iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,793 Blog Posts

Chinese Ambassador Responds to Tariffs: ‘We Are Not Afraid of It…We Will Fight’

This is getting little play, for now, but I am sure once media picks up on this little video tidbit they’ll play it on loop.

With regard to the tariffs Trump is imposing on China, Wilbur Ross said he expects the great wall’d dog eating nation to retaliate, but only after they see the details. The plan here is simple: reduce the trade deficit by $100 billion.

Markets are panicking for one reason: US companies do more business overseas than here. Therefore, they have more to lose when China is hurt than when America is hurt. In a way, these global giants are like Benedict Arnolds, but it really isn’t there fault. Their shareholders demanded profits and returns and they did their job, within the boundaries of the law. The blame rests solely on our elected officials who sold us out for profit, failed to protect US industry in exchange for cheap shit in Target, which has contributed to a ruinous balance sheet amidst the lower, middle, and upper middle classes

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15 comments

  1. sarcrilege

    Kabuki theater. They all are in on it. They all want war, any war, trade war, hot war, whatever. The financial debt ponzi is starting to implode on its own. Not even bubble gum or duct tape can hold this shithouse together anymore. China’s ponzi is the worst of them all. It’s all distraction to make sure the fucking banksters are not blamed, dragged out of their mansions out in the street and guillotined along with the politicians.

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    • figesmalls

      What? You didn’t blame the Jews? They MUST be in on this! Somehow! Isn’t there a tinyurl you can post for us? It’s almost Passover….they’re up to something I tell you!

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    • ferd

      “China’s ponzi is the worst of them all.”

      But should there be a reset, a country which produces more than it consumes has some advantages over one that consumes more than it produces …as which has built a lot of expectations in its populace which absolutely cannot be met. Chinese people still expect to have to work for a living. Burp.

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      • bob smith

        Americans don’t get this simple reality. Most politicians don’t get it either. Americans are ultmately at the mercy of those who hold our USD hostage (i.e., China), You can’t borrow your way to prosperity. The Chinese, despite their greediness, are taking advantage of American greed and lust for earthly goods. Who can blame them???

        The Chinese also understand the lasting value of gold. Americans will too… sooner or later…

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  2. Cricket

    What a dilemma. Does China fire off a few hypersonic missiles and destroy their biggest and bestest customer, or do they suck it up and keep buying US Treasuries to depress their currency and avoid imploding? May you live in interesting times.

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    • it is showtime

      Yes where’s that 27,000 dow we were supposed to hit next. Waiting.

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  3. moonshot

    Pacing and leading my friends. At the last minute Trump will strike a deal with the Chinese that ensures their full cooperation with the North Korea situation, and reduces the trade deficit for the US, without a trade war. Trump saves the world and makes America great, again!

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    • it is showtime

      The 34-35 level shiller pe that hit, above 1929 approaching 1999, in the post trump election, was never authentic. “That’s a recovery?” “That’s a recovering economy not an incinerating one?” Everyone said recovering, that never matched. The indexes were red-lined over his head. Hoisted tugged Shoved

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      • ericbakerbruce

        I’d rather read Finnegan’s Wake than your stream of consciousness horseshit. A lone a last a loved a long the riverrun, past Eve and Adam’s, from swerve of shore to bend of bay…

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        • bravo

          +100

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        • it is showtime

          Turkeybreath: You don’t like the vindiction of everything I put forth? What, in the fuck, relevancy does your ilk have. You’re going insane, the passage I wrote above is just an accurate historical description of delusion and paradox.

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  4. soupbone

    Today a recession trade with defensives, yen, gold and UST winners. Days ago an inflation trade with energy and commodities winners, tech losers. Prior to that a test of continuing tech leadership despite rising rates. A stagflation trade yet to be trialed… I suppose rising rates is moved from possibility to certainty now, which will screw over consumer discretionary spending quickly. (and GDP).

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  5. Lyndon Keltner

    As of 2018, the American economy barely amounts to 20% of the world economy’s output. The leverage just ain’t the same like it used to be.

    The rest of the world still dreads what the US does, but certainly not afraid anymore.

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  6. ferd

    Lord Fly is correct. Who elected these leaders who sold us out?

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  7. roundwego

    Currency war is over. Trade war just beginning. But physical war is the end game.

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