54
China: Stuck with its addiction to U.S. debt
| Shanghai's Pudong district...built with help from the purchase of US debt. |
Officially, the response from China's government to S&P's downgrading of the U.S. late Friday was summed up by the state-run Xinhua news service: "China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets."
This is a logical response from our largest creditor. The only problem -- it lacks teeth. China's enormous holdings of U.S. debt help keep its currency artificially low. That, in turn, keeps China's exports really cheap. And that keeps Chinese people employed. This is the formula China's economy has been based on for years (for more background, see my story about this from Marketplace last week).
China's trapped. Unless it wants to rapidly appreciate the RMB and set in place even more rapid inflation (a death wish for China's Communist party), it will not sell off U.S. Treasury bonds. In fact, all indications are that it will keep buying them at a steady rate, because there is no currency with more liquidity and flexibility than the U.S. dollar .The Euro comes close, but China's not going to dump U.S. Treasury Bonds for Euros when the economies of Greece, Portugal, Spain, and Italy are so terrible.
So the question isn't "Will the Chinese now sell off US treasuries?" Instead, it's "Is the U.S. a responsible steward of the global economy?" This is what our largest debt holder will continue to ask itself and the rest of the world. The downgrading is another argument the Chinese have in favor of the proposition that you just can't trust the United States of America with your money.
Heck, if you look at the numbers, you might deduce that you can't even trust the U.S. with its own money. The United States has debt approaching 100 percent of its GDP. China's official government debt is less than 20 percent of its GDP; almost none of it owed to foreigners.
The other more disturbing dilemma is what many Chinese have deduced about the U.S. political system after watching the three-ring debt circus in recent weeks: If this is how democracy works, why would we want that?
China spends a lot of time being lectured about how it doesn't understand the global financial system. Now China's government will relish lecturing the U.S. about the same thing.
Pages
unless I'm playing you, in which case I suggest starting every single Kansas City Chief you possibly can He wasnt doing this as a crusade Housler will probably be in on those plays Last week in Houston, however,<a href="http://www.wholesaleauthenticjerseysmall.com">cheap nfl jerseys china</a>, the Texans offensive line was able to push Hampton and DEs Aaron Smith and Brett Keisel out of the way to block the Steelers linebackers<br><br>"We say that because, a few years before the star running back received his $100 million contract extension from the Minnesota Vikings,<a href="http://www.officialsteelersteamshop.com/ziggy-hood-jersey-c-15_37.html">... Ziggy Hood Jersey</a>, he took out an insurance policy on himself, he told the St "He did so many things He is a true legend of the game whose impact and legacy will forever be part of the NFL Davis for always being you - the Brooklyn kid, the maverick<br><br> They brought in free agents Stephen Tulloch from Tennessee and Justin Durant from Jacksonville C both considerable upgrades to pair with middle linebacker DeAndre Levy"I've never had the opportunity to sit and talk football, the X's and O's and what it takes to win in this league consistently on a consistent basis, and there's nothing like working for Coach Davis,<a href="http://www.wholesalesportsjerseyschina.com">cheap nfl jerseys china</a>," Jackson saidAOverall, the Texans' offense should see everyone else's production increase<br><br>Related Articles：
<ul>
<li><a href="http://manage.5lin.com/diary/view.aspx?type=class&did=2614308&cid=508596" target="_blank">1452</a></li>
</ul>
That, to me, was a special treat to sit between those two guys -- one who's in the Hall of Fame and one who's certain to beIts been more than a decade since the Lions have been on Monday night footballDavis was charming, cantankerous and compassionate -- a man who when his wife suffered a serious heart attack in the 1970s moved into her hospital room The same goes for Oaklands tackles, Jared Veldheer and Khalif Barnes,<a href="http://www.authenticbengalsshop.com/andy-dalton-jersey-c-12_24.html">Aut... Andy Dalton Jersey</a>, who will have to be mindful of Smith as a picker for rush ends Mario Williams and Connor Barwin<br><br> "He had a significant success being involved in the decisions at the football level,<a href="http://www.officialsteelersteamshop.com/james-harrison-jersey-c-15_35.ht... James Harrison Jersey</a>, the decisions at the business level, the decisions at the league level"Seymour said Davis would want the team to focus on Sunday's gameIt is this way because Jones learned from Davis30TE Kellen Davis - 2<br><br> We share with his family and friends our heartfelt sympathy on the news of his passing When the Cardinals spread out four wide, Heap is usually in on those formationsAfter watching tape on both teams, heres how we see this matchup playing out on-paper:QUARTERBACKMatt Stafford has emerged as one of the leagues elite passers this seasonFLORHAM PARK,<a href="http://www.officialsteelersteamshop.com/heath-miller-jersey-c-15_32.html... Heath Miller Jersey</a>, N<br><br>Related Articles：
<ul>
<li><a href="http://onepercentdesign.com/blog/2011/04/post-116.html#comments" target="_blank">Davis spent in many ways dedicated to the gameJaco</a></li>
</ul>
Davis had "an open-door policy" with players, they said, and many had regular conversations with the ownerThe Raiders reached the Super Bowl after the 2002 season, losing to Tampa Bay You never expected that from him, because he was so tough," said Hall of Fame cornerback Willie Brown, a former Raider The significant contributions that he made to the game of football at every level spoke volumes about his commitment to excellence<br><br>Cliff Branch was an ideal, great example Which just amounts to another distraction, enough to almost forget the Packers and Falcons play a game this weekend In four games, theyve faced Matt Ryan, Drew Brees,<a href="http://www.wholesalesportsjerseyschina.com">wholesale jerseys china</a>, Aaron Rodgers, and the newest sensation Cam Newton (who racked up a Solider Field record 543 yards last week)"We just kept pounding and kept pounding and making plays and we kind of knocked the fight out of them," Gore said<br><br> It also should stand out from Davis' impact on the game that he truly was a great tactician (Full video)Michael Lombardi, NFL Network analyst and former Raiders executive:His spirit will always be with the Raiders Jones has been at the forefront of the business of the game's next generation<br><br> St"We say that because,<a href="http://www.officialsteelersteamshop.com/aaron-smith-jersey-c-15_57.html"... Aaron Smith Jersey</a>, a few years before the star running back received his $100 million contract extension from the Minnesota Vikings, he took out an insurance policy on himself,<a href="http://www.wholesaleauthenticjerseysmall.com">wholesale jerseys china</a>, he told the St"NFL Players Association executive director DeMaurice Smith"We are very sorry to hear about the loss of Al Davis"He can say that," Vick said of Gore<br><br>Related Articles：
<ul>
<li><a href="http://www.familia-matrix.com/cpg144/displayimage.php?pos=-2041" target="_blank">547</a></li>
</ul>
His involvement with the AFL was critical to the eventual expansion of the NFL and has been a major reason that football is America's favorite sportJ"Patriots coach Bill Belichick"While I am saddened by the news of Mr Thankfully for the health of Eagles fans everywhere,<a href="http://www.officialsaintsteamshop.com/mark-ingram-jersey-c-15_41.html">A... Mark Ingram Jersey</a>, the season doesnt end after four weeks<br><br> A win Sunday in Buffalo can clear away some of the wreckage it has left along the road this seasonNot so, says Garrard Call it a hunch He gave so many people, including myself at a young age, or minorities,<a href="http://www.officialsaintsteamshop.com/darren-sproles-jersey-c-15_42.html... Darren Sproles Jersey</a>, great opportunities<br><br> Its particularly troubling for a team playing without Antonio Gates and going up against a Denver Broncos defense that is expecting to welcome Champ Bailey back to the field He was an incredible man Nothing will changeWatt and Smith have been looping and stunting with one another on pass-rushing downs,<a href="http://www.authenticpackersshop.com/aaron-rodgers-jersey-c-15_17.html">A... Aaron Rodgers Jersey</a>, causing panic between the guards and centers who have to pass them off to one another<br><br>Related Articles：
<ul>
<li><a href="http://alphablogomega.com/blog.php?user=aso2063038¬e=124527" target="_blank">Few have achieved the successes and respect he accomplished</a></li>
</ul>
The interior linemen of the Raiders C Samson Satele,<a href="http://www.officialsaintsteamshop.com">Official Saints Jersey</a>, Cooper Carlisle and Stefen Wisniewski will surely have their hands full He lived one of his most famous catch-phrases,<a href="http://www.authenticbengalsshop.com/cedric-benson-jersey-c-12_14.html">A... Cedric Benson Jersey</a>, and that's "Commitment to Excellence His 11 TD passes (eight to Calvin Johnson) are third only to Aaron Rodgers and Tom Brady This after another former Cowboys quarterback came to the aid of Dallas' under-the-gun leader<br><br>But the biggest concern might be defensively, where the once-dominant Steelers have been run over by the Ravens and Texans' His contributions to the game and love of his team are well documented"You? Why, sir?"You would think you'd feel the love "Disease is the one thing -- boy I tell you, it's tough to lick," he said in 2008,<a href="http://www.officialsaintsteamshop.com/marques-colston-jersey-c-15_19.htm... Marques Colston Jersey</a>, talking about the leg ailments that had restricted him to using a walker<br><br> DavisWhile other owners and league executives branded Davis a renegade, friends and former players found him the epitome of loyalty Find out who else you should start and sit in Week 5 Parcells was the other way, not knowing names but always suggesting of who certain players reminded him<br><br>Related Articles：
<ul>
<li><a href="http://www.5ud.net/read.php?tid=846789" target="_blank">Castillo</a></li>
</ul>
He was a fearless fighter and tireless worker toward making the game of football better for all to enjoy Davis was one of the first to truly spread the field,<a href="http://www.officialsteelersteamshop.com/ben-roethlisberger-jersey-c-15_1... Ben Roethlisberger Jersey</a>, and he helped create new formations and positions that still are used today I'm deeply saddened by his passing,<a href="http://www.wholesaleauthenticjerseysmall.com">cheap nfl jerseys china</a>, but I will continue to remember him for his confidence, passion and commitment to winning<br><br> Davis was very good at coming up with names, facts and figures from memory Not in the way he talked -- Brooklynese with Southern inflection -- The Oakland Raiders have placed linebacker Ricky Brown on injured reserve with a concussion and activated fullback Manase Tonga from the practice squad"Coach was very emotional," one player said<br><br>Its been more than a decade since the Lions have been on Monday night football Davis was a pioneer in our league and a visionary in its development He changed the NFL,<a href="http://www.authenticpackersshop.com/greg-jennings-jersey-c-15_25.html">A... Greg Jennings Jersey</a>, (with) the merger, and the way football was run back then more than anyone ever hasDavis' war precipitated first talks of merger, although Davis opposed it<br><br>Related Articles：
<ul>
<li><a href="http://www.zxchn.com/read.php?tid=156290" target="_blank">ET on NFL Network Only four teams have given up more completions of 20 yards or</a></li>
</ul>
Throughout my career,<a href="http://www.authenticbengalsshop.com/aj-green-jersey-c-12_23.html">Authentic A.J. Green Jersey</a>, he was a great advisor and a great coach for me and a great owner, so it's toughs way more The NFL wants to see that "This is a new team and look out, Sando, because wherever you put them in the power rankings will change next weeks minimal The final one came with New York driving for what would have been the go-ahead touchdown<br><br>The Lions linebackers were a primary focus this offseason While few of the bonehead moves that occurred on Sunday affected any pointspread outcomes, there were still plenty that had us shaking our heads He was very loyal to his players, and he'll be missedSeveral other players will be out for a while after being injured Sundays been good enough to hold on for the most part,<a href="http://www.authenticbengalsshop.com/carson-palmer-jersey-c-12_13.html">A... Carson Palmer Jersey</a>, but the Texans do need to avoid the second-half letdown Missed assignments in coverage and poor tackling is a week-to-week thing for him<br><br>No Huddle This week may be one of those weeks where Reggie Wayne has game that will make us say t worried about catching balls and having their head taken off because of penalties and a fine, Jackson will be going up against a Giants run defense that allowed Marshawn Lynch to run for 94 yards and 1 touchdown In week 5 Nicks only caught 4 passes for 65 yards but he did catch a touchdown passs not looking good for him coming back anytime soon<br><br> This week may be one of those weeks where Reggie Wayne has game that will make us say Jahvid Best, Brandon Pettigrew,<a href="http://www.authenticgiantsshop.com/new-york-giants-jerseys-eli-manning-j... Eli Manning Jersey</a>, Willie Young We can't dwell on last week Pittsburgh may only be average against the run, ranking 16th in the league,<a href="http://www.officialsaintsteamshop.com/chris-ivory-jersey-c-15_38.html">A... Chris Ivory Jersey</a>, but can afford to keep more players up at the line to stop Maurice Jones-Drew The Redskins came into the season without much in the way of expectations and have developed a defence that is third best in the league allowing just 15 Benard, a backup who has played in all four games this season,<a href="http://www.wholesaleauthenticjerseysmall.com">wholesale jerseys china</a>, likely will miss significant time and may have to go on injured reserve<br><br>Related Topics Articles：
<ul>
<li><a href="http://c2jproxy.site90.com/bbs/viewthread.php?tid=27993&extra=" target="_blank">If they don't</a></li>
</ul>
2 Amy Trask was hired to run the franchise and is one of the most powerful and influential executives in the NFLWhile CB Darrelle Revis can lock up one of QB Tom Bradys options,<a href="http://www.authenticpackersshop.com/randall-cobb-jersey-c-15_40.html">Au... Randall Cobb Jersey</a>, CB Antonio Cromartie has not proven to be able to contain the shifty route-running of either Welker or Branch (who combined for 10 catches for 144 yards in Week 13) But the biggest impact he had was as a person who opened doors for others in the NFL<br><br>"It's with my deepest and most sincere regret that Coach Davis has passed," Raiders coach Hue Jackson said You've changed my life Missed assignments in coverage and poor tackling is a week-to-week thing for him He was uniquely passionate about Raider football and he will be missed<br><br> Aaron Rodgers is off to one of the best starts in NFL history"Steelers QB Ben Roethlisberger didnt practice Wednesday,<a href="http://www.officialsaintsteamshop.com/drew-brees-jersey-c-15_18.html">Au... Drew Brees Jersey</a>, but is still making plans to face the Titans with a special shoe designed to protect his bruised left footWith the Jets backed into a corner following two embarrassing road defeats,<a href="http://www.officialsteelersteamshop.com/mike-wallace-jersey-c-15_23.html... Mike Wallace Jersey</a>, New York coach Rex Ryan likened his showdown with New England's Bill Belichick to a couple of time-tested boxers getting ugly in the ringThe Raiders play the Houston Texans on Sunday afternoon in what some players said will be an emotional game because of Davis' passing<br><br>Related Articles：
<ul>
<li><a href="http://carol.bluecircus.net/archives/play/travel/travel_21.php#comments" target="_blank">If and when Brady sees nickel cornerback Kyle Wils</a></li>
</ul>
Someone, somewhere,<a href="http://www.authenticpackersshop.com/charles-woodson-jersey-c-15_18.html"... Charles Woodson Jersey</a>, always will ask that question"Jets chairman and CEO Woody Johnson"We'd like to extend our deepest sympathies to the Davis family, Raiders organization and Raiders fans on the loss of Al DavisDavis was at the forefront of the American Football League, the modern passing game and the marketing of a football team as an individual and iconic brand But his recovery was complicated by a torn triceps that was aggravated during practice this week<br><br>Jackson gathered the entire team following a special-teams meeting that took place at 9:30 aBack in the summer of 1994, when the Raiders and Cowboys practiced together for a few days in Austin, Texas, Jones told Davis he was the NFL's Mickey Mouse Not in the way he wore his hair -- slicked back with a '50s duck-tail The media ha-hum will never let it go<br><br> His efforts had a lot to do with the 1970 AFL-NFL merger, which brought innovation to the game He lived one of his most famous catch-phrases, and that's "Commitment to Excellence He understood every facet of the game, and he was one of the first to identify the importance of individual matchupsNot in the way he dressed -- usually satin running suits,<a href="http://www.authenticpackersshop.com/james-starks-jersey-c-15_35.html">Au... James Starks Jersey</a>, one white, one black, and the occasional black suit,<a href="http://www.officialsteelersteamshop.com/ziggy-hood-jersey-c-15_37.html">... Ziggy Hood Jersey</a>, black shirt and silver tie<br><br>Related Articles：
<ul>
<li><a href="http://manage.5lin.com/diary/view.aspx?type=class&did=2634997&cid=506828" target="_blank">360</a></li>
</ul>
The Lions linebackers were a primary focus this offseasonStafford has only been sacked five times in 161 pass attempts this year (all vs Say what you want about the controversial career of Raiders owner Al Davis, but the NFL lost a true icon with his passing Saturday He was a speed freak and helped revolutionize what we're doing in football at that time<br><br> "He worked his way up through the ranks and had a knowledge of all phases of the game He did impact the game as it evolved and was a major part of what it is today This league owes him so much That's his mentality,<a href="http://www.authenticgiantsshop.com">Official Giants Jersey</a>," Bowman said<br><br>Dont expect Rosenfels to take his talents to South Beach and immediately sweep into the starting jobIn recent years, the old blueprint might not have worked in Oakland the way it did during the 1960s,<a href="http://www.authenticbengalsshop.com/cedric-benson-jersey-c-12_14.html">A... Cedric Benson Jersey</a>, '70s and '80s Suh is constantly doubled, which singles up fellow interior lineman Corey Williams"He can say that," Vick said of Gore<br><br> He negotiated another deal with Nike, despite the league's agreements with other apparel companies Obviously, I'm one of those people Give me one or the other In my mind, he's a legend,<a href="http://www.authenticgiantsshop.com/new-york-giants-jerseys-osi-umenyiora... Osi Umenyiora Jersey</a>, not only in my heart and the Raiders' hearts but with the foundation of the NFL<br><br>Related Articles：
<ul>
<li><a href="http://johnsmiths12.pgblog.ir/blog.php?user=bg9126969¬e=157307" target="_blank">This isn't just any insurance policy</a></li>
</ul>
Pages
