China banks told to halt lending to US banks

[Scott Free]

It might just speed things up but it is certainly going to make them much worse. Japan and England don't have enough economic strength to prop the dollar up even though they will no doubt try since they own so much US debt too. If the world needed an excuse to switch to the euro this is definitely it.

 

[tamarin]

It is time to punish the US. Consider it a moral duty. Given morality has fallen on hard times, it'll be nice to see it back. I think all Canadian merchants should refuse US dollars as a start.

 

[Scott Free]

That would devastate our country. What is it? 3/4 of all our exports go to the USA?

Morality be damned, I wish this wasn't happening.

If their economy gets as bad as it just might they won't be a super power anymore. Then watch the missiles fly.

 

[Ron in Regina]

That would devastate our country. What is it? 3/4 of all our exports go to the USA?

Morality be damned, I wish this wasn't happening.

If their economy gets as bad as it just might they won't be a super power anymore. Then watch the missiles fly.

You're really close with your estimate. Last I read quoted that 80% of Canadian exports are
to the USA. I'm sure someone is going to jump all over the soarce in a heartbeat but here
it is: https://www.cia.gov/library/publications/the-world-factbook/geos/ca.html

"Canada enjoys a substantial trade surplus with its principal trading partner, the US, which absorbs 80% of Canadian exports each year."

Over half of our imports come from the USA also.

 

[Ron in Regina]

For those that want to "punish the USA" economically in Canada, give your head a shake.
Our 80% of our exports to the USA represents less than 16% of their imports...and their
less than 22% of their total exports to Canada is more than half of Canada's imports. This
isn't a p!ssing match we can afford and the reason that the softwood lumber dispute took
about 15 years to (sort of) resolve as poorly as it was resolved. Hate to burst anyone's
inflated sense of national self but this is just the way it is. Canada is a very large resourse
rich nation that shares a border with only one country on the entire continent, and that one
country has a population that is ten times larger than ours. That's partly why we (Canada)
have a trade deficit with our one and only neighbor.

Yes, we can find, eventually, other markets for some of our exports overseas at greatly
increased costs in shipping which will have to compete economically with similar products
already in that market that don't have to be shipped half way around the planet. That
means our products better still be a bit cheaper or exponentially better, or a combination
of these two benefits or they just wont sell. The USA is physically close and has been an
economically convenient source for our exports. Due to our geography, 4/5th's of our export
eggs are in the USA basket so we should be wishing them the absolute best, and not
wanting to economically punish them. They're already punishing themselves and we're going
to feel it also. If you don't believe it, then reread the above two paragraphs, and then talk to
someone in the manufacturing sector in southern Ontario or anyone in international shipping
between Canada and the USA.

 

[tamarin]

Well, it had better not be business as usual. Their dollar is technically worthless.It's junk. If their crisis is simply going to vanish with a few strokes of the pen then we need some answers. Trading partners deserve respect and if you're dealing in bogus currency you need at least some semblance of transparency. The mess there is unbelievable in scope. Unprecedented. The hubris hugely over the top. We're not lap monkeys.

 

[Lester]

What are we going to sell to them when their dollar isn't worth anything? 80% of nothing is still nothing when I went to school. We should be scrambling for a way to isolate ourselves from the upcoming disaster.Dion and Harper should be coming up with a plan for that, nothing on the horizon looms as large as this.

 

[darkbeaver]

We will have to accept tangeble goods only in payment much like the trade in eastern europe some time ago. A cabbage in transit costing $1.00 at point of purchase and being shipped by rail to Toronto may cost $5.00 or $500.00 in the supermallet, depending on the speed of dollar fall and the speed of the train. I will be spending all my cash very soon, the mattress as become lumpy anyway. Pay no attention to my cabbage story, I don't even know if thier in season still or yet.

 

[talloola]

Now what!!!!! The evangelic christians have all the money, start borrowing from them,
then the catholics, etc etc.

 

[darkbeaver]

Now what!!!!! The evangelic christians have all the money, start borrowing from them,
then the catholics, etc etc.

You can acctually borrow from the Vatican Bank if you're connected, nowhaweemeen, the interest payments last for all eternity though. If you miss a payment, it's Brimestone Collections for you.

 

[talloola]

You can acctually borrow from the Vatican Bank if you're connected, nowhaweemeen, the interest payments last for all eternity though. If you miss a payment, it's Brimestone Collections for you.

Between the vatican and the mafia, (probably partners secretely), much of the worlds
money is tied up. yeah, either brimestone collections, or the cement overcoat.

 

[darkbeaver]

Niether a borrower nor a begger be I suppose then. But a borrower will in time be a beggar and the beggar will always borrow and that's why they encouraged big families.

 

[Zzarchov]

Have you just gotten off the boat Zzarchov? Nobody but the budgies and hamsters believe the western press is the voice of truth. It's the voice of money Zzarchov. Everything is for sale. Comic books is exactly how news travels in the west Zzarchov a toon like you wouldn't see that though, maybe your artist will get you better colours next week. Oh yeah, I remember you making reference to "in-laws" from at least three other locations on previous posts.:lol:

I should, I have a very diverse family due to my father's love of what Im guessing he considers "Exotic women" and his habit of divorce then they become mundane after being married for a few years. But he seems to have settled down with a good woman this time so maybe my family will stop expanding to so many new cultures, on my paternal side anyways :lol:

 

[Praxius]

Do all you guys accept this news as a matter of faith, as a matter of your own belief system ?

Well that depends.... are you talking about news that comes from the US or elsewhere in the world or just in general?

With news from the US, no.... I don't trust 85% of the news that comes from the US as far as I could thorw it.

From around the world? Depends on which reports from where explain things in the most logical way, who provides the most information, and how many reports from various other countries matches up with one another, thereby a better potiential of fact being told.

Is it absolute? Nope....

Let's check the claim of this news artice that Chinese regulators are telling chinese bankers not to lend any more to the United States.

Hmmm...

Ok:

http://www.gata.org/node/6670

http://www.godlikeproductions.com/forum1/message615833/pg1

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

http://www.propeller.com/story/2008/09/25/chinese-banks-told-to-halt-lending-to-us-banks/

http://jessescrossroadscafe.blogspot.com/2008/09/china-banking-regulator-bans-lending-to.html

http://www.gnn.tv/headlines/18431/China_banks_told_to_halt_lending_to_U_S_banks

^ Among many other web sites that come up with the same or similar information..... not including the major news agengies..... so either A - It is True..... or B - Everybody is Lying to Us and everything is really just peechy.

I wonder what helping the US crash will do to their huge investments in America?

The thing is that they're trading and dealing with a lot more countries other then just the US.... this certainly won't be a Cuba situation..... perhaps for the US it will be, but China has plenty of countries and loads of money to keep them stable. But if they keep buying out the US, while the US bottoms out, then they'd be causing more harm to themselves then cutting and running now to save what they can.

I think the bigger question is what will happen in the US if this 700 billion dollar payout from Tax payer's pockets doesn't work and the economy continues down the ugly path it's heading on right now?

I think the truth is more interesting than this latest urban myth.

Indeed.... although making a myth by calling something a myth doesn't make it truly a myth now does it?

 

[Praxius]

I should point out regardless of the veracity of this story, Chinese Newspapers are not designed to be bastions of truth like we hold our own media too, they are an entertainment medium, much closer to the National Enquirer or Fox News than a real news media organization.

A few here say the same thing about CTV and CBC.... I say the same thing about CNN..... so depending on who you ask, you can't trust any news organization.

 

[Praxius]

Uh huh, Or I could just ask my Chinese Inlaws the point of Newspapers in China and they can tell me "Newspapers are just for fun in China, no one takes them seriously because they aren't meant to be serious", The idea of newspaper being the voice of truth is a western cultural ideal and isnt universal.

Then again, much like another debate in regards to Cuba in another thread, it all depends on who you ask.... if you simply just ask one or two people, such as your inlaws and leave it at that, then that's not very accurate in judging now is it.

Everybody has their own personal views. I think CNN is a load of garbage and doesn't really cover any "Real" news, and the news they do cover, their reporters and anchors are streaking their runny arse cracks up and down the whole thing with their opinions on the stories to give the viewer negative or positive perspectives on the report.

Then again, ask someone else and they could say it's a very reliable source of information.

To each their own..... but just because your inlaws think the news in China is just for "Fun" isn't enough to sway my view on the matter.

Many would think Iran, Russia, or any other country not favored by the West has corrupt or screwed up news media, and they can put all the socialist, communist, dictatorship authority excuses on each one all they want..... but if you actually watch them.... they do tend to match up with most of our own media coverage of certain things around the world, and therefore true in those respects.

If they can be true on those, then chances are, they can be telling the truth in other reports.

Heck, I'll admit it....even CNN gets things right from time to time.

But I have seen in both CBC and CTV bias in certain reports, just on the words used in reporting, or the lack of information they avoid telling the viewer..... so it's not just China or the US who can have skewed reports.

 

[Praxius]

That would devastate our country. What is it? 3/4 of all our exports go to the USA?

Trade with other countries.... we shouldn't have put all our eggs in one basket to begin with.... that's why we have so many people losing their jobs, because of American companies trying to save their own asses and cutting their money from our goods, because they can't afford it anymore..... see the Auto Industry, Fishing Industry and Lumber.

If we spread our market out more then we did, this wouldn't have happened to the extent it did.... but you can all thank our government for being the US's bitch for the last number of decades to create this problem.

Step up exports to China, the UK, Spain, Cuba, South America, etc. cut ties with the US until they get their damn heads back onto their shoulders, and then if one market drops in one country, we'll at least still have several other's to cover the blow.

This is exactly what happens when we rely just on one nation, such as the US. It might have been a good idea a few years ago, being the "Richest" country in the world..... but now I hope everybody sees how stupid a plan that truly was.

Morality be damned, I wish this wasn't happening.

I do, and I can't wait until the entire thing bottoms out. I can't wait for the US to go into a Recession/Depression. I'm fully aware this will affect Canada, and so be it..... I've already been preparing for much worse, if this occurs... .meh..... a small bit of justice as I see it.

If their economy gets as bad as it just might they won't be a super power anymore. Then watch the missiles fly.

Yeah, and the whole world has been such a Utopia so far with them being the Super Power. They sure as hell ain't keeping the peace in the world... in fact, they've recently been the root cause for most of what's going on in the world today...... abuse your so-called "Authority" then drop like a rock.

Super Powers need Super Support. If nobody wants them to be a Super Power anymore.... cut ties and cripple their asses.

 

[Praxius]

For those that want to "punish the USA" economically in Canada, give your head a shake.
Our 80% of our exports to the USA represents less than 16% of their imports...and their
less than 22% of their total exports to Canada is more than half of Canada's imports. This
isn't a p!ssing match we can afford and the reason that the softwood lumber dispute took
about 15 years to (sort of) resolve as poorly as it was resolved. Hate to burst anyone's
inflated sense of national self but this is just the way it is. Canada is a very large resourse
rich nation that shares a border with only one country on the entire continent, and that one country has a population that is ten times larger than ours. That's partly why we (Canada) have a trade deficit with our one and only neighbor.

Really?

We're stuck with this trade ratio due to arseholes in the Government bending over backwards for the US. As you said, we are a resource rich nation..... so why the hell are we just trading mostly with the US?

Only country bordering us? Whoopie do.... fly north to Russia, ship south to Cuba and help them out more then we are, We're already trading with China.... step it up. Our government for once, has been trying to open up trade with nations in South America while the US continues to avoid them.

Just because the stats above state those numbers, doesn't mean it's fixed and it doesn't mean we're stuck with the system we have now.

Open up more trading with more countries. Our dollar value is close to the US, but a bit lower.... therefore we're still somewhat cheaper to trade with then the US, so we've got plenty to market and trade with.

The only reason why people don't think we can trade equal, if not more, then what we are with the US to other nations, is because of a bogus fear and the unknown.

Our idiot government thought that having the richest nation south of the border was enough to keep our economy going.... now the richest nation is becoming one of the poorests with a piss poor economy due to their own doing..... and because our government made the stupid mistake of putting all our market mostly into the US, we're going to pay for it when they bottom out.

Screw that... trade with other nations. And they will trade with us.... it'll just take more effort and work to make it happen, as opposed to the easy patch fix of dealing with the US.

Drop our dependancy on one nation and do what we should have been doing, and expand our trade.

It's not like it's an impossible feat. Our nation already trades with many other countries in the world..... just expand on those areas.

Yes, we can find, eventually, other markets for some of our exports overseas at greatly increased costs in shipping which will have to compete economically with similar products already in that market that don't have to be shipped half way around the planet.

Well you either put a little more money into a system that will work, or you take your chances with a quick and easy market which just bottomed out. I'd much rather put a bit more money into something that is more secure, rather then put more and more money into a nation that doesn't have a clue how to control it's greed.

We have many resources that are wanted and needed all around the world.... Lumber, Uranium, Fresh Water, State of the Art Auto Industries, etc...... the list goes on. What we can not trade and sell internally, we can market elsewhere...... once again, it takes time and effort, but it is more then possible.

That means our products better still be a bit cheaper or exponentially better, or a combination of these two benefits or they just wont sell. The USA is physically close and has been an economically convenient source for our exports. Due to our geography, 4/5th's of our export eggs are in the USA basket so we should be wishing them the absolute best, and not wanting to economically punish them.

It's not just about punishment, it's about covering our own asses for the future so that we can avoid this situation in the future.

Hell, in the gerocery store, I see fruits and veggies marked that they came from South America.... if we can get their products here, then we can get our products there.

You hit it on the head though..... trading with the US was convenient..... was. Now we're seeing what happens when you settle for what's easiest, rather then what is secure.

Do you want to save yourself money in the short term by investing all your trade with one nearby nation, or do you want to save money in the long run by investing in various other nations to give yourself some backup?

Take my work for example. We make signs and advertisements for a crap load of companies in the maritimes and elsewhere. If we focused on just one or two big companies with loads of money, I'm sure we'd do alright..... but those companies have hard times like everybody else, they sometimes get all that they need..... and someday, they might go tits up.

^ so, if we just focused all our business to one or two companies, if something happens to them, we're fokked and out of a job. Sure we could save a bunch of money by cutting our travel time and equipment by just dealing within Halifax..... but if you market yourself to deal with many more companies in a larger area you can cover, you will get more business and more money, even when the other big companies drop. We'll feel the effect from the loss of business, but we won't be out of a job.

]quote]They're already punishing themselves and we're going to feel it also. If you don't believe it, then reread the above two paragraphs, and then talk to someone in the manufacturing sector in southern Ontario or anyone in international shipping
between Canada and the USA.[/quote]

I certainly don't need to re-read it, because those problems are exactly what I am arguing.... putting all our dependancy into the US is what created this whole mess in the first place.

You're right, they're punishing themselves by their own stupid actions.... and they're taking us with them.... why the hell would anybody want to continue in that environment. Why wouldn't anybody decide "Hey, why the hell are we screwing ourselves by sticking with this sort of trade? Why the hell should we continue to invest into a country that has no clue how to keep themselves afloat?"

I say to hell with the US, expand our market to other nations.

 

[darkbeaver]

The best course of action for Canada to persue in these troubled economic times would of course be to retool our internal economy to serve domestic needs, in other words build all those things that freetrade took away from us, such as, shoes, boots, tables, chairs, cars, food, pencils , pens, ships, chocho trains and kitchen sinks. As long as we allow our parasiticle capitalists to offshore our jobs and industries we will never enjoy anything but a decending standard of living and our children will eventually be owned by banks. Think I'm kidding? The student belongs to private banks right now and works for them till death. Capitalism must die before it kills us all.
Stop them in the villages, stop them in the towns, stop them in the big citys, now is the time for all free human beings to throw off the yoke of usury that will destroy your children and the elderly. This is the momentous act of human benevolence that can free the human race from it's opressive elite and herald an new age of enlightenment that has no room for compound interest or the useless murderous overclass that has retarded human progress for all time. Don't leave it to your children, crush them now while you can before the concentration camps.

 

[Scott Free]

Trade with other countries.... we shouldn't have put all our eggs in one basket to begin with.... that's why we have so many people losing their jobs, because of American companies trying to save their own asses and cutting their money from our goods, because they can't afford it anymore..... see the Auto Industry, Fishing Industry and Lumber.

If we spread our market out more then we did, this wouldn't have happened to the extent it did.... but you can all thank our government for being the US's bitch for the last number of decades to create this problem.

Step up exports to China, the UK, Spain, Cuba, South America, etc. cut ties with the US until they get their damn heads back onto their shoulders, and then if one market drops in one country, we'll at least still have several other's to cover the blow.

This is exactly what happens when we rely just on one nation, such as the US. It might have been a good idea a few years ago, being the "Richest" country in the world..... but now I hope everybody sees how stupid a plan that truly was.



I do, and I can't wait until the entire thing bottoms out. I can't wait for the US to go into a Recession/Depression. I'm fully aware this will affect Canada, and so be it..... I've already been preparing for much worse, if this occurs... .meh..... a small bit of justice as I see it.



Yeah, and the whole world has been such a Utopia so far with them being the Super Power. They sure as hell ain't keeping the peace in the world... in fact, they've recently been the root cause for most of what's going on in the world today...... abuse your so-called "Authority" then drop like a rock.

Super Powers need Super Support. If nobody wants them to be a Super Power anymore.... cut ties and cripple their asses.

I will agree the USA is in the throws of extremism but I disagree the best way to fight it is by being extreme. The USA took on that philosophy and it is the reason they are where they are.

If one third of the worlds economy collapses it is going to hurt a lot of people. Canada will be affected as will every other country on earth. I fail to see how that is a good thing. Millions will likely starve to death. I fail to understand how that probability can have a cheering section.

I do, however, agree the demise of the USA as a superpower will be very welcomed indeed. I also agree they have been the major stumbling block for world peace.