China banks told to stop lending to the US Banks

[LorDiego01]

http://www.reuters.com/article/compa...16693720080925

BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.

"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.

A spokesman for the CBRC had no immediate comment. (Reporting by Alan Wheatley and Langi Chiang; editing by Ken Wills)

Am I taking this out of context??

Isn't this pretty bad news? When China's banks stop doing business with their #1 customer??

[RocketFoot]

That's bad...real bad!

[Defleshed]

incoming doom

[ReefBlue]

Oh well.


Does this mean we actually have to reign in spending? They should have done this to us 8 years ago.

[Frenchy]

The solution is very simple Be American Buy American.. Not made in China, Japan, Mexico or any other country...

What kills me is you have to look for US made products, even when it comes to dog toys or chews (leather bones) or US flags!

[adymond]

Oh well.


Does this mean we actually have to reign in spending? They should have done this to us 8 years ago.

So only 8 years ago would have prevented this? I guess it is all at the feet of the current PotUS. Really? You don't think they should have done it maybe in the last two decades?

[mjfletcher]

The solution is very simple Be American Buy American.. Not made in China, Japan, Mexico or any other country...

What kills me is you have to look for US made products, even when it comes to dog toys or chews (leather bones) or US flags!

Sadly thats harder than you think, even the NRA doesnt buy american. The hat they gave me a couple years ago, which bears an american flag on one side, has a label inside it on the other side that says "MADE IN BANGLADESH."

[ChamberedRound]

If we had told them to go F-off in the first place, we wouldn't be in this mess.

They gave us money when it was convenient for them, and now they'll stop because it's convenient for them. As always, the Chinese are playing us like a fiddle, and our well-connected "representatives" in government are too busy being on the take that they don't realize it.

Sun-Tzu taught them well.

[tl_3237]

The solution is very simple Be American Buy American.. Not made in China, Japan, Mexico or any other country...

What kills me is you have to look for US made products, even when it comes to dog toys or chews (leather bones) or US flags!

Exactly! Went to buy a new powder yesterday and discovered Hogdgon is made in Australia

If we don't buy USA even if it cost a little more (assuming we can find USA products) then we will continue to spiral downward.



We were saved in WWII by the industrial base but now its gone and we have left ourselves vulnerable.

Maybe with less foreign banks' $$ the cycle of unfettered loan/borrowing will lessen and perhaps even the rates for savers will increase but we still will be in a deep pile of 'it'.

[Annie Oakley]

The solution is very simple Be American Buy American.. Not made in China, Japan, Mexico or any other country...

What kills me is you have to look for US made products, even when it comes to dog toys or chews (leather bones) or US flags!

It's sad, but its just about impossible to buy American. I worked in a speciaty toy store during the Chinese lead tainted toy scare. I searched that store and could only find about 3 items that were not made in China. Only one, Lego, was made in the US. I urged the owner to get more American stuff but he wouldn't because they cost twice as much.