Financial Armageddon Coming Soon (2011)

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What happens if China dumps its U.S. debt?

NEW YORK - When borrowing money it's always good to have a Plan B in case a big creditor pulls the plug. That should be true whether the sum is a few thousand dollars or about a trillion, the size of the United States government's debt to China.

With Chinese President Hu Jintao due to arrive in Washington on Tuesday, it is worth asking about U.S. officials' Plan B just in case one day relations take a surprise turn for the worse and Beijing dumps its holdings of U.S. treasuries.

China is officially the United States' biggest foreign creditor, with roughly $900 billion in Treasury holdings a or over US$1-trillion with Hong Kong's holdings included.

That means it could do severe damage to U.S. debt markets if it suddenly started selling large amounts.

Most experts say if there were signs of this happening, the U.S. government would go for a combination of persuading Americans to buy more U.S. debt, the same way they did in World War II, and finding friendly foreign governments to make additional purchases.

Banks could be called on to increase their holdings of treasuries, and as a last resort, the Federal Reserve could also be called on to fill the gap, though this could risk turning any dollar weakness into a slump.

"The U.S. government should have and maybe still could call on the people of the U.S. to invest in U.S. debt," said David Walker, a former U.S. comptroller general who heads an advocacy group calling on the government to curb the U.S. budget deficit and borrowings.

To be sure, the idea that China would suddenly sell its U.S. debt holdings is almost unimaginable to some.

After all, any weakening in the U.S. debt markets and the resulting global markets turmoil, including likely weakness in the dollar, would bounce back on China and could hurt its economy badly, especially as the United States is such a huge Chinese export market.

It likely would take something like a massive rise in tensions over an issue like Taiwan or oil exploration in disputed areas of the South China Sea, including possible military confrontation between the two nations. Such a confrontation would also make it easier for Washington to appeal to the American public to buy its debt for patriotic reasons.

But Beijing could also justify pulling back sharply from U.S. Treasuries if the dollar were to plunge, perhaps because of Washington's failure to curb its budget deficit and debt.

"I worry that we could be at a tipping point," said Eswar Prasad, a Brookings Institution economist and former International Monetary Fund official with responsibility for China.

"If the Chinese say 'We're not buying any more Treasuries,' this could act as a trigger around which nervous market sentiment coalesces," he said. "People could start wondering how the U.S. is going to finance its deficit."

Thomson Reuters 2011

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Jim Rogers thought

Jim Rogers : ..."....I own both those currencies and I would rather own both those currencies than the US dollar longer term. Buy them if you do not own Canadian dollars or Australian dollars. I would urge you to learn something about them because in my view both of those currencies will continue to far-far outperform the US dollar. ..." hostgator coupon 2011

Gerald Celente Revolution has begun!!!

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Huge rings appear over Australia, is HAARP involved?

Four strange giant rings appeared over Australia in January 2010. Could HAARP be involved? That would explain the massive floods which occurred 1 year later, in 2011.

A year ago, Colin Andrews received an email from someone in Australia claiming that he has discovered a bizarre ring over Australia’s South East region.

The rings were huge, as big as Germany or a US state and they have been detected by the Australian GovernmentWeather Satellites and Radars. At that time they haven’t been given any serious attention and most people disregarded them but today, after Australia was hit by massive floods, analyzing and understanding these rings is very important. The Australian media said these rings are perfectly normal and it’s all a conspiracy but now after floods reached “Biblical proportions in Australia” these strange anomalies must be fully studied.

The South West weather ring was definitely very strange and totally looks artificial. Similar rings later appeared in two more places. The large clearly defined ring had slowly dissipated but still was just visible on a time loop which was spiraling counter clockwise (Low Pressure system).

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2010 Had Record 2.9 Million Foreclosures

Arizona, Florida and Nevada had the Highest Foreclosure Rates

In 2010, 2.9 million properties received foreclosure filings -- an increase of 2 percent from 2009 and 23 percent from 2008, according to data from the website RealtryTrac.

The figures would have been worse, if not for a surprising decrease in foreclosures toward the end of 2010. December saw a 30-month low of foreclosures, with filings on 257,747 properties, a drop of 26 percent from the previous year. That was the biggest annual drop in foreclosure activity since RealtyTrac first published foreclosure data in January 2005.

"Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac, in a statement. Some economists point to the year's high unemployment levels as a contributing factor to foreclosures.

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EU Calendar Omits Christian Holidays, While Noting Jewish, Muslim Celebrations Read more: http://www.foxnews.com/world/2011/01/17/eu-calendar-omits-christian-holidays-noting-jewish-muslim-celebrations/#ixzz1BR9gWX80

The European Union has published a school calendar that omits Christian holidays, like Christmas and Easter, while noting significant Jewish and Muslim celebrations. Three million copies have reportedly been printed of the calendar, which will be given out freely to students who request it from the union's 27 member countries.




The Catholic News Agency reports that former French politician and government minister Christine Boutin noted the omission of Christian holidays in a Jan. 11 blog post, saying the calendar slights "the religion practiced or recognized as forming the cultural assembly of our 'old' continent." She wrote that Christianity has "fallen into the limbo of collective ignorance." The European Union, meanwhile, calls the omission of Christian holidays on a calendar distributed to millions of students an error.

The book was designed to act as an educational calendar for students, allowing them to write their homework and activities. At the bottom of each page, are printed inspirational quotes, information or comments for reflection. While Christian holidays are missing, Sikh Baisakhi-Day, Yom Kippur, and the Muslim holiday Aid-el-Kebir remain listed. "At the bottom of each page of this 'class journal' are small quotes or information devoted to various subjects and perhaps less known to European students. Some of them sometimes refer to cultural events, historical and religious...This approach led, without any deliberate intent, in the absence of references to events and important religious festivals that are very much a part of European heritage, particularly...Christmas and its importance in the Christian religion." The EU says the Christian holidays will be put back on the calendar for future printings. hostgator coupon 2011