Re: *** Cheney's Song of America

"Raymond" <Bluerhymer@xxxxxxx> wrote in news:1142115611.111922.153000
@p10g2000cwp.googlegroups.com:

China will pay for it - then .. lights out America... 'No Tickee No
Washee'

Who Owns the Dollar?
Our currency and our economy are held hostage by Asia.
by Paul Craig Roberts
Paul Craig Roberts was Assistant Secretary of the Treasury under
President Reagan.

The key to China?s rapid development, is that corporations in First
World countries?American businesses chief among them?use China as an
offshore location where they produce for their home markets. More than
half of U.S. imports from China, and as much as 70 percent from some of
China?s coastal regions, represent offshore production by American
firms for U.S. markets

As a result of many years of persistent trade surpluses with the United
States, the Japanese government holds dollar reserves of approximately
$1 trillion. China?s accumulation of dollars is approximately $600
billion. South Korea holds about $200 billion.

These sums give these countries enormous leverage over the United
States. Offshore outsourcing makes it impossible for the U.S. to
rectify its trade imbalance through exports. As more and more of the
production of goods and services for U.S. markets moves offshore, we
have less capability to boost our exports, and the trade deficit
automatically widens. Economic catastrophe at some point in the future
seems assured.

The hardest blow on Americans will fall when China does revalue its
currency. When China?s currency ceases to be undervalued, American
shoppers in Wal-Mart, where 70 percent of the goods on the shelves are
made in China, will think they are in Neiman Marcus. Price increases
will cause a dramatic reduction in American real incomes. If this
coincides with rising interest rates and a setback in the housing
market, American consumers will experience the hardest times since the
Great Depression

Oi Vey!


What some folks don't realize is that when the US goes the rest of the
world will shortly follow.
.

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