Peter Schiff shed light on American “Fine Traditions”

Nothing can match Peter Schiff’s speech when addressing a rally of “Free Mason” in 2009 for shamelessness and ignorance----We are Not going to payback the Chinese.

Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the United States Senate seat from Connecticut.

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2011-3-10 10:02

Shameless American Traditions

By Robert DeLong

First of all, the US has a long history of ripping off foreigners who thought they would get rich quick here. And defaulting on the national debt is actually going to help *everybody* faster than if we keep playing around like we *might* pay it, if say the government wins the galactic Powerball lottery.

It will help everybody, even the Chinese, because the money they loaned us was from their profits, not their core assets. Even if they lose all the money they loaned us, they are unhappy as blazes, but not in economic ruination.

And though trade with the US would end for a decade or two, except for some currency or trade other than dollars, and paid up front, having the US back as a healthy economy, with a surplus budget, and no more unconstitutional largesse like Social Security and medical care, will put us back in the game faster than not. Other countries, especially in South America, have done this before.

In the Panic of 1837, several individual States renounced their bonds, and while there was unhappiness, it only took a couple of decades for them to have good credit ratings again.

As far as ripping off foreigners goes, my favorite example were the wealthy Scotsmen who decided to make a killing on the great longhorn cattle drives from Texas to Kansas. They even sent accountants to ride along with the cowboys. Leaving Texas, there was a huge herd of cattle, but one by one, by the time they got to Kansas, there wasn’t a single one left. In one instance, they even stole the poor guy’s horse when he was distracted.

Smuggling and ripping off foreigners. Proud American traditions.

Chinese Holdings of US Debts : Call To Reduce Unacceptable Risk

Washington's method of backing the U.S. dollar with foreign debts is unequivocably a blackmailing system.

Washington forfeited on the the trillions of dollars of war bonds and gold owed to the Chinese government when the Chiang Kai-shek government was overthrown in 1948 at the conclusion of the Chinese civil war, on the flimsy ground that CKS's Nationalist government was no longer the government.  At the same time, Washington conveniently ignored the new Chinese government.  Aye, the U.S. government is an unethical con man and crook par excellent but its mass medias has always omit news and articles like these, thus the world is kept in the dark and knows no better.

My question thus - Is the Chinese government in Beijing going to let the Chinese be cheated again by the U.S. not learning from the past?  Where money is concerned, the U.S. cannot be trusted.  It has a scam culture - from national (and now international) politics to Wall Street.  Any man-in-the-street will tell you its common sense that the risk is just too high and unacceptable to place Chinese money in American bonds and bills.  It is just like a sucker waiting to relieved of his wallet.

I strongly suggest the Central Bak don't be too greedy and trusting.  Reduce Chinese holdings of American debts to a more manageable level.  $500 million should be disagreeably acceptable for a start.