[h=1]Stephen Moore: Obamanomics Has Yet to Deliver Jobs[/h]
Seven years ago, Barack Obama promised a progressive worker paradise — a recovery from recession that would leave no one behind. "Hope and change" would deliver high employment and rising wages, and no one bought into this idyllic vision more than college kids. But it has yet to happen, points out Newsmax Finance Insider Stephen Moore. [Full Story]
And to emphasize David's point............"the U.S. added China's banking to the PONZI scheme" <----which is exactly why ALL of us here have been waiting for the Fireworks yet nothing has happened for the past few years.
China is dumping some of its Treasury holdings in a desperate bid to raise cash to support its ailing markets, a move that "raises serious questions" about the country's ability to finance the U.S. federal deficit, CNN reports....
If the Asian country stops supporting U.S. debt, the cost of everything that depends on Treasury rates including mortgages and credit-card interest could rise. Such pressures may deter the Federal Reserve from raising interest rates when its policymakers meet next week.
China held $1.3 trillion of U.S. bonds as of June, making it the biggest foreign owner of the U.S. national debt, which has doubled to more than $18.2 trillion since 2007. Analysts cited by CNN say the drop in China's Treasury holdings is most evident in the plunge of its foreign-exchange reserves, which fell by a record $94 billion, or 2.6 percent, to $3.6 trillion in August.
The country's dollar holdings declined as the country tried to stabilize the yuan after devaluing the currency on Aug. 11, which triggered fears that the world’s second-largest economy was in trouble. The worries eventually led to a record 1,000-point plunge in the Dow Jones Industrial Average on Aug. 24.
"Capital outflows have skyrocketed in China and the yuan is under intense selling pressure. The only thing they could do is sell Treasurys to buy their own currency," Walter Zimmerman, chief technical analyst at United-ICAP, told CNN.