STANDARD AND POORS RATING FOR THE U.S.

Panda wrote:

The World"s largest Economy has been downgraded by S & P because the Republicans will not agree a package of savings proposed by the Democrats.

At the moment the U.S. has a deficit of , wait for it, $14 TRILLION !!!!!!!!!!! While S & P is the only one at the moment to show their concern they say
Politics is interfering with decision making and Political parties MUST work together because the current situation is unstable.

Panda wrote:

I think this is the end of America as the Worlds largest economy. Russia has long argued against using the $ for trading in Oil and China owns half of
America as it is.

Impeachment Time: Obama Grants Eminent Domain Rights to China to Secure Debt

February 27th, 2009 7:11 pm ET

William Dupray

DC Republican Examiner

The time for partisan bickering just ended. This is as serious as a heart attack. Obama is going to spend so much money, which he intends to get from China via the sale of government backed bonds, that the Chinese apparently don't think he'll be able to make good on them.

So President Obama gave the Chinese eminent domain rights to American land and businesses as collateral - i.e. we don't pay, they now own America.

From Patriot Room.

Because it looks like our wonderful new administration is granting the Chinese eminent domain as collateral for US debts. Yea you read that right. That means when we can no longer pay for all this massive spending the Chinese can call in the loans and take our land.

The thought that American citizens and businesses could lose their land as a means of payment is downright scary. I highly doubt ANY American citizen would have voted for Obama if they knew this was coming down the pike.

Live Leak has more details.

Sources at the United States Embassy in Beijing China have just CONFIRMED to me that the United States of America has tendered to China a written agreement which grants to the People's Republic of China, an option to exercise Eminent Domain within the USA, as collateral for China's continued purchase of US Treasury Notes and existing US Currency reserves!

The written agreement was brought to Beijing by Secretary of State Hillary Clinton and was formalized and agreed-to during her recent trip to China.

This means that in the event the US Government defaults on its financial obligations to China, the Communist Government of China would be permitted to physically take -- inside the USA -- land, buildings, factories, perhaps even entire cities - to satisfy the financial obligations of the US government.

Put simply, the feds have now actually mortgaged the physical land and property of all citizens and businesses in the United States. They have given to a foreign power, their Constitutional power to "take" all of our property, as actual collateral for continued Chinese funding of US deficit spending and the continued carrying of US national debt.

This cannot stand. It is traitorous and Obama should be impeached.

UPDATE (March 3, 2009):

World Net Daily contacted the State Department for a comment on the story.

The State Department says there is "no factual basis" to an Internet rumor that went viral over the weekend claiming Secretary of State Hillary Clinton was willing to pledge American homes to China as collateral for Beijing buying U.S. debt.

The rumor, in various versions, claimed Clinton brought with her last month to Beijing a written agreement offering to extend to China the option to exercise eminent domain rights within the U.S. The rights purportedly were offered as collateral for China's continued willingness to purchase additional trillions of dollars in U.S. Treasury debt the Obama administration hopes to sell to finance projected federal budget deficits.

"There is no factual basis or substance to this report," Laura Tischler, a State Department press officer, e-mailed WND in response to an inquiry.. . .

Underlying the Internet rumor was the fact that a major purpose of Clinton's February trip to China was to make sure the Chinese would continue to buy U.S. Treasury debt in the trillions of dollars the Obama administration will need to fund the massive budgetary deficits planned for economic bailouts and an unprecedented expansion of the welfare state.

So Clinton went to China to give (still unspecified) assurances that the Obama Administration's blowing of trillions of Chinese-backed tax dollars on pork wouldn't jeopardize the United States' ability to pay the debt. That must have been a pretty tough sell. So, though the State Department denies the claim of grants of eminent domain rights, Clinton reportedly did calm Chinese nerves by earnestly telling them that we would pay the bills, "Cross my heart, hope to die, stick a needle in my eye."

If that is good enough for the ChiComs, it is good enough for me.

Panda wrote: AnnaEsse,

WOW, I didn"t know the President had agree eminent domain. How the hell can he do that to the Amarican citizens who have paid for their Properties?

Whatever happened to the American "Liberty and Freedom" mantra ? I didn"t know about this deal, I thought America own half of the U.S. through trade
not borrowing. Thanks for the info.

I remember a long long time ago someone saying that China would rule the World and it would be through Economics, not War.Either the Republicans
and Democrats stop arguing and work together to resolve the debt crisis or it will never be repaid. The Citizens of america will have to bite the bullet and
accept harsh cuts and we all know this will be difficult , as it is in the U.K.

AnnaEsse wrote:Panda, there is also the fact that some years ago (I'll find links later) when the US was negotiating oil contracts with Middle East states, they agreed to pay some of the cost in Treasury bills. When the dollar collapses, as I think it will, those Treasury bills will be worthless.

Angelique wrote:I always think of Fort Knox when I read about the USA's deficit.

Panda wrote:

Thanks AnnaEsse, but as you know that interviewer really grates on me.

I"m off to cook something for my dinner but thought this little anecdote might interest you. When I worked in HSBC Jersey many moons ago I noted in
the Managers Office a framed what looked like a Share Certificate, quite large. When I asked my Boss what it repsesented he said many years ago
HSBC Investment Bank bought several Million Bonds issued by the Chinese which proved worthless because China reneged on the Debt. In every
Managers Office of HSBC around the World was a picture of the Share Certificate to remind Managers not to be profligate with loans.