I am wondering whether all the media on the collapse of Greece is our weekly distraction from other problems. Notice the little media coverage on China and Puerto Rico. I thought it odd that Greece was even a topic for the White House press secretary to be addressing, oh and don’t worry, the administration said there is nothing to worry about with Greece…. Because they are a reliable bunch of people.
The Chinese stock market is about to crash to possibly the same severity as our 1929 crash. This raises a lot of concern in my opinion, mostly because they have loaned the US so much money. Concerning our debt to China, who is saying that when they fall into a depression, they won’t cash in their US bonds to help stabilize their market? Currently China owns roughly 1.2 trillion dollars of our debt or at least as of 2012, I’m sure it’s more by now. If they cashed in all their stocks and bonds of the US at one time, it would put us in a worst depression than our great depression. I do not want to panic anyone, but what if in the very highly unlikely decision that they may invade us by force to take land…. Technically China is sitting better than most countries, including the US financially if you count the fact that them and Russia have been investing a lot into gold. It is no secret that the BRICS nations (Brazil, Russia, India, China, and South Africa) want to do away with the world reserve currency which is the US dollar and go back to a gold backed currency system. The BRICS nations even just started a 100 billion reserve currency fund. Here lies a problem though, before the world reserve currency can be changes to a good backed standard, more economies must collapse, especially ours. As I type this, the New York Stock Exchange has been placed on hold because of a “glitch”, could it really be a hack of the system by a foreign power? I’ll let you draw your own conclusions on this, but at the same time as this “glitch”, United Airlines and the Wall Street Journal experienced the same “glitch”…. Food for thought.
What is happening in Puerto Rico? I have seen very little actual news on the financial collapse of our territory to the south… In fact other than a recent article I saw in the Miami Herald, I probably wouldn’t have caught on as fast. I’ve seen other news organizations comment on 61% of the residents of Puerto Rico wanting to become a state, but no reason. I remember about 10 years ago there was an actual vote in the territory to become a state and it was voted down. Well here is the problem now, with a 72 billion dollar deficit, the only way that the US can help the small island is for the island to become a state under federal law. They now believe that if they become the 51st state they will get bailed out by the federal government. Although supposedly there is no talks of a bailout in congress, there is talks of changing the law to at least allow them to file chapter 9 bankruptcy which would allow them a reorganization of their debt and me delay their repayment. Would it help, probably for short term, but what happens if their stagnant economy doesn’t bounce back just like it hasn’t in the last decade, bailout then?
I just wanted to remind you of the other pressing matters in the world besides the current distractions. Please feel free to comment. Thank you for reading another edition of Charlie’s rants…
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