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米国債格下げで仮面夫婦の夫婦喧嘩勃発、「借金依存症」の夫を罵る「米国債依存症」の鬼嫁、ついでに「巨額の軍事費もなんとかしなさいよ!」と2011/08/07 06:53



After historic downgrade, U.S. must address its chronic debt problems
2011-08-06 13:32:14

BEIJING, Aug. 6 (Xinhua) -- The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered as its triple A-credit rating was slashed by Standard & Poor's (S&P) for the first time on Friday.

Though the U.S. Treasury promptly challenged the unprecedented downgrade, many outside the United States believe the credit rating cut is an overdue bill that America has to pay for its own debt addition and the short-sighted political wrangling in Washington.

Dagong Global, a fledgling Chinese rating agency, degraded the U.S. treasury bonds late last year, yet its move was met then with a sense of arrogance and cynicism from some Western commentators. Now S&P has proved what its Chinese counterpart has done is nothing but telling the global investors the ugly truth.

China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets.

To cure its addiction to debts, the United States has to reestablish the common sense principle that one should live within its means.

S&P has already indicated that more credit downgrades may still follow. Thus, if no substantial cuts were made to the U.S. gigantic military expenditure and bloated social welfare costs, the downgrade would prove to be only a prelude to more devastating credit rating cuts, which will further roil the global financial markets all along the way.

Moreover, the spluttering world economic recovery would be very likely to be undermined and fresh rounds of financial turmoil could come back to haunt us all.

The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.

It should also stop its old practice of letting its domestic electoral politics take the global economy hostage and rely on the deep pockets of major surplus countries to make up for its perennial deficits.

A little self-discipline would not be too uncomfortable for the United States, the world's largest economy and issuer of international reserve currency, to bear.

Though chances for a full-blown U.S. default are still slim now, the S&P downgrade serves as another warning shot about the long-term sustainability of the U.S. government finances.

International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country.

For centuries, it was the exuberant energy and innovation that has sustained America's role in the world and maintained investors' confidence in dollar assets. But now, mounting debts and ridiculous political wrestling in Washington have damaged America's image abroad.

All Americans, both beltway politicians and those on Main Street, have to do some serious soul-searching to bring their country back from a potential financial abyss.

中国、国債格下げで米を批判 軍事費の削減要求
2011/8/6 20:25






2011年08月06日 19:17 発信地:北京/中国

【8月6日 AFP】中国の国営メディアは6日、米大手格付け会社スタンダード・アンド・プアーズ(S&P)が米国債の格付けを史上初めて引き下げたことを受けて、米国は「借金依存症を治す必要がある」と米国を厳しく批判した。




米国債 日本の保有71兆円
8月6日 10時44分





China bluntly tells U.S. to end its ‘addiction to debts’

China attacks US debt 'addiction' after America loses AAA credit rating

China blasts US 'debt addiction' and calls for new global stable reserve currency

China scolds US over S&P credit downgrade

US Credit Downgrade: China Slams US Over 'Debt Addiction'




_ ロッキーホラーショー ― 2011/08/07 15:36

"He starts to whip himself to the liking of the German-speaking inspectors",and they said "sehr gut"(大いに結構)
"Remember when President Trichet (“tricher” in French means “to cheat”) claimed ..."

_ Y-SONODA ― 2011/08/08 07:58






Rogoff Says Germany Must Help Spain, Italy, Der Spiegel Says

_ 夫の反撃 ― 2011/08/09 08:10



AUGUST 8, 2011, 12:49 P.M. ET.
China's Debt Addiction
Who is Beijing kidding with its chest-thumping economic lectures?

The Chinese government and its media outlets are using Standard & Poor's U.S. credit downgrade to give Washington a tongue lashing for its "debt addiction." And it's no surprise that Beijing would take the chance to score points domestically and rebuke the know-it-alls at the U.S. Treasury, having been on the receiving end of their hectoring for so long.

On the other hand, who are the Chinese kidding with their chest-pounding economic nationalism? A People's Daily commentary yesterday threatened to use China's holdings of U.S. debt as a "financial weapon" to deter arms sales to Taiwan. The official Xinhua news agency's Saturday editorial was a hilarious moral lecture, suggesting that an addicted America's ability to print dollars should be put under "international supervision." But if borrowing is really an addiction that has sapped America's self-discipline, China is both the pusher and a user.

The real reason Beijing is anthropomorphizing the bond market is to deflect domestic criticism over losses on the investment of its $3.2 trillion in foreign exchange reserves. Chinese are asking why Beijing continues to lend their wealth to Americans rather than using it on development at home. The question arises from a misconception that Beijing has encouraged, which is that the reserves represent the earnings of the Chinese people, their "blood and sweat."

The reality is less admirable. The People's Bank of China (PBoC) accumulated its forex reserves by borrowing yuan from the Chinese people. The U.S. dollar assets and yuan liabilities are roughly balanced on the central bank's balance sheet. If the U.S. government is addicted to debt, so is China's.

The purpose of that precarious balance sheet is to subsidize exports by keeping the yuan's value low and deferring inflation. An economy like China's that is enjoying rapid productivity growth would normally see rising real wages and hence benign inflation that would increase the cost of its exports. Because that process has been stopped, China's exporters remain competitive across a range of labor-intensive products such as shoes and garments in which the country no longer has a true comparative advantage.

Were the PBoC to stop buying U.S. Treasurys and other dollar assets, the result would be an immediate increase in the yuan's value. The losses on U.S. investments as the yuan slowly appreciates are one part of the cost for the export-subsidy policy.

The Chinese economy has become dangerously dependent on exports and investment in future export capacity for growth. Unwinding that dependence and encouraging domestic consumption requires boosting household incomes, which have been depressed by low interest rates on savings—another cost of Beijing's policies. Chinese leaders have been talking about rebalancing the economy in favor of consumption for the better part of a decade, but that can't happen as long as they continue to accumulate reserves.

In the short term Chinese threats to stop buying U.S. debt are empty, since there are no other asset markets deep and liquid enough to absorb the purchases needed to keep the yuan stable. Were China to buy euros or yen in sufficiently large quantities, it would soon run into a protectionist backlash in Europe and Japan as those nations ran trade deficits. The U.S. willingness to run a persistent trade deficit is key to the dollar's status as a reserve currency.

In the longer term, the world should hope that China does stop buying U.S. debt and makes the yuan convertible. China's economic policy makers understand that they have to liberalize their financial system and integrate it into the world economy. But that also means freeing the system from Communist Party political control, as well as breaking with powerful state-owned enterprises that benefit from export subsidies and cheap credit. This makes agreement between President Obama and America's tea party look easy by comparison.

U.S. politicians have certainly allowed unsustainable spending to continue too long. But the Chinese should refrain from self-congratulation. They'll endure more painful withdrawal symptoms than the U.S. will when the PBoC ends its own unsustainable borrowing.

_ 夫婦喧嘩の仲裁に入った英FTが中国を叱る ― 2011/08/09 09:02






_ 英FTが鬼嫁イジメ「中国だって本当は借金依存症ではないのか」とチクリ ― 2011/08/15 08:15


2011/8/15 7:00
(2011年8月12日付 英フィナンシャル・タイムズ紙)





















By Jamil Anderlini
(翻訳協力 JBpress)

Behind its lectures, China is a sinner, too


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