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China slashes interest rates as panic spreads

11.27.2008

WiseOne

Political Forum Owner

Join Date: Sep 2007

Location: Big Sandy, TN

Posts: 1,155

Last Seen: 03.29.2010

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China slashes interest rates as panic spreads

Quote:

The People's Bank of China cut interest rates by more than 1pc point as the economy crumbles and millions of jobs are predicted to go ahead of Christmas. The move came just one day after the World Bank predicted that China would grow by 7.5pc next year. The level of growth may appear robust by Western standards, but it would represent the slowest economic expansion in China for the last two decades.

It is also perilously close to the 7pc minimum level of growth that Chinese economists believe is necessary in order to create enough jobs for the 6m university graduates who will enter the jobs market next year.

Read More Here >> Telegraph

WiseOne's Comments, yup...knew this was coming. Take away spoiled brat America's ability to pay for that Wal-Mart, Chinese garbage and China implodes. I think this is the perfect storm and it is FAR from over. Our whole foundation is built on sinking sand. When a whole nation has to rely on morons to buy a bunch of junk, it cannot be sustained forever ESPECIALLY when you take away their credit cards!!!

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economic collapse, economic crisis, economics, economy

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