Look, it’s not that I don’t have the utmost respect for China as a fiscal mentor…

…it’s just that I think they should take their yuan and shove ‘em.

A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

“In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.

Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies — eroding the wealth of creditors including China, Guan said.

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Seriously, take your stupid undervalued money and put it someplace else, you don’t like how we’re handling things over here.

Oh, right. There really isn’t anywhere else. Well, sorry then. All you foreign leaders who supported Barack Obama back in 2008, hope you’ve learned your lesson.

You haven’t. I know.

One more thing: at the risk of exposing the vastness of my ignorance, would somebody please explain this to me:

The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion — but Republicans are refusing to support such a move until a deficit cutting deal is reached.

Ratings agency Fitch on Wednesday joined Moody’s and Standard & Poor’s to warn the United States could lose its first-class credit rating if it fails to raise its debt ceiling to avoid defaulting on loans.

I have debts. I make payments on them every month. There have been times in my life when making my payments has been difficult – even times when I wasn’t sure how I was going to do it.

Still. If, for some reason, I found myself forced to take out even more debt in order to pay my already-incurred debts, I would consider myself to have been really, really stupid about my money.

So is that what this is saying? Have we been so stupid about our money that we have no choice but to, in effect, pay off our credit cards with another credit card?

We have no other choice? It’s either borrow even more or default?

(Posted by The TrogloPundit.)

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