Donald Trump Doesn't Know Hu Owns Who
Wednesday, January 19, 2011 at 4:36PM Chinese President, Hu Jintao, the man in charge of nearly $1 trillion of US certificates of confiscation (Treasury Bonds) went to Washington D.C. to visit the man in charge of massive amounts of debt.
Taiwan's NMA.TV, which produces animated news, probably had the most accurate account of the tone of the meeting.
Donald Trump chimed in with some comments on this meeting which can best be described as completely out to lunch:
Donald Trump, despite being the son of a near billionaire real estate developer, has bankrupted his own companies, and nearly himself, numerous times. More than most people, Trump has benefited from the manipulation of the US dollar and its artificially low interest rates to go deeply into debt during every business cycle. Once the business cycle ends and rates rise, Trump usually ends up in bankruptcy - as he did in 1992 and 2004 and just recently again in 2009.
It is difficult to find anything that Donald Trump has ever been successful at, in fact. Other than somehow managing to get access to massive amounts of debt, often into the billions, by which to fund his projects.
But he has a TV show where he fires people now so he must be an authority on how to run a government (and, in fact, scarily, he is considering running for President).
On his call into "Fox and Friends" he lambastes the US Government for holding a state dinner for Hu. I agree with him on that but for very different reasons. I don't think the US Government nor any Government has the right to or should exist. But Trump says the reason the US shouldn't hold a dinner for Hu is because China is "the enemy".
It apparently never occurred to Trump that the only way the US Government could even pay for this dinner is because the Chinese Government loans them the money. But, then again, Donald doesn't seem to really understand much about debt.
He actually tried not paying a $40 million loan to Deutschebank in 2008 claiming the financial crisis was "an act of God"!
The main reason he seems to consider China "the enemy" is because, as he states, "they are just totally manipulating their currency."
Ever heard of Quantitative Easing, Don?
The days of fiat currency are thankfully soon coming to an end and people like Donald will have to survive in a world un-buoyed by inflation.
You're Fired, Donald.
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Reader Comments (5)
Your 100% correct about TRUMP. Up here in NY hes gone on a golf course buying spree, buying up private clubs that were going under. Doesnt sound like a smart plan to me given the state of the economy. Hes a loud, arrogant, prick. Played golf with him three times, once asked him what he thought of Gold bullion. His response would shock you. Hes like Charlie Munger "golds useless, for freaks and nut jobs. Doesnt pay any interest, and you have to pay to store it. Its not an investment. Its a liability" What a fucking fool. Loud mouth prick. I hope he goes bankrupt again, and this time for good. While teeing it up, he frequently mentioned how the Arabs are screwing us on oil. I never bothered to mention to him that we actually get the oil for free and are robbing them. We pay for their finite resource with infinite green scrap paper. Sounds like Trump has no clue, once again TDV is spot on. You Rule Jeff.
There has been a lot of press about the Chinese thinking of trying to unload all of their Treasuries. Well who to? You cannot dump that amount of Treasuries on the market without causing a huge mess, value of those bonds start to tank, interest rates may go up, etc., etc.. All of that is a big bluff in trying to get the U.S. to do something about the Debt.
We could literally Default on Foreign Debt and the Chinese can use it for Toliet Paper, which we may have to do.
Chinese economy has been built on a weak foundation and I really don't believe the GDP numbers I see.
Chairman Hu can take his Political BS and go somewhere else, I will enjoy them trying to bail out Europe and then lose all their money.
Trump also has a talent in investing in real estate bubbles abroad. The construction of the Trump International Tower&Hotel Dubai at the entrance to Palm Jumeirah was indefinitely suspended but the advertising gems of the pre-2008 Dubai real estate mania are still online. "A home fit for a king or as the crowning achievement in your investment portfolio" anyone?
http://www.youtube.com/watch?v=YYwNAwZRxgs
http://www.condohotelsdubai.com/articles/dubai-update.html
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