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March 13, 2009

Quote Of The Day

by Brad Warbiany

Chinese Prime Minister Wen Jiabao:

“President Obama and his new government have adopted a series of measures to deal with the financial crisis. We have expectations as to the effects of these measures,” Mr. Wen said. “We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.”

Sorry, Mr. Wen. Much like the mortgage lenders who have imploded have learned, you shouldn’t lend money to people based on their “stated” ability to repay.

Hat Tip: MichaelW @ QandO


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2 Comments

  1. I think the old adage goes something like:

    If I owe the bank $500, I have a problem. If I owe the bank $5,000,000,000,000 the bank has a problem.

    Comment by Peter — March 13, 2009 @ 3:19 pm

  2. [...] fact, it may already be starting. China is worried about the $1 Trillion they’ve already lent us, but the real key to ending dollar hegemony is to stop lending us [...]

    Pingback by The Liberty Papers »Blog Archive » Is Dollar Hegemony About To End? — March 24, 2009 @ 1:59 pm

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