MarketWatch: China asks local lenders not to lend to U.S. banks:report

[marmar]

China asks local lenders not to lend to U.S. banks:report

By V. Phani Kumar
Last update: 10:28 p.m. EDT Sept. 24, 2008Comments: 40


HONG KONG (MarketWatch) -- Chinese regulators have asked domestic banks to stop lending to U.S. financial institutions in the interbank money markets to prevent possible losses during the financial crisis, the South China Morning Post reported Thursday. The China Banking Regulatory Commission's ban on interbank lending of all currencies applied to U.S. banks, but not to lenders from other countries, the report added, citing a source.


http://www.marketwatch.com/news/story/china-asks-local-lenders-not/story.aspx?guid=%7B389CCD2E%2D9D08%2D4A8B%2DA512%2DF1B3E0B0BE19%7D&dist=hplatest

[babylonsister]

1. Oops! OK, what does this mean? Doesn't sound good. nt

[marmar]

3. Like you, I don't really know what it means, but it doesn't sound good....

..... since China is our biggest creditor.

[Mojorabbit]

9. I think it means

they cut up our credit card.

[buddysmellgood]

2. But we can have all the baby formula we want.

[OhioChick]

5. And pet food.....

No, this doesn't sound good.

[babylonsister]

6. That stuff that's poisoning Chinese kids, too?

http://www.nytimes.com/2008/09/20/opinion/20sat2.html?ref=opinion

China’s Baby Formula Scandal



The tainted milk powder has killed several babies in China and injured more than 6,000 others, many with kidney stones or kidney failure. This is an unconscionable toll and a shameful betrayal of families who relied on their government and corporate leaders to protect them.

The powdered formula has not been approved for import into the United States, so it poses no major threat here. But it is conceivable that limited amounts could have found their way into specialty markets.

The formula contains a dangerous chemical additive known as melamine — the same additive that sickened thousands of American dogs and cats last year. The best guess is that milk dealers eager to cut costs diluted their milk with water, then added the melamine to inflate the protein readings on a common industrial test.

more...

[FreakinDJ]

4. "Fundamentally Sound" foriegn intervention

We can never have financial security and our Economy will never be "Fundamentally Sound" as long as we position our selves at their mercy

[sad sally]

7. does this mean they won't be sending the $700,000,000,000?

(that IS a big number!)

[jwirr]

8. From their point of view that makes sense. They borrow us enough

money everyday to run the government and we are telling them that we are going into at great depression. That is rather risky on their part.