US Economic Implosion: It's Coming

And it may start, with China, at the upcoming G20 conference in South Korea:

China tees up G20 showdown with US

By Alan Beattie in Washington, Geoff Dyer in Beijing, Chris Giles in London

Published: November 5 2010 06:56 | Last updated: November 5 2010 19:03

China has curtly dismissed a US proposal to address global economic imbalances, setting the stage for a potential showdown at next week’s G20 meeting in Seoul.

Cui Tiankai, a deputy foreign minister and one of China’s lead negotiators at the G20, said on Friday that the US plan for limiting current account surpluses and deficits to 4 per cent of gross domestic product harked back “to the days of planned economies”.

"We believe a discussion about a current account target misses the whole point,” he added, in the first official comment by a senior Chinese official on the subject. “If you look at the global economy, there are many issues that merit more attention – for example, the question of quantitative easing.”

"Quantitative easing."

Ladies and gentlemen, that's code for "printing money."

And yes, with no backing.

Not a smart move; instead, the move of a fiscal dolt.

Gird thy loins, people.

BZ

P.S.

With regard to China, check this out.