For decades, our entire economy had its foundation built on a mountain of debt. They called this “growth”. As long as people (poor/middle-class workers) buried themselves deeper and deeper in debt, the creditors (wealthy) got more power and money
And this “no banker left behind bill” is supposedly to allow more credit to be available, for more debt.
The put another way: The main problem with our economy is too much debt. So what do we do borrow more money to allow more debt. Makes sense to me. This bill is not for the economy.
Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.
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Without yuan appreciation, China will continue to accumulate foreign reserves, which means further accumulating “IOUs from the U.S.,” said Yu. “This is paper and it may default and it will not increase China’s national welfare.”
If China doesn’t allow the yuan to appreciate and continues to promote export-led growth it will lead to confrontation with the U.S. and Europe, Yu said.
Meanwhile CNBC continues to hose down the peasants with a steady stream of kool-aid.
