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Biden meeting with Indo-Pacific leaders while confronting stalemate over U.S. debt limit

19 Comments
By JOSH BOAK and ZEKE MILLER

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19 Comments
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Good old US sinking into its own crisis but good old Joe prefers to do his geopolitical tourism to try to keep US decadent hegemony afloat..

-4 ( +4 / -8 )

He repeated a phrase often used by G7 leaders that the group is looking to “de-risk, not decouple from China."

They should look at "decoupling" from China as a possible option. It is what would happen in the event of war anyway, but doing it without the conflict may have better outcomes for the G7 nations and those who follow their example. No harm in crunching the numbers to see what that option looks like for "containing" China's ambitions of empire building.

If Europe had been more decoupled from Russia before it invaded Ukraine, then perhaps Russia would not have been so confident of Europe not interfering. Turned out that decoupling from Russia was one of the answers as well as interfering by sending arms and supplies to Ukraine. Russia miscalculated, and in a way so did Europe. Lets avoid that scenario playing out again in Asia, and avoid any more invasions.

3 ( +3 / -0 )

Why can’t Americans save more?

Why can’t successive administrations control profligate spending?

Another economic crisis is on the way and pain for the little folk..

-3 ( +1 / -4 )

Good old US sinking into its own crisis but good old Joe prefers to do his geopolitical tourism to try to keep US decadent hegemony afloat..'

Stock market up. Dollar strong. Not at war.

1 ( +2 / -1 )

Why can’t successive administrations control profligate spending?

Good question, let me share my two cents.

1) Budget for this Oct 1st to Sept 30 next year is election year, so those in power want to spend spend spend!

2) Private sector economy in big trouble, Govt. spending vs. last year adding 5% to GDP for first 6 months of this year's Govt. Budget. Private Sector approx. (3%) Oct-Mar.

3) Interest Rates rising as Govt. spending entrenches inflation, core inflation of 5.5% about same as 1yr prior

4) Huge amount of non-discretionary Govt spending COLA/inflation based increases, LARGE lately eg. Social Security recipients, approx. 70M, 8.7% COLA this year

5) Defense spending THRU the roof, Ukraine Proxy War

6) Interest Costs SKYROCKETING on Debt Service

7) Tax receipts DOWN as Corp profits fall and private sector contracts

Biden in WA POST ABC poll with little d bias, only 36%, serious prof. polling low 30's, economy main reason, his mental fitness #2

-2 ( +2 / -4 )

US Mainstreet in big trouble, inflation's killing everyone and tough on business. Russell 2000, broad index of small and midcap companies, negative YTD, TTM, etc.

Even S&P 500, if you remove Top 10 Companies, index negative YTD and TTM. Hardly healthy markets, as one need at least +5% return due to inflation 'cost'.

Current Govt. budget uncertainty not helping business or consumer confidence. Its clear GDP numbers trending down steadily, even with massive Govt. spending.

No polling finds it's good economy - Exact Opposite.

-2 ( +1 / -3 )

Albanese: Joe, does your pen have 7 colors and a pencil in it as well?

Biden: Yeah Tony. Not sure about these new fandangled pens.

Albanese: What colour ink should we use to sign?

Biden: Let's do this one in pencil in case we change our minds!

1 ( +3 / -2 )

America is on a constant decline, this is inevitable. China is pushing hard her "De-Dollarization" and received very good feedback and many countries shown their interest to use "Yuan" as a global trading currency. It is not going to replace USD but it will be in a longer period!

-2 ( +2 / -4 )

China is the world no.2 economic power, anyone could imagine de-coupling with China is a suicide attempt. If Australia choose the option of de-coupling with China, even termination of diplomat connection....then who buys Australian iron-ore, agricultural products, coal.And there will be no Chinese tourists, no Chinese students in Australia's education institute. Does the Aussies think India or Japanese or South Korean can replace China's buying power?

-2 ( +1 / -3 )

Is Albanese signing a check for the downpayment for the nuclear subs?

1 ( +1 / -0 )

China is pushing hard her "De-Dollarization" and received very good feedback and many countries shown their interest to use "Yuan" as a global trading currency. It is not going to replace USD but it will be in a longer period!

At least you are acknowledging it isn't happening now and it won't happen ever because nobody wants a manipulated currency:

https://en.wikipedia.org/wiki/Reserve_currency

1 ( +1 / -0 )

Joe Biden's congressional investigations into Foreign influence peddling and public statements made on national TV pulled? Biden's got LOTS of reasons beside Debt Ceiling and Budget Negotiation to get out Dodge/beltway, just ask Chair of the House Oversight Committee, James Comer (R-KY)!

> TokyoLivingToday  01:48 pm JST

Good old US sinking into its own crisis but good old Joe prefers to do his geopolitical tourism to try to keep US decadent hegemony afloat..

-1 ( +0 / -1 )

Sell your US dollars. It’s finished.

-4 ( +1 / -5 )

The dollar is at a high $1/¥137.82.

0 ( +0 / -0 )

I think the plan is to force a default, cause market chaos, then both parties can blame each other as villains.

Politicians don’t give a crap about anything except getting face time on TV. And the media loves it. Like children playing “chicken.”

1 ( +1 / -0 )

Instead of "raising the debt ceiling," why not cut spending?

0 ( +0 / -0 )

Everything and everyone is suspicious now. Elvis even sang about it.

0 ( +0 / -0 )

Instead of "raising the debt ceiling," why not cut spending?

It's already been spent, mostly through Trump Tax Cuts.

1 ( +1 / -0 )

The American debt problem is certainly interesting.

We had a balanced budget, for years. Then Republicans made huge tax cuts, which, surprise, went mostly to the already extremely wealthy. Then Republicans refuse to raise the debt limit, which problem they themselves caused with their defunding of the government, and now they hold the economy hostage, threatening to blow things up.

Ah, the power of lack of respect for facts and logic.

1 ( +1 / -0 )

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