U.S. not considering canceling debt held by China - Trump adviser
Source: Reuters
APRIL 30, 2020 / 10:07 PM / UPDATED 2 HOURS AGO
WASHINGTON (Reuters) - President Donald Trumps top economic adviser said on Thursday the administration was not considering cancelling some debt held by China as a way to strike at Beijing for perceived shortfalls in its candidness on the coronavirus pandemic.
The Washington Post, citing two people with knowledge of internal discussions, reported on Thursday that some administration officials had discussed the idea.
The full faith and credit of U.S. debt obligations is sacrosanct. Period. Full stop, White House economic adviser Larry Kudlow told Reuters.
Similarly is the reserve currency status of the U.S. dollar, Kudlow said. The storys completely wrong.
Read more: https://in.reuters.com/article/health-coronavirus-usa-china/u-s-not-considering-canceling-debt-held-by-china-trump-adviser-idINKBN22D49U?rpc=401&
marble falls
(57,353 posts)TexasTowelie
(112,517 posts)if Deadbeat Donnie went through with such a plan? No other nation would invest in US securities afterwards which means that we could no longer finance our budget deficits.
Judi Lynn
(160,648 posts)I was stuck on thinking they are floating the idea, to see if any of their criminally insane supporters think it's a good idea!
MosheFeingold
(3,051 posts)Germans, English, and Japanese to play ball, too.
It wouldn't be a bad idea, any more.
The Communist Party of China screwed the world over. Set off the economic and personal damage against the debt and give it to the victims.
TomCADem
(17,390 posts)So, somewhat surprised that anyone from the Trump administration would get that.
sandensea
(21,688 posts)This, as you know, is our biggest real asset as a nation.
Without the ability to issue virtually endless dollars on demand (such is everyone's faith in them), and with our systemic deficits, we'd soon face an Argentine-like situation.
duforsure
(11,885 posts)By stopping manufacturing many goods there at a much lower costs, which would cause disruptions of goods and much higher costs. They also could dump bonds or other things hurting the dollar and our economy too. trumps repeatedly done things hurting China , so why would they want him re-elected again over someone stable. trumps a serial liar, and no country can trust this corrupt puppet of putins.
LudwigPastorius
(9,191 posts)That the United States (he, in this case) is even considering an option of defaulting on some Treasury bonds is likely to stick a fatal dagger into the stock market and our reeling economy.
Shit will hit the fan tomorrow.
dalton99a
(81,636 posts)A financial and economic disaster for the U.S. that would take decades to recover from
Scarsdale
(9,426 posts)snorting blow AGAIN? Guess he was quite the coke addict in his heyday. Where did tRump find this gang of incompetent aides and ass kissers? All second rate con artists, just like him. Maybe someone could wake up Wilbur Ross, parade him around on TV, without him falling asleep?
Walleye
(31,081 posts)beachbumbob
(9,263 posts)ramifications. trump keeps proving how incompetent he and his mouth are.
DrToast
(6,414 posts)I knew it would be walked back.
Its economically dangerous to even hint at it.
Squinch
(51,049 posts)Roy Rolling
(6,941 posts)Its his art of the dealstiff creditors who lend you money.
He a moron. China has a collection agency.
dalton99a
(81,636 posts)robbob
(3,538 posts)...before reneging on his own dept to China. Sending up a trial balloon, if you will...
truthisfreedom
(23,159 posts)And leave America with only one resource... Deutschebank backed by Russian oligarchs.
dreamland
(964 posts)If someone owes me money and is going to turn deadbeat on me, I'd get as much of the loan money back as quick as I can. I won't be surprised that other countries may think twice about buying our debt in the future. What have we become?
roamer65
(36,747 posts)We are going to devalue the dollar.
TexasTowelie
(112,517 posts)Keep printing money until it's worthless.