America Lives On Borrowed Currency
And 23 years later American cars, produced by General Motors, Ford and Chrysler are still a problem because Americans prefer Japanese cars, manufactured in the USA, to cars manufactured by General Motors, Ford and Chrysler.
[Genesis Of The Financial Meltdown]
Ten years ago I met a young Chinese woman, a graduate student. Her grandfather had been a member of the Communist Party’s Central Committee.
She provided me with some information regarding China's ability to obtain Most Favored Nation Status- so that China could sell its cheap wares in the United States. Some of the information concerned Goldman Sachs and its influence in the American government.
One of her statements was that her grandfather could not believe how Americans would sell out their country for so little money. She elaborated that in China this would never happen. Every Chinese youth she said has been drilled into the history of foreign depredations in China. Often recounted are the Opium Wars- and the British forcing China to permit the sale of opium.
(Actually, the Sassoon family sold 80% of the opium in China from its forced labor plantations in India. The Sassoon family was based in India and provided cotton to England and China. But the Sassoon family quickly learned that there was much more money to be made by cultivating poppies; manufacturing opium; and, then exporting this opium to China. Many Americans later became familiar with one branch of the modern era Sassoon family, via the famous jeans; Oh, lala, Sassoon).
At the time my Chinese teacher said that Ron Rubin, former Chairman of Goldman Sachs and Treasury Secretary under Bill Clinton, pushed for Most Favored Nation Status for China because Goldman Sachs would profit mightily from the opening of China to American investment banks.
So, here it is again--Goldman Sachs placing its own welfare before the welfare of the United States.
Recently David A. Viniar, Goldman's Chief Financial Officer, said that in 2006 Goldman had entered into a large number of trading positions with AIG. In 2007 when Goldman began to mark down the collateralized debt obligations, which were based on the credit default swaps with AIG, Goldman began to demand collateral.
Goldman held $7.5 billion in collateral in September when the federal government bailed out Goldman Sachs. Viniar provided more details- but here is the important note. After AIG's bailout in September 2007 Goldman received $2.6 billion in collateral from AIG, this was bailout money- actually from your taxes, in November.
Goldman also sold $5.6 billion in credit default swaps to the federal government at full value, when the swaps were valued at far less- my estimate is that the credit default swaps were selling for 20 cents on the dollars- due to the inability of AIG to pay Goldman.
Henry Paulson, Secretary of the Treasury and former Chairman of Goldman Sachs, was an important supporter of the AIG bailout. Treasury Secretaries from Goldman Sachs have become quite numerous. But at Goldman Paulson was not a bond man. Paulson was an investment banker.
It appears that Henry Paulson places Goldman Sachs above the good of America- and definitely above your money.
As for Rubin's gambit with China, China is attempting to dictate American monetary policy and is worried about its dollar reserves, totaling more than $1 trillion dollars invested in government securities, crashing- leaving China holding the bag with largely depreciated dollars. This is what happened to Japan and Germany in 1985 as a result of the Plaza Accord, which is named after meetings that were held at the Plaza hotel. It was decided that the yen should appreciate because America was importing too many Japanese products- especially, Yes, you guessed it: CARS.
The yen appreciated approximately 50% from 200 yen to the dollar to its current value of 100 yen to the dollar. That is the value of the yen doubled relative to the dollar. And 23 years later American cars, produced by General Motors, Ford and Chrysler are still a problem because Americans prefer Japanese cars, manufactured in the USA, to cars manufactured by General Motors, Ford and Chrysler.
And America has been living on borrowed currency to this day.
America in 2009 is like England in the early 1960s. A strong currency depreciates- until the currency and the country become irrelevant.
And of course Goldman will earn money from the decline of America. Remember all those investments in China; especially by Goldman Sachs executives via Goldman Sachs Capital Funds.
Ann GarrisonNovember 30,2013 @ 12:14 PM
It was sexy to be against the war back then. He was probably in it to get laid.
carpinteyrobwmJuly 14,2013 @ 09:29 PM
carpinteyrobwmJuly 14,2013 @ 08:34 PM
amslctciikJuly 13,2013 @ 01:47 AM
http://youngsgear.us - louis vuitton bags cheap on the inside...
No Record Exist!!