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Joined: 2002/12/11
Posts: 37629
"Pilgrim and Sojourner." - 1 Peter 2:11

 Dollar to Be 'Discarded' by World: China Rating Agency

The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.

In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”

Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing.
However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously. ...

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SI Moderator - Greg Gordon

 2011/8/8 11:21Profile

Joined: 2006/7/31
Posts: 3057

 Re: Dollar to Be 'Discarded' by World: China Rating Agency

I feel really out of the loop but I don't understand all of this. I keep hearing that this is so bad and I believe it is but honestly I keep thinking is our faith in the US dollar or JESUS CHRIST? Not trying to be flippant just not seeing the bigger picture in all this yet maybe??

God Bless

 2011/8/8 11:31Profile


Obama has REALLY made a mess of things now... cant blame this on Bush anymore.


 2011/8/8 11:58

Joined: 2002/12/11
Posts: 37629
"Pilgrim and Sojourner." - 1 Peter 2:11



I am not trying to be judgemental but how can you blame a president for this when it is the people of america that have been in debt, overspent, lived in luxury and demand that lifestyle now no matter how bad they are economically?

If 100% of all the american people paid off all their debts fully and lived a less luxurious lifestyle I am sure the country would be in much better shape.

I am not saying canada or others are better I am just trying to state facts.

SI Moderator - Greg Gordon

 2011/8/8 12:04Profile

Joined: 2006/5/22
Posts: 2670
Nottingham, England


Excess and unnecessary luxury and wants, has lead may western nations into debt.

Which also means, others who live in abject poverty in other nations, will be even worse off.

If we don't use our money to help spread the gospel and reach the world, then why should we have it?

What we sow, we reap.

 2011/8/8 13:02Profile


Greg... what you say is true, but plenty of people in Washington and around the world told Obama NOT to raise the debt ceiling, but he insisted on going that route anyway. This made things even worse.

So while you are absolutely correct about American debt, all the president has done is make the situation even worse. And now they are saying "oops, we made a $2 trillion math error. Sorry about that!"

Yea, he does have responsibility for sinking not just the US, but the rest of the world futher into financial crisis.

The nice thing is I believe this is completely in God's hands... He is in control, and whatever His game plan is: this is part of it.

And you know me well enough to know... I dont get into politics here. So for me to even mention this is a big deal. I feel very strongly about this because this effects everything... jobs, charitable giving, churches, missiones, etc.

As for you being Canadian... I love your maple syrup, but I just dont understand "Curling"!


 2011/8/8 13:06

Joined: 2011/8/8
Posts: 1



does this really have nothing to do with the $6,000,000,000,000 that bush added to the national debt? And the deregulation allowed by the commodity futures modernization act, signed by bush? What about the process started by carter, reagan, bush, and clinton before him? There's plenty of blame to go around.

One may disagree with how obama has handled the situation, but he was given a worthless hand to begin with. No one could have made good with the mess he inherited.

 2011/8/8 15:42Profile

Joined: 2006/2/11
Posts: 2895
Philadelphia PA

 Re: Sour grapes anyone?

A while back I came across George Washington's Farewell Address. I may have heard it mentioned before but I don't think I had ever read it myself.

I was impressed by how much foresight and wisdom it contained. I read elsewhere(though I was not able to confirm it) that the speech was committed to memory by American school children and was also read annually before the US Senate. Again I did not find seperate confirmation for that.

But the speech. That was clear.

Some words from the Nation's Father:

"As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible, avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it, avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertion in time of peace to discharge the debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden which we ourselves ought to bear. The execution of these maxims belongs to your representatives, but it is necessary that public opinion should co-operate."

Solomon said that a good man leaves an inheritance to his children's children.

Leaving trillions of dollars of debt that we and they may never be able to repay, may leave our posterity feeling more like the children of Israel about their forefathers (Ezekiel 18:2).

Sour grapes anyone?

Christopher Joel Dandrow

 2011/8/8 19:49Profile



Americans are indeed de-leveraging and paying off debts. The government wants us to spend more but we don't want to.

Unlike the government, we do not have printing machines for money like the Fed Reserve.

Our government does not think they have to pay down debt. They balk and moan and groan when a few in Congress want them to enact a balanced budget amendment.

Everything is being engineered, anyway, and in time all will see it.

 2011/8/8 21:25


Greg writes.......

" am not trying to be judgemental but how can you blame a president for this when it is the people of america that have been in debt, overspent, lived in luxury and demand that lifestyle now no matter how bad they are economically?"

Well brother Greg its because its easier to blame the President than to look in the mirror. I am a Real Estate agent and my wife is a lender, we get to see how people live their lives financially, its typically not a pretty picture. I posted on here the four reasons why the S&P downgraded America. Yet depending on what news you watch, you will only see two of the reasons talked about. This downgrade is a massive blow to the pride of the nation, unfortunately there is more to come. And again, what are the politicians doing, they are fiddling while the nation burns. Judgement is upon us. By the way, the S&P index dropped by 6.66% day, perhaps a mere coincidence? Frank

 2011/8/9 0:04

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