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Old October 13th, 2008, 12:30 PM   #1
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It is starting.

What is worse than the American Govt bailing out American banks????

the Chinese govt bailing out American banks.

Quote:

Japan Prepared to Help Bail Out Nations
The Wall Street Journal Online
9:51 A.M. ET


TOKYO - Japan's finance minister said his country -- flush with nearly $1 trillion in foreign exchange reserves -- is prepared to help bail out nations running out of funds amid the worsening global financial crisis.


Speaking in advance of Friday's Group of Seven meeting of finance and central bank officials in Washington, Japanese Finance Minister Shoichi Nakagawa said he will call on the International Monetary Fund to set up a program to extend loans to nations in need of rescue.


"We are ready to provide our funds to the IMF," Mr. Nakagawa said.


Such a move would send a lifeline to countries like Iceland, where the government's efforts to bail out the country's three biggest banks has pushed the small nation to the edge of bankruptcy.


It would also be the latest evidence of Japan's rising global influence during the deepening economic turmoil of recent weeks. Japanese banks have come to the rescue of some of America's largest financial institutions. Mitsubishi UFJ Financial Group Inc. is set to acquire 21% of Morgan Stanley. Nomura Holdings Inc. has acquired some of the Asian, European and Middle East operations of Lehman Brothers Holdings Inc.


If Japan's proposed bailout plan is successful in stemming global financial hemorrhaging and stabilizing overseas markets, it would help boost Japan's flagging export-driven economy.


Mr. Nakagawa didn't outline details of his proposal or how Japan would pay for it. One obvious source of funds that Japan could tap is the government's foreign reserves, which totaled $954 billion at the end of the year. Japan has the world's second largest reserve after China's $1.54 trillion, according to the Central Intelligence Agency's World Factbook.


Providing money for a global bailout plan would help end a longstanding debate over how Japan should put its huge foreign reserves to use. Some politicians have criticized the government for failing to invest the funds more aggressively.


Japan's proposal comes after the Nikkei 225 Stock Average dropped nearly 12% at one point on Friday on mounting global financial worries. The yen also rose briefly to a seven-month high of 97.91 versus the dollar. (See related article.)


The global market jitters haven't subsided in spite of a series of extraordinary steps taken by authorities in recent days, including a coordinated interest rate cut by U.S., European and other central banks on Wednesday.


"We are going to take whatever steps are needed in order to deal with every possibility" that could further hurt market conditions, Mr. Nakagawa told reporters.


Mr. Nakagawa, who is scheduled to meet with U.S. Treasury Secretary Henry Paulson on Friday, says he wants to explain how Japan recovered from its own financial crisis in the 1990s by injecting trillions of yen into the banking sector at home and nationalized some institutions in the late 1990s and early 2000s. A similar plan by the U.S. "would be welcomed," he said.
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Old October 13th, 2008, 12:39 PM   #2
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this doesn't surprise me. because of our own stupidity after wwII japan is in the position they are. as long as the people at the top get their money and keep hidden who in congress was scamming they won't care who helps them.
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Old October 13th, 2008, 02:30 PM   #3
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Just starting? What planet have you been living on? China already owns the US dollar. They own trillions of them and have been buying US debt for years. I'm not nearly as concerned about them owning stock in the banks as I am owning massive amounts of our actual currency. All we have to do is sneeze wrong and they could crush us overnight in ways that would make the Depression look like a day at Club Med.
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Old October 13th, 2008, 03:06 PM   #4
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Just starting? What planet have you been living on? China already owns the US dollar. They own trillions of them and have been buying US debt for years. I'm not nearly as concerned about them owning stock in the banks as I am owning massive amounts of our actual currency. All we have to do is sneeze wrong and they could crush us overnight in ways that would make the Depression look like a day at Club Med.
I keep hearing this... But other than a simplistic "All they have to do is cash in the currency owed" Ive never seen a valid explanation to why.

I read an article not long ago that explains it a different way. that countries that own large amounts of usd are in a way hooked, and are unable to "call in the debt" as it would destabilize their own economies.
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Old October 13th, 2008, 03:08 PM   #5
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wait until obama gets in office. china will have their dick so far up America's ass that we will taste it every time we cough.
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Old October 13th, 2008, 05:37 PM   #6
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wait until obama gets in office. china will have their dick so far up America's ass that we will taste it every time we cough.
care to explain yourself?
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Old October 13th, 2008, 06:08 PM   #7
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We are co-dependent by now. Get over it.
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Old October 13th, 2008, 06:11 PM   #8
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We are co-dependent by now. Get over it.
i dont mind being co dependent just not with communists
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Old October 13th, 2008, 06:14 PM   #9
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Quote:
Originally Posted by smasheromalley View Post
I keep hearing this... But other than a simplistic "All they have to do is cash in the currency owed" Ive never seen a valid explanation to why.

I read an article not long ago that explains it a different way. that countries that own large amounts of usd are in a way hooked, and are unable to "call in the debt" as it would destabilize their own economies.
This is true for the most part. It is true most definitely for China and their reliance on the US economy to stay strong enough to purchase their cheap stuff. They cannot crash our economy without causing significant harm to their own. But, if pushed hard enough on some major agenda item, it could be a last ditch effort to control our government. Sell off a few billion in US currency in the Forex markets and watch our limp dick legislators piss all over themselves bending over to appease the Chinese government in the effort to stabilize our economy. Other countries have similar, but less dependent ties to the US. The Saudi's own as much or more than does China. They rely on the US to buy their oil, but they could ship it to China at a reduced rate and still survive. It is all way more complex than that, but we really no longer have control of our own economy. We are nothing more than a puppet of other much stronger economies that aren't trillions of dollars in debt.
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Old October 13th, 2008, 06:54 PM   #10
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care to explain yourself?
He likes coughing on dick? Heck, I dunno.
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Old October 13th, 2008, 08:21 PM   #11
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care to explain yourself?
not to you, faggot.
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Old October 13th, 2008, 09:25 PM   #12
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ok.

McCain drinks orphan children's blood. This is a fact, but I don't have to give my source.
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Old October 13th, 2008, 09:28 PM   #13
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ok.

McCain drinks orphan children's blood. This is a fact, but I don't have to give my source.
that would be pretty cool, fuck orphans.
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Old October 14th, 2008, 12:25 PM   #14
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hey, Reading Is Fundamental.
The Article Talks About Japan, Not About China.
Not That It Makes It Any Better, But Japan Is Not A Communist Country
And China Has Already Invested A Lot Of Cash Into America



p.s. At least ovrlnd understood it was about Japan

p.s.s. I just find humor in people not understanding what they are reading because one person changes a word. Bones types: the Chinese govt bailing out American banks. and then quotes an article called: Japan Prepared to Help Bail Out Nations and most of you pick up on the Chinese part and ignore the Japanese part.

Last edited by PeteC; October 14th, 2008 at 12:33 PM.
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Old October 14th, 2008, 12:32 PM   #15
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Quote:
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hey, Reading Is Fundamental.
The Article Talks About Japan, Not About China.
Not That It Makes It Any Better, But Japan Is Not A Communist Country
And China Has Already Invested A Lot Of Cash Into America



p.s. At least ovrlnd understood it was about Japan
Holy shit, easy, old man. Joanne put lil extra something in your Metamucil today?

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Old October 14th, 2008, 12:33 PM   #16
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Holy shit, easy, old man. Joanne put lil extra something in your Metamucil today?

hopefully it was ex lax.
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Old October 14th, 2008, 12:52 PM   #17
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Originally Posted by ScOoTeR View Post
Holy shit, easy, old man. Joanne put lil extra something in your Metamucil today?



LMFAO
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Old October 14th, 2008, 01:45 PM   #18
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Quote:
Originally Posted by ScOoTeR View Post
Holy shit, easy, old man. Joanne put lil extra something in your Metamucil today?

Quote:
Originally Posted by steveo View Post
hopefully it was ex lax.
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Old October 14th, 2008, 02:12 PM   #19
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Originally Posted by ScOoTeR View Post
Holy shit, easy, old man. Joanne put lil extra something in your Metamucil today?

I added a comment about the humor I find in this after you posted

And I get my own metamucil, thank you very much.



Actually, I am very happy with the results of taking metamucil regularly, you should try it.
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Old October 14th, 2008, 02:31 PM   #20
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Quote:
Originally Posted by PeteC View Post
[size="7"]


p.s. At least ovrlnd understood it was about Japan

p.s.s. I just find humor in people not understanding what they are reading because one person changes a word. Bones types: the Chinese govt bailing out American banks. and then quotes an article called: Japan Prepared to Help Bail Out Nations and most of you pick up on the Chinese part and ignore the Japanese part.
yep, my mistake saying china. I meant to say Jap. In either case, I get uneasy about other government buying our banks.... well, except for maybe Canada.
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