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Wednesday, May 27, 2009

China warns Federal Reserve over printing money

Now the communist Chinese are telling the Fed how to handle banking and money?

That says a lot about someone.

Here is the link.

From the article:

China has warned a top member of the US Federal Reserve that it is increasingly disturbed by the Fed's direct purchase of US Treasury bonds.

The Chinese aren't the only one's "increasingly disturbed" by the Fed's direct purchase of US Treasury bonds. Of course I'm disturbed by most things the fed and this government do.

Here is another scary tidbit hidden near the end of the article, in case you missed it:

The Oxford-educated Mr Fisher, an outspoken free-marketer and believer in the Schumpeterian process of "creative destruction", has been running a fervent campaign to alert Americans to the "very big hole" in unfunded pension and health-care liabilities built up by a careless political class over the years.

"We at the Dallas Fed believe the total is over $99 trillion," he said in February.

And don't forget this part:

His warning comes amid growing fears that America could lose its AAA sovereign rating.

No kidding. I think there is enough here for all of us to worry about.


Wyn Boniface said...

What the Chinese should tell them is allow their Nornico firearms back into the country! ;)

Bitmap said...

Yes. I seem to recall that clinton's justification for that was that the Chinese were using slave labor to make the firearms. They were probably made in the same factory that makes junk for walmart.


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