How Depressing...

clipped from blogs.dailymail.com Not to panic anyone, but trying to borrow our way into prosperity is backfiring. From the Financial Post: “China revealed on Friday that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tons — or a pot worth about $30.9-billion — and confirming years of speculation it had been buying.” This comes after China began reducing its purchase of U.S. debt. The newspaper also reported: “Hou Huimin, vice general secretary of the China Gold Association, said China should build its reserves to 5,000 tons.” The Chinese are not dumb. Huimin told the publication: “The financial crisis means the U.S. dollar value is changing fast, and it may retreat from being the international reserve currency. If that happens, whoever holds gold will be at an advantage.”

... to have Communists reject you as un-creditworthy. (from the comments)