John Kerry: China 'Laughing All The Way To The Bank' Over Prospect Of U.S. Credit Downgrade

The National Memo:

The global impact of the American debt crisis – and the likelihood of permanent damage to American interests – are already visible to Senator John Kerry (D-MA) from his perch as chairman of the Senate Foreign Relations Committee. Indeed he is not only seeing but hearing those effects.

“The Chinese are laughing all the way to the bank,” said the former Democratic presidential nominee, because a downgrading of US Treasury securities will mean enormous and completely unnecessary increases in our interest payments to the nation’s largest creditor -- and our most important competitor in the international arena.

Read the whole story: The National Memo

Comments

[Pod-gers]

11:55 PM on 08/02/2011

WOW

HOW VERY DISHONEST!

>“The Chinese are laughing all the way to the bank,” said the former Democratic presidential nominee, because a downgrading of US Treasury securities will mean enormous and completely unnecessary increases in our interest payments to the nation’s largest creditor -- and our most important competitor in the international arena.<

China is NOT our largest creditor, American seniors are!

Total National debt = 14. Trillion

Owed to China = 1.23 Trillion

Owed to SS = 2.60 Trillion

The US Government owes more that two times the moola to SS than it does to China.

Even between brothers the money must be straight.

[Zhuubaajie]

08:36 PM on 08/01/2011

This is yet another shining example of the incontestable superiority of Western representative democracy. HOW can you argue with such logical brilliance, well supported by facts and guided with convincing arguments to lead to the inevitable conclusion. There simply is nothing even remotely comparable to American pols in the world!!

[Shaktas Na]

08:01 PM on 07/31/2011

China is abusing even it's own people. If they are about to start firing their own citizens you can forget about any future positive links or loyalty with American companies or workers.

Taiwanese technology giant Foxconn will replace some of its workers with 1 million robots in three years to cut rising labor expenses and improve efficiency, said Terry Gou, founder and chairman of the company, late Friday.

http://www.sott.net/articles/show/232768-Foxconn-to-Replace-Workers-with-1-Million-Robots-in-3-Years

[Reston]

11:30 PM on 07/30/2011

The rise of Britain and to a lesser degree the rise of America (Roosvelts..) have to do with selling opiums and the war reparations from China. China did not whine about that but quietly rebuild their country, while the US whines about Wartmart.

[DAE]

01:13 AM on 07/30/2011

Wow. The comments show how ignorant the commentators here really are. Combined with the ignoramuses in the House and Senate and the debacle that is Europe its no wonder that the Chinese scorn Western democracy. They must realize that if they had a similar system their growth and development would come to a grinding halt as competing interests would bring their country to a standstill. China has lots of problems as the daily headlines clearly show. But at least they learn from their mistakes, pick themselves up, dust themselves off and continue on. We either stare out our navel or lash out blindly at whomever we want to serve as our scapegoat de jour. Then we continue to blithely walk blindly off a cliff.

[GaddafismyHero]

10:45 PM on 07/29/2011

Typical American blaming everyone but himself.

[Shaktas Na]

01:29 PM on 07/29/2011

I find this article really interesting. Kerry is making childish taunts about China's current success. China, as the media portrays them, appear to be perched for global domination except for one very critical issue.

1. The East China Sea and the waters connecting it-China and Japan for better or worse share water tables. Fukushima's radioactivity and illness will very shortly be China's.

China will gleefully take on every single product that Japan shortly be unable to manage for sale and/or export. All crops and products that Japan cannot legally sell will probably end up on a Chinese black market. Soon most shipments from China will show up with radioactive materials.

We are all in this together. People just don't know it yet.

[Captain Hindsight]

12:08 PM on 07/29/2011

We should just nationalize the Walton Family fortune and send China a 2 trillion dollar gift card from Wal-Mart to settle our debet with them.

[farmilyman]

11:26 AM on 07/29/2011

......so are multinational corporations.

[coreypaul]

10:13 AM on 07/29/2011

Fools following conservative/neo-liberal/r​ight-wing (also known as IMPERIALISM and TERRORISM) claim that the USA cannot abide by a "protectionism" ideology, while selling out the USA. These people should be tried for treason.

[picval]

10:07 AM on 07/29/2011

No over night Borrowing from Banks, Don't know what the interest rate will be!

Great Job Republicans! Stop this crap use the 14th!!!!!!!!!!!!!!

[picval]

10:04 AM on 07/29/2011

China might be laughing.....but Russia is crying tears of Joy! They will be a super power again.

[lmwj]

08:40 AM on 07/29/2011

I guess kerry doesn't know the the american people are the US largest creditors, holding nearly two thirds of the debt! anybody still wonder why he lost the election? lol

[raker]

08:38 AM on 07/29/2011

The expression is "crying all the way to the bank." Laughing all the way to the bank makes no sense.

[Pod-gers]

11:59 PM on 08/02/2011

Good point. However, we owe SS more than twice as much as we owe China.

US National Debt 14.4 Trillion

Owed to China = 1.13 Trillion

Owed to SS = 2.60 Trillion

[oandroplex700]

08:24 AM on 07/29/2011

I LOVE THE FACT THAT THIS LOSER KERRY, WHO LIED ABOUT HIS EXPLOITS IN VIETNAM
DIVORCED ONE WEALTHY WOMAN, TO BE WITH ANOTHER WHO INHERETED THE HEINZ KETCHUP FORTUNE. WHO ALSO LIED ABOUT HIS SMALL 100 FOOT YACT, TO AVOID PAYING HIS SHARE OF TAXES ON IT, TILL HE GOT CAUGHT.......IS NOW GIVING THE AMERICAN PEOPLE HIS ADVICE........WHAT A JERK!!!!!!!!