Actually, The United States Has Defaulted Before

This is the United States Responsibility The United States finally has a function . Acting as Chinas reserve currency . China, the biggest foreign creditor of the United States, has waded into the American budget crisis, warning Congress that it must resolve the political impasse over the debt ceiling without further delay. The Chinese Vice Foreign Minister, Zhu Guangyao, told Americas deadlocked politicians on Monday that the clock is ticking and called on them to approve an extension of the national borrowing limit before the federal government is projected to run out of cash on 17 October. We ask that the United States earnestly takes steps to resolve in a timely way the political issues around the debt ceiling and prevent a US debt default to ensure the safety of Chinese investments in the United States, Mr Zhu told reporters in Beijing. This is the United States responsibility, he added. The US is clearly aware of Chinas concerns about the financial stalemate and Chinas request for the US to ensure the safety of Chinese investments, he said yesterday. China held $1.28tn in US Treasuries in July 2013, according to US Treasury data, although the true figure could well be higher than this as China also invests through intermediaries. The U.S. is the worlds biggest economy and a major country issuing reserve currency. Safeguarding the debt is of vital importance to the economy of the U.S. and the world, Chinas Vice Minister of Finance Zhu Guangyao told a press briefing held by the Chinese Foreign Ministry. This is the United States responsibility, he said.

OEDC literacy study Now, in the first study of its kind or breadth, it seems that despite having some of the best universities in the world, we arent that smart when it comes to core skills in those aged 16 to 65. The United States is pretty much in the middle of the pack. No matter what we spend on education it seems to be going in one ear and out the other, according to the study that was conducted by the Organization for Economic Cooperation and Development (OECD). While the world sends its best and brightest to enjoy the quality of a number of universities, these students seem to retain the information before returning to their countries of origin. Never mind that with a more progressive approach to immigration this could be avoided. But as long as a large portion of Americans remain afraid of Mexicans, Hondurans, and Guatemalans, dont expect that to change anytime soon. The study examines literacy, numeracy, and problem solving in technology-rich environments in 23 industrialized nations, and the results were just about what you would expect. Japan and Finland are powerhouse nations , coming in first and second respectively in all three areas. The U.S., however, scores below average on each of the three assessments and is near the bottom for math skills. I guess I was overly optimistic in hoping that middle of the road was what I would read as I went through the study. United States literacy rankings In literacy, the U.S.

The United States Can’t Do Math, Read, Or Think Very Well

Indeed, using more sophisticated means, including comparing T-bill rates to interest on commercial paper, the authors conclude that default led to a persistent increase in T-bill rates and, therefore, higher borrowing costs for the federal government. The financial world has changed dramatically in the intervening decades. T-bill rates hover near zero compared to the 9-10 percent range of the late 1970s; that means a temporary delay in payments would be less costly for creditors. Treasurys IT systems are, one hopes, more reliable that 1970s vintage word processors. And one should take care not to make too much of a single data point. But its the only data point we have on a U.S. default. Not surprisingly it shows that even small, temporary default is a bad idea. Our leaders shouldnt come close to risking it. P.S. Some observers believe the United States also defaulted in 1933 when it abrogated the gold clause. The United States made its payments on time in dollars, but eliminated the option to take payment in gold. For a quick overview of this and related issues, see this blog post by Catherine Rampell and the associated comments. P.P.S.

United States grabs 4-point lead at Muirfield

The United States leads 10 1/2-6 1/2 over the Internationals. There was another weather delay during the morning fourball action, making it the third straight session in which weather has delay play at Muirfield Village. The teams wrapped up Friday’s foursomes session early Saturday before the fourball session could begin. The four matches were split as the Americans kept their 1-point lead over the Internationals. Once fourball action started, Americans Bill Haas and Webb Simpson cruised to 4 & 3 win over Angel Cabrera and Branden Grace to get the first point of the round. Keegan Bradley and Phil Mickelson moved to 5-1 as a team as they fought off Ernie Els and Brendon de Jonge, 2 & 1. Bradley and Mickelson went 3-0 at last year’s Ryder Cup. Jason Day and Graham DeLaet won the only match for the Internationals in this session. They earned a hard-fought, 2-up win over Steve Stricker and Jordan Spieth. The United States won the final two matches. Brandt Snedeker and Hunter Mahan held off Louis Oosthuizen and Charl Schwartzel, 2-up. Tiger Woods and Matt Kuchar won their third straight match as they beat Adam Scott and Hideki Matsuyama, 1-up. A Copyright (c)