expense to a fraction of what they are now. That would give us enough time to see cut programs without just cutting them all of in one day.
    The U.S didn't cut a dime when they were falling hard in 2008, 2003 and 2001. What makes you think another recession changes everything?

    Usually its SS that is cut though or stolen from. If not some minor social programs that is not medicare.

  9. #9
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    Quote Originally Posted by Silverhandorder View Post
    No one here is talking about fallout. Can you be any more of a dumb ass?
    i can look into your retarded little nerd brains

    who do you think you can fool
    Quote Originally Posted by Marilio View Post
    You can't educate people that do not want to be educated.
    Quote Originally Posted by Apex Vertigo View Post
    Dunning-Kruger, showing the internet as a parody of the human race since 1999.

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    Quote Originally Posted by StrawberryClock View Post
    The U.S didn't cut a dime when they were falling hard in 2008, 2003 and 2001. What makes you think another recession changes everything?

    Usually its SS that is cut though or stolen from. If not some minor social programs that is not medicare.
    The fall will be much bigger comparable to USSR economic collapse.

    Quote Originally Posted by Esudar View Post
    i can look into your retarded little nerd brains

    who do you think you can fool
    Well you are fooling your self for imagining strawmans. You are a joke.
    "What, you think just because you need it means you have a right to take mine?"


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    Why do people think anything necessitates an actual "fall"?

    The series of recessions might just cause a long-term Japan-style malaise, but no "fall" will actually happen. Unless you think the depression caused government collapses, which it did not.

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    Quote Originally Posted by Silverhandorder View Post
    The fall will be much bigger comparable to USSR economic collapse.



    Well you are fooling your self for imagining strawmans. You are a joke.
    The USSR fell primarily on political lines, via the freedom developments in Eastern Europe, the wishes of the various states within and in part due to the economy though not entirely.

    Even then the economy didn't remain "solved" for a number of years after the "solving" of political and democratic and freedom issues.

    With that said, their "fall" was based on the aspirations of the people to overthrow the USSR, Europe's "fall" does not have such a movement.

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    Quote Originally Posted by Silverhandorder View Post
    The fall will be much bigger comparable to USSR economic collapse.



    Well you are fooling your self for imagining strawmans. You are a joke.
    no u are a joke
    Quote Originally Posted by Marilio View Post
    You can't educate people that do not want to be educated.
    Quote Originally Posted by Apex Vertigo View Post
    Dunning-Kruger, showing the internet as a parody of the human race since 1999.

  14. #14
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    Quote Originally Posted by Esudar View Post
    i can look into your retarded little nerd brains

    who do you think you can fool
    Who are you calling nerds?

  15. #15

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    need to get weapons asap

    if the shit falls apart will need to protect my land from hordes of uneducated orc russians

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