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| User Info | ROFL! China Tells IBs: Stuff It! in forum [Ticker] | |||
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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1393-R....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-08-31 20:46:27
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Berkleyreindeer Posts: 560 Incept: 2008-07-22 Minneapolis , MN
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is there actually someone more influential than goldman sachs?
---------- It'll get worse. Just wait.
2009-08-31 20:50:08
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Tesla Posts: 8175 Incept: 2008-04-03 
Delaware
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Very nice. Now if they'd only start selling off their T-bills....
---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-08-31 20:50:16
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Jstanley01 Posts: 2572 Incept: 2008-07-30
San Antonio, Texas Online
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It's a helluva day when the freakin' Commies in China are the only ones left to teach the world what capitalism is about.
---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me
2009-08-31 20:51:23
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Antone Posts: 3820 Incept: 2008-02-03 
This ain't your grandpa's depression.
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I'm going with: Goldman Sachs Credit Suisse UBS Deutsche Bank JP Morgan Morgan Stanley ---------- Wir sind gefickt. I do not provide investing advice.
2009-08-31 20:54:40
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Habitliar Posts: 127 Incept: 2007-12-02
Alabama
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I loved that ticker. And to Antone....i'm not so sure. These Chinese guys could do like the Japanese did and go 'kamikaze'. Willing to lose it all to do damage.
2009-08-31 21:10:53
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Antone Posts: 3820 Incept: 2008-02-03
This ain't your grandpa's depression.
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Nah, not to win, sorry for the confusion. That was just my best guess as far as who the six are. Maybe Soc Gen instead of one of them, but I think GS and JPM are definitely involved.
---------- Wir sind gefickt. I do not provide investing advice.
2009-08-31 21:15:06
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Lapri Posts: 4 Incept: 2009-07-07
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Can the U.S. do the same to China re: debt repayment? Or tell Chinese that we will buy back the debt they hold at 40 cents on a dollar?
2009-08-31 21:18:21
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Mrbill Posts: 1733 Incept: 2008-10-19
LA Online
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Can't really tell who owns what, can you? I mean, can't China just sell it's bond holdings to someone else, who then gets full repayment?
2009-08-31 21:20:18
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Asimov Posts: 26714 Incept: 2007-08-26
east tennessee Online
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I'd love to know the banks, but whichever it is, we'll probably find out tomorrow. Unless they all dump. Nasty little situation though, because I'm sure there are plenty of US banks among them. Who probably had had no reason to hedge because the US government backs their riskiest ****. (insert SNL chuchlady voice) Well, Isn't THAAAATT speeeecccialll. ---------- It's justifiably immoral to try to deal in a moral fashion with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
2009-08-31 21:21:56
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Markytom Posts: 217 Incept: 2009-02-19
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I remember reading an article about a year ago on how the US Government was whining that China wasn't playing along very nicely with the CDO nonsense, and the US was pressing them hard to buy more derivatives. I googled a little and found something similar - the below excerpt was written two years ago - the Chinese knew the US housing bubble was on it's way to popping then - how come Ben, Tim, Paulson, etc. didn't listen? This crap about nobody knew - it was documented two years ago by the Chinese. I guess China did buy some of the crap anyway and now they want the US con artists to eat it. China shying from shaky US mortgage market By Olivia Chung HONG KONG - While China is eager to invest a portion of its US$1.33 trillion foreign-exchange reserve overseas, it is unlikely to take a chance on buying additional US mortgage-backed securities (MBS) as they are now considered too risky, Chinese economists said. During a recent trip to Beijing, US Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson tried to sell China on the idea of buying more MBS. Investing in MBS offers better returns for China than US Treasury bonds, and at the same level of risk, Jackson claimed. ............ Yi said some bond ratings agencies that advise investors, including Chinese, also purposely played down the MBS risk. "Some ratings agencies slapped investment-grade ratings on mortgage-backed bonds that they knew they were risky," he charged. Bond-rating agencies this month finally downgraded about $12 billion worth of subprime US mortgage securities, Yi said. Economist Shi Weigan echoed Yi's comments. "With a possible burst in the housing bubble in the US, it's not the right choice for Beijing to spend foreign-exchange reserve funds on the US mortgage-backed securities," Shi said. http://www.atimes.com/atimes/China_Busin.... Last modified:
2009-08-31 22:46:51 by markytom
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Wakeupcall Posts: 1116 Incept: 2009-06-08
Hampton Roads, VA Online
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Any idea how much money we're talking about here?
---------- "So....they (FDIC) are borrowing the money that they are supposed to be protecting in order to protect the money that they just borrowed???" - Optimal
2009-08-31 21:31:56
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Glock36 Posts: 327 Incept: 2009-06-03 Banned
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When I read this on August 4, 2009, all that I could think of was about a year ago when I said that if I was China or Russia and the **** going on at NYSE and NYMEX/COMEX I would have a nuclear sub parked off of Wall Street.Quote:WASHINGTON — A pair of nuclear-powered Russian attack submarines has been patrolling off the eastern seaboard of the United States in recent days, a rare mission that has raised concerns inside the Pentagon and intelligence agencies about a more assertive stance by the Russian military. If you take on China, you take on Russia and both are ****ED OFF! ---------- Black Helicopters Are Like ****roaches, You Never Find Just One Glock36's Law: Murphy Was An Optimist When You Find Yourself In A Hole, Don't Look Out Until You Identify The Type, As It Could Be A Foxhole The Greatest Enemy Of Knowledge Is Not Ignorance, But The Illusion Of Knowledge - Dr. Hawking
2009-08-31 21:32:21
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Sushihorn Posts: 6084 Incept: 2007-10-22
Arlington, TX
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I was expecting the event triggering the "asset freeze" to be a political confrontation of some sort. It may work out the same after a while if the banks get a court judgement and Chinese assets are seized to satisfy it. Looks like China may have just embarked upon a course of mutual expropriation - whether deliberately or not, we'll probably never know.
---------- http://jengafinance.blogspot.com/ Stop the looting. Start prosecuting. Do it soon. Or folks may start shooting.
2009-08-31 21:37:00
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Moroni Posts: 1885 Incept: 2008-12-03 New York, NY
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The Chinese have out-Hugo'ed Hugo Chavez. LOL.
---------- "Those institutions and individuals who insist upon clinging to the dying past will wither with it. Those who understand the death process will not mourn the passing of the old, but instead celebrate the birth of the new paradigm." - Gerald Celente, Trends Journal Q12010, Page 20
2009-08-31 21:40:06
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Realist Posts: 95 Incept: 2009-07-14 Pennsylvania
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What goes around comes around
2009-08-31 21:43:13
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Hirooonoda Posts: 77 Incept: 2009-07-31
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Amazing. When will this s*it ever end?
2009-08-31 21:49:31
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Hihoherewego Posts: 595 Incept: 2009-02-25
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It appears the Chinese just englished a Sizzling Szechuan sh*tpingpong ball back over the net and they kept their serve. Big wars have been started over smaller things - like assassination. .......................... Liberty isn't free. Last modified:
2009-08-31 22:01:00 by hihoherewego
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Centurion Posts: 76 Incept: 2009-05-14 DFW
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Quote:SOEs reserved the right to default on contracts, Oh just wait until that little spectre called NATIONALIZATION starts creeping up. And a second thought: This is how trade and real wars get started. ---------- - If you're not being shot at, it's not a high stress job. - The right to self-defence is THE basic human right. - No, I don't know everything .... I'm just REALLY good with Google. - Trying not to be a tinfoil guy. But can you really blame me after the actions of Fed & Treas? Last modified:
2009-08-31 22:03:20 by centurion
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Moroni Posts: 1885 Incept: 2008-12-03 New York, NY
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Quote:Oh just wait until that little spectre called NATIONALIZATION starts creeping up. I believe it will eventually come over there. Only they'll follow the US example of Nationalization and call it "Asset Forfeiture in relation to a crime". ---------- "Those institutions and individuals who insist upon clinging to the dying past will wither with it. Those who understand the death process will not mourn the passing of the old, but instead celebrate the birth of the new paradigm." - Gerald Celente, Trends Journal Q12010, Page 20
2009-08-31 21:58:37
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Throxxofvron Posts: 2672 Incept: 2009-02-17
The Land of Bilk & Money
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I guess We now know why China is swapping MBS for Treasuries down at the FED... This could precipitate a Multi-National wave of Rolling Repudiation and Default on all sorts of Debts, SIVs, Derivatives and Other Commitments. These acts would likely precipitate a nasty Trade War or Military Conflict. Is there any comment on this from the State Department? ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell Last modified:
2009-08-31 22:02:22 by throxxofvron
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Hihoherewego Posts: 595 Incept: 2009-02-25
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Quote:SOEs reserved the right to default on contracts,.... Shouldn't that really read, "....the right to default on breached contracts." ?
2009-08-31 22:03:12
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Todaystomsawyer Posts: 512 Incept: 2008-10-13 Boerne, TX Online
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So does this mean BOHICA for the U.S. Taxpayer since IBs in the U.S. never lose?
---------- Survival is the best Revenge
2009-08-31 22:03:38
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Nymonkey Posts: 97 Incept: 2007-07-10
NY
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Suppose they actually go through will this, that would most likely mean no US financial insitution or any for that matter would take a chance on doing business w/them in the future. Are they that fed up they are willing to go down that road? Seems a bit short sighted.
2009-08-31 22:03:51
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Moroni Posts: 1885 Incept: 2008-12-03 New York, NY
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Quote:Suppose they actually go through will this, that would most likely mean no US financial insitution or any for that matter would take a chance on doing business w/them in the future. Are they that fed up they are willing to go down that road? Seems a bit short sighted. Businessmen are short-sighted. Mao took over and it wasn't even 25 years later (with Mao still breathing) before US businessmen were begging to get back in. Look at Cuba and how many US businessmen are begging to get back in, with Fidel still alive. ---------- "Those institutions and individuals who insist upon clinging to the dying past will wither with it. Those who understand the death process will not mourn the passing of the old, but instead celebrate the birth of the new paradigm." - Gerald Celente, Trends Journal Q12010, Page 20
2009-08-31 22:10:23
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