PDA

View Full Version : Poop Shit meet fan: China banks told to halt lending to US banks


Taco John
09-26-2008, 12:55 AM
China banks told to halt lending to US banks

BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.

"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.

A spokesman for the CBRC had no immediate comment. (Reporting by Alan Wheatley and Langi Chiang; editing by Ken Wills)


http://www.reuters.com/article/marketsNews/idUSPEK16693720080925

Taco John
09-26-2008, 12:56 AM
Good thing all that Iraqi oil is going to pay for the Multi-trillion dollar war we started for no reason.

The good news out of all of this is that we won't be able to afford to murder innocent people for much longer in the name of do-gooding.

SBK
09-26-2008, 12:56 AM
Uh oh, can't borrow from China anymore. Guess they already own too much of us.

L.A. Chieffan
09-26-2008, 12:56 AM
It's all good baby. We don't want their lead infested money anyways

'Hamas' Jenkins
09-26-2008, 12:58 AM
ROFL...

"Deficits don't matter!!"

KILLER_CLOWN
09-26-2008, 01:02 AM
we could always invade them, i mean how many people could they possibly hide in that small country.

SBK
09-26-2008, 01:03 AM
I have a feeling that Friday is going to be a pretty wild day. Could be horrible, who knows?

Ugly Duck
09-26-2008, 02:11 AM
China banks told to halt lending to US banks

Uh-oh..... Now where are the Republicans going to get the funds to run their Reganomic Deficit & Debt system?

Taco John
09-26-2008, 02:16 AM
It sickens me that the Republicans have taken the idea of conservativism and turned it into this sick joke. Not that I don't believe the Democrats are blameless. But the Republcians have been a disaster of an opposition party since Teddy Roosevelt first started to introduce socialism - oh, excuse me, progressivism into the American system. He and Woodrow Wilson are the great grandfathers of this mess.

SBK
09-26-2008, 02:27 AM
Personally I think the best way to fix the problem is to cut the source. Perhaps this mess we're in now will bring a lot of good before too long.

Taco John
09-26-2008, 02:28 AM
Personally I think the best way to fix the problem is to cut the source. Perhaps this mess we're in now will bring a lot of good before too long.

The Federal Reserve?

SBK
09-26-2008, 02:32 AM
The Federal Reserve?

I was more talking about the borrow and spend mentality. I'd love to see them get rid of the federal reserve too.

I could be wrong, but I think the majority of American's spend more than they make. I think that's how people think you're supposed to live. The idea of being debt free, or operating better than paycheck to paycheck is foreign to us. I think that extends to our political leaders, who run the country the same way.

It'll be a good day when we get leaders who put us on track to have a surplus that goes back to the American people, forever.

Nightfyre
09-26-2008, 04:36 AM
http://www.marketwatch.com/news/story/china-bank-regulator-denies-report/story.aspx?guid={1F3681AC-2953-4963-99EC-57BECF1E9291}&dist=msr_1
Market watch disagrees with the initial report. However, if/when this ever happens, our dollar will get trashed in the following decade. You can pretty much think of the US as a Bear Stearns. We require a consistent renewal of debt or else we will have to default or turn to the printing press. Both will destroy the dollar. I imagine it is also a lot closer than we think, based on the size of the deficit, the fact that we have continually deficit spent, the weak dollar and low yields of t-bills/t-bonds.

Ultra Peanut
09-26-2008, 05:23 AM
Dag, yo.

bango
09-26-2008, 06:40 PM
It sickens me that the Republicans have taken the idea of conservativism and turned it into this sick joke. Not that I don't believe the Democrats are blameless. But the Republcians have been a disaster of an opposition party since Teddy Roosevelt first started to introduce socialism - oh, excuse me, progressivism into the American system. He and Woodrow Wilson are the great grandfathers of this mess.

I read up a little bit on him. It seemed that he just did not want anyone to have too much leverage. He was not really for or against unions, but tried to keep an eye on them. He did seem pretty Authoritarian. I can see where and why you were not a fan of his foreign policy. It seemed that he moved further towards the left as his term marched on. I am not sure that he was as bad as Wilson. Is there anything about him that you do not find offensive?

Logical
09-26-2008, 06:51 PM
Unfortunately this had to happen lest we take them down with us. Europe will be next, watch.

Logical
09-26-2008, 06:52 PM
Good thing all that Iraqi oil is going to pay for the Multi-trillion dollar war we started for no reason.

The good news out of all of this is that we won't be able to afford to murder innocent people for much longer in the name of do-gooding.Wow, I suppose that is a bright side to a dismal situation.

Taco John
09-26-2008, 06:59 PM
God Bless anyone who doesn't want the rich and corrupt to lord over everyone else. But you attack the problem with the Justice system, not through a corruptable regulation system in which you put all authority into government hands. There's nothing wrong with idealism. But when you legislate based on that idealism, what you do is create a corruptable link in the chain of government - and those with money eventually turn that link into a legal loop-hole to screw people over with government approval and without recourse.

For every problem, there is a free-market solution that will out perform a government solution in terms of both cost and effectiveness. And when that solution doesn't naturally develop, it will be because there is no demand for it.

Teddy Roosevelt was a "cult of personality" president. His intentions were good, but the end result has been a collision course with disaster on just about every front - from endless American military expansion, to ultimate economic peril.

banyon
09-26-2008, 07:02 PM
God Bless anyone who doesn't want the rich and corrupt to lord over everyone else. But you attack the problem with the Justice system, not through a corruptable regulation system in which you put all authority into government hands. There's nothing wrong with idealism. But when you legislate based on that idealism, what you do is create a corruptable link in the chain of government - and those with money eventually turn that link into a legal loop-hole to screw people over with government approval and without recourse
.

What does the bolded part mean?

Ultra Peanut
09-26-2008, 07:04 PM
It sickens me that the Republicans have taken the idea of conservativism and turned it into this sick joke. Not that I don't believe the Democrats are blameless. But the Republcians have been a disaster of an opposition party since Teddy Roosevelt first started to introduce socialism - oh, excuse me, progressivism into the American system. He and Woodrow Wilson are the great grandfathers of this mess.Uh, what the ****? Roosevelt's firm stance on regulation was the opposite of the "LET THE FREE MARKET DECIDE!!!!!!" fervor which has led to this.

bango
09-26-2008, 07:06 PM
Uh, what the ****? Roosevelt's firm stance on regulation was the opposite of the "LET THE FREE MARKET DECIDE!!!!!!" fervor which has led to this.

I think that TJ is talking about the regulation. The regulation now and then.

bango
09-26-2008, 07:07 PM
God Bless anyone who doesn't want the rich and corrupt to lord over everyone else. But you attack the problem with the Justice system, not through a corruptable regulation system in which you put all authority into government hands. There's nothing wrong with idealism. But when you legislate based on that idealism, what you do is create a corruptable link in the chain of government - and those with money eventually turn that link into a legal loop-hole to screw people over with government approval and without recourse.

For every problem, there is a free-market solution that will out perform a government solution in terms of both cost and effectiveness. And when that solution doesn't naturally develop, it will be because there is no demand for it.

Teddy Roosevelt was a "cult of personality" president. His intentions were good, but the end result has been a collision course with disaster on just about every front - from endless American military expansion, to ultimate economic peril.

So are you more or less saying that he opened the door for all of this?

banyon
09-26-2008, 07:09 PM
Uh, what the ****? Roosevelt's firm stance on regulation was the opposite of the "LET THE FREE MARKET DECIDE!!!!!!" fervor which has led to this.

This is another case where the prestigious Austrian school will fit the square peg of the available facts into the round hole of their ideology and come up with a mystically derived explanation that conveniently works just as they predicted all along.

Cannibal
09-26-2008, 07:19 PM
Good thing all that Iraqi oil is going to pay for the Multi-trillion dollar war we started for no reason.

The good news out of all of this is that we won't be able to afford to murder innocent people for much longer in the name of do-gooding.

Couldn't agree more.

bango
09-26-2008, 07:24 PM
Couldn't agree more.

I could.