Bernanke warns that the US debt is "unsustainable."

[PLC1]

They wont do anything dramatic as it hurts them in the process. But they can influence our markets costing investors to live with uncertainly at their whim. They don't need to crush us but you are correct to point out that they could. The troubling part is how they are scooping up gold as a possible hedge against having to pull that rigger.

The Chinese are "scooping up gold?" I hadn't heard that.

Maybe they're listening to all of the "buy gold now" ads on American TV and radio.

Gold would have been a good investment before they started saturating the airwaves with ads. Now, I'm not so sure. I think advertising has artificially inflated the price.

Of course, that could be wrong, and I could be kicking myself for not investing, but I don't think so. The last time the price of gold went way up it was because of market manipulation. When the price hit $800 back in the '70s, a friend told me the price was going to $2,000. I didn't believe it. He lost his shirt, and I didn't.

I'm expecting history to repeat itself.

 

[OldTrapper]

The Chinese are "scooping up gold?" I hadn't heard that.

Maybe they're listening to all of the "buy gold now" ads on American TV and radio.

Gold would have been a good investment before they started saturating the airwaves with ads. Now, I'm not so sure. I think advertising has artificially inflated the price.

Of course, that could be wrong, and I could be kicking myself for not investing, but I don't think so. The last time the price of gold went way up it was because of market manipulation. When the price hit $800 back in the '70s, a friend told me the price was going to $2,000. I didn't believe it. He lost his shirt, and I didn't.

I'm expecting history to repeat itself.

China is not only "scooping" up gold, it already controls the "rare minerals" market, and is buying up oil contracts in Nigeria, The Congo, and has entered ito agreements with other oil producing countries such as Brazil, and Venezuela.

http://www.forbes.com/2010/07/14/bp-china-oil-opinions-columnists-gordon-g-chang.html

This was made possible by the greed of the American corporation, and the stupidity of the American government, through GATT/WTO. Without the desire for cheap labor, the destruction of the American manufacturing base, etc., China would not have the financial strength to accomplish any of this. Currently the growth of GDP in China is over 10%, and their unemployment rate is under 5%. America has a growth rate of 2.4%, and unemployment in real numbers around 17 to 20%.

We need to get out of GATT/WTO, and rebuild our own economy rather then that of foreign countries.

 

[PLC1]

China is not only "scooping" up gold, it already controls the "rare minerals" market, and is buying up oil contracts in Nigeria, The Congo, and has entered ito agreements with other oil producing countries such as Brazil, and Venezuela.

http://www.forbes.com/2010/07/14/bp-china-oil-opinions-columnists-gordon-g-chang.html

This was made possible by the greed of the American corporation, and the stupidity of the American government, through GATT/WTO. Without the desire for cheap labor, the destruction of the American manufacturing base, etc., China would not have the financial strength to accomplish any of this. Currently the growth of GDP in China is over 10%, and their unemployment rate is under 5%. America has a growth rate of 2.4%, and unemployment in real numbers around 17 to 20%.

We need to get out of GATT/WTO, and rebuild our own economy rather then that of foreign countries.

Add that to the list of things to do that are in the national interest, but will never happen until and unless we reform our political system.