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A superpower at risk of slippage

 

 

It has been 10 days since the US government shutdown came to an end. And if the bond market were your guide, there would appear to be no lasting costs – the 10-year US Treasury yield dipped below 2.5 per cent this week for the first time since August.

 

Yet beneath the surface, Washington’s flirtation with a voluntary default has shaken confidence in American political institutions. There may be no immediate rival to the dollar as the world’s reserve currency. Markets are more preoccupied by prospects of a delay to the Federal Reserve’s tapering plans. But as John Kerry, US secretary of state, said this week, the world is now monitoring the US to see when it will recover its senses. It cannot afford to make a habit of political recklessness.

 

The fact that Washington is undergoing a crisis of will, rather than ability, is not particularly reassuring. There is no question that the Treasury’s has capacity to service US obligations. At about 75 per cent of gross domestic product, publicly held US debt is entirely manageable – and less than a third of that of Japan. And the US fiscal deficit is on course to drop below 4 per cent of GDP next year.

 

But the possibility that it may generate yet another fiscal showdown as soon as January or February is on everyone’s minds. Last week a senior Chinese official called on the world to “de-Americaniseâ€. Neither the Chinese renminbi nor the euro are in a position to supplant the US dollar, which still accounts for more than 60 per cent of global reserves. But governments and private investors are far more alert to possible alternatives than before. History is littered with solid objects – and riskless assets – that have melted into thin air.

 

...

 

 

http://www.ft.com/in...l#axzz2iu8j4MvD

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And now for the good news!

 

 

Georgia man runs back into burning house to save his beer

 

 

A Columbus, GA man rushed back into a burning building to rescue several cans of beer on Thursday. According to WTVM ABC Channel 9 News, Walter Serpit was sitting and watching television with six adults and two young children when the fire broke out.

 

Everyone evacuated the house, but then Serpit — who walks with a cane — turned around and went back in.

 

“I went back into the house like a dummy,†he told Channel 9.â€I told them to get the kids out and everything, and me myself, being an alcoholic, I was trying to get my beer out. You feel me?†:drinking:

 

Once inside, a mounting backdraft caused the front door to slam shut behind him. Nonetheless, Serpit was able to retrieve several still cold cans of beer from the refrigerator and escape unhurt. :applause:

 

Fire personnel are blaming a newly installed water heater for the blaze. Firefighters warn that no one should ever run back into a burning building for any reason once they are outside.

 

 

http://www.rawstory....-save-his-beer/

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Where are the NRA heroes when something like this goes down ?

 

http://au.news.yahoo.com/world/a/19572755/mother-four-children-killed-in-ny-home/

 

A mother and her four young children, including a toddler, have been killed in a late-night stabbing rampage at their home in New York. Police say a man has been taken into custody.

 

Officers who arrived at the scene late on Saturday found all five victims unconscious and unresponsive. Two girls and a boy were pronounced dead at the scene, while another boy and the woman were taken to Brooklyn hospitals, where they were pronounced dead.

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It has more to do with U.S. Immigration laws. It was a 25 year old Chinese cousin of the family. Preliminary reports are that he was unemployed and was jealous of the Chinese families "success." He had been in the U.S. For ten years and spoke little english (and the deceased mother spoke little english). Having just worked for a Chinese lady who had been in the U.S. For decades and whose children spoke perfect English, don't immigrants see the connection in learning English and getting decent jobs? If you have been here for ten years bad don't bother to learn English, you have no one but yourself to blame for your predicament.

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I have met quite a few westerners in Bangkok who cannot speak even survival level Thai. The difference is they usually have an income from abroad. However, I cannot imagine immigrants not wanting to learn the language of their new country. For one thing, I feel a bit uncomfortable in a country where I cannot speak the language (e.g. China). How did the murderer survive for 10 years in the US? :dunno:

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I'm sure that he had a lot of Chinese relatives that he could sponge off of. He did get to the U.S. When he was 15. He would have been about the age to attend 3-4 years of a high school that offered English as a 2nd language. Either he was a Juvenal delinquent when he arrived or his sponsor did nothing to get him to go to school.

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Many Chinese that emigrate to America can live in Chinatown and not have to speak one word of English. Everything they need is available in Chinatown and everyone can understand them when they speak. This accused murderer lived very close to Brooklyn Chinatown, in Sunset Park. Some even consider Sunset Park part of Chinatown. Just like many consider Little Italy part of Manhattan Chinatown.

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