Archive for February 17th, 2010

Wednesday, February 17, 2010

A Missionary’s Financial Advice

Cheng Siwei (成思危), vice chairman of the Standing Committee of the National People’s Congress – or former vice chairman, according to The Telegraph -explains a record sell-off in U.S. treasury bonds in December with Beijing’s dismay by the Federal Reserve Bank’s recourse to “credit easing” (basically a more elegant circumscription for “printing money”). Inflation and therefore a decline in the U.S. Dollar’s value are expected. “He who goes borrowing, goes sorrowing,” suggested Cheng.

In voicing their dismay, the Chinese commies are becoming a tool in Gawd‘s plans, believes Awake USA, and suggests to read Habakkuk Chapter 2 for some biblical insight on the sorrowing quote (apparently by America’s founding father Benjamin Franklin).

The biblical insight:

5 Yea also, because he transgresseth by wine, he is a proud man, neither keepeth at home, who enlargeth his desire as hell, and is as death, and cannot be satisfied, but gathereth unto him all nations, and heapeth unto him all people:

6 Shall not all these take up a parable against him, and a taunting proverb against him, and say, Woe to him that increaseth that which is not his! how long? and to him that ladeth himself with thick clay!

It is definitely a historical day as Gawd and the CCP atheists are joining hands to warn America on its public debts. But I’m wondering if Awake USA‘s financial advice isn’t a bit too blanket:

If you have debt, do everything in your power to reduce or eliminate it. As soon as America’s creditors slow or stop buying our debt, interest rates will rise and rise quickly.

They probably will, as a reaction to inflation. But I used to think that individual debtors might also profit from inflation.

Then again, maybe America’s inflation won’t become that bad.


P.S.: This is no financial advice. JR will leave that business to the missionaries.

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