China becomes richest country in the world

[newguy05]

Quote from cokezero:

Yes if no one wants the dollar. That day may or may not come but at this moment it's not here yet.

Remember the chinese reserve is also in dollar so we're comparing apple to apple. The fact is the amount of dollar the fed created in the last three years is twice the size of the chinese reserve accumulated over 30 years. It gives us a perspective of how big a $2 trillion dollar reserve really is. It was really big - until the fed started to write some checks.

The fact that the fed could do that without turning america into zimbabwe speaks for itself. America is so rich that printing a few trillion dollars in such a short period hadn't seriously damaged the confidence in the dollar.

But you're right, if the fed keep doing this even the richest country in the world WILL turn into zimbabwe.

We are inflating our way out of this mess, and i agree that's the only practical way to go as fed is independent from our gridlocked political system and are able to enforce policy quickly. Ben is betting he has the foresight and speed to take action and control inflation when that day does come as he has said in many interviews, I hope he is right, it's like balancing a mack truck on a needle.

I remember the interviewer asked him is he worried about inflation with so much printing, he said no fed can take action (rise rates) in 24 hrs or something as needed, when asked how confident fed can control inflation, he said 100%.

 

[Scataphagos]

Quote from newguy05:

We are inflating our way out of this mess...

Yeah, that's the "easy fix" solution according to some. But it's all BS. Historically when a country tries to "inflate away its debt", it also "inflates away the assets and wealth of its citizenry".... in other words, the end result is one of BANKRUPTCY FOR NEALRY ALL CITIZENS.

Is that how we "inflate our way out of the mess"?

 

[candletrader]

My fellow Americans,

The USA should supply Taiwan, South Korea and Japan with nukes and then watch China attack.

Once that war is over, the USA will again be the richest country in the world.

Many feel that it would be morally wrong to allow the commies to dominate this century. Once Palin comes in to the White House, China will be sorted out. Unlike Obama (who may possibly not even be American), Palin is a heroic patriot.

As for Obama, he should be impeached for appeasing the terrorists.

Sincerely yours,
Dubya

 

[drcha]

Quote from candletrader:


Sincerely yours,
Dubya

I knew it was you...

 

[Locutus]

Quote from candletrader:

My fellow Americans,

The USA should supply Taiwan, South Korea and Japan with nukes and then watch China attack.

Once that war is over, the USA will again be the richest country in the world.

Many feel that it would be morally wrong to allow the commies to dominate this century. Once Palin comes in to the White House, China will be sorted out. Unlike Obama (who may possibly not even be American), Palin is a heroic patriot.

As for Obama, he should be impeached for appeasing the terrorists.

Sincerely yours,
Dubya

You're one of the reasons I'm starting to turn on the merits of democracy.

 

[Zastaber]

Quote from cokezero:

$1950 billion is $1.95 trillion.

In two years time with two quantitative easying the fed monetarized over 1 trillion of debt that's half the size of china's wealth. Not to mention it expanded its balance sheet for over 2 trillion during the 2008 subprime crisis.

So the fed created 4 trillions out of nothing in 3 years while china accumulated $1.95 trillion over 30 years.

Now tell me which is the richest country in the world?

[x] I LOLed

 

[limitdown]

Quote from cokezero:

$1950 billion is $1.95 trillion.

In two years time with two quantitative easying the fed monetarized over 1 trillion of debt that's half the size of china's wealth. Not to mention it expanded its balance sheet for over 2 trillion during the 2008 subprime crisis.

So the fed created 4 trillions out of nothing in 3 years while china accumulated $1.95 trillion over 30 years.

Now tell me which is the richest country in the world?

how much of that $1 trillion in monetized debt is / are directly attributable to the horrific damage done to the US, the American people, the upsetting and debasement of the American middle class by the 8 (eight) year Bush II administration and its policies?

how much?, certainly more than 3/4 of it, because he received a surplus and no 30yr T-Bond debt, and look at where we are at now, and what it is taking to stop that death spiral that that administration caused...

mission accomplished...