Thai investors told to brace for foreign capital outflows

[webfact]

Thai investors told to brace for foreign capital outflows
By English News



BANGKOK, Oct 17 – Thai investors have been warned of expected volatility in the global capital market as the credit rating of US bonds and financial instruments will possibly be cut.

Ekniti Nitithanprapas, deputy director general of the Fiscal Policy Office, said the US should be successful in expanding the debt ceiling but the move would impact its credit rating.

Foreign capital may flow out of newly-emerged countries including Thailand, he said.

He said the US government shutdown for 15 days, which was longer than predicted, could shrink the US economy by 0.1 per cent per week, and its economic growth in Q4 would be less than projected.

The US economic stimulus through quantitative easing measures may not be downsized until next year, he said.

Kritcharat Hirunyasiri, president of MTS Gold Mae Thong Suk Group, said the gold price would continue to decline and it could plunge to US$1,100 per ounce, or about Bt16,000 per baht weight, next year if the situation worsens.

However, it would not slide below US$1,000 per ounce – the rate purchased by China in a huge lot as reserves, he said, predicting that gold could fall to US$1,180 per ounce in the near term – the lowest for this year.

The US expansion of debt ceiling and QE tapering would pose a negative impact on gold price while investors interested in long-term investment should hold the bullion for at least three years when it could spring back to US$1,300 per ounce or Bt26,000 per baht weight, he said.

Gold price slid 20 per cent this year from Bt24,000 to Bt18,900 per baht weight. (MCOT online news)


-- TNA 2013-10-17

[Pib]

Well, if foreign capital outflows does occur that usually results in a depreciation of the baht which would generally be a good thing for most expats since their source of income is in foreign currencies. But when it comes to exchange rates nothing is predictable....seems the reverse of the expected happens all too often. That's why I'm not brave enough (or smart enough) to get involved with FX trading.

[soi41]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

[jbrain]

But, but then how the Thai bourse gonna rocket to 1700, which was announced less than 24 hours earlier

http://www.thaivisa.com/forum/topic/675011-thai-bourse-may-rocket-to-1700-points-next-year/

[brit1984]

I think the headline writer did not read the article or has some problem with their keyboard and/or brain

Edited October 17, 2013 by brit1984

[soi41]

But, but then how the Thai bourse gonna rocket to 1700, which was announced less than 24 hours earlier

http://www.thaivisa.com/forum/topic/675011-thai-bourse-may-rocket-to-1700-points-next-year/

They have different fortunetellers!!

[NeverSure]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

Edited October 17, 2013 by NeverSure

[Phatcharanan]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

For instance, the US has more oil reserves than all of the rest of the world combined.

False.

[yoshiwara]

So, the gold price in Thailand slid how many % this year?

[Berkshire]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

You are largely correct. This recent political silliness in Washington didn't really question the US's ability to pay its debt, but rather its willingness. The US continues to be by far and away the largest economy and richest country in the world. Which is why our little domestic squabble effects everyone else. America is still top dog--we're not going anywhere.

[midas]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

" Also, the US has an economic engine like no other country, "

But which would immediately fall into a coma if it didn't get its heroine fix of $85 billion per month

[falang07]

This world must be really crazy. So the financial markets are just before a collapse and that is supposed to drive the price of gold way down. Well, I am not an economist, however, it seems to me as a total opposite of what should be happening.

[yoshiwara]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

" Also, the US has an economic engine like no other country, "

But which would immediately fall into a coma if it didn't get its heroine fix of $85 billion per month

Isn't Yingluck a heroine?

[darrendsd]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

You are largely correct. This recent political silliness in Washington didn't really question the US's ability to pay its debt, but rather its willingness. The US continues to be by far and away the largest economy and richest country in the world. Which is why our little domestic squabble effects everyone else. America is still top dog--we're not going anywhere.

$17 Trillion in debt and rising, if the US is the richest country in the world then I would hate to see the poorest

[chiang mai]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

Using the CIA factbook numbers from 2012 gives one set of numbers, here's something more current:

http://www.bbc.co.uk/news/business-24541140

The pecking order looks like Japan, Italy and then the US.

But have to say that's one screwed up article, it seems to talk about everything and to connect dots that can't be connected, probably best ignored I reckon unless you really believe that US a downgrade will trigger capital outflows, personally I reckon the opposite would happen but that's just me.

Edited October 17, 2013 by chiang mai

[Khun Jean]

This world must be really crazy. So the financial markets are just before a collapse and that is supposed to drive the price of gold way down. Well, I am not an economist, however, it seems to me as a total opposite of what should be happening.

Price of gold and Goldprice are not the same.

Buying gold on paper is relatively easy and does in reality not represent gold. If you want delivery it takes a long time and settlements in cash are normal. No physical gold ever changes hands with those contracts. It is all virtual. The paper gold market is about 100x the size of the available physical gold. Pushing the price up or down is for large players relatively easy. (In silver that is even more so.)

As such the price does not represent the price of physical gold.

In times of stock market trouble the paper gold will have to be sold to cover other investments.

It is uses as a hedge.

In Thailand it is easy to buy physical gold but it is not in the USA and UK where the paper market is 99.9999% of the gold market.

[NeverSure]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

" Also, the US has an economic engine like no other country, "

But which would immediately fall into a coma if it didn't get its heroine fix of $85 billion per month

That's totally ignorant. You don't seem to be able to separate the private sector from the government sector. The private sector creates wealth, but a government does little but consume that wealth.

American corporations - the economic engine - are awash in cash. It's governments that can't seem to control their spending, and that's all Western countries.

[yoshiwara]

This world must be really crazy. So the financial markets are just before a collapse and that is supposed to drive the price of gold way down. Well, I am not an economist, however, it seems to me as a total opposite of what should be happening.

Price of gold and Goldprice are not the same.

Buying gold on paper is relatively easy and does in reality not represent gold. If you want delivery it takes a long time and settlements in cash are normal. No physical gold ever changes hands with those contracts. It is all virtual. The paper gold market is about 100x the size of the available physical gold. Pushing the price up or down is for large players relatively easy. (In silver that is even more so.)

As such the price does not represent the price of physical gold.

In times of stock market trouble the paper gold will have to be sold to cover other investments.

It is uses as a hedge.

In Thailand it is easy to buy physical gold but it is not in the USA and UK where the paper market is 99.9999% of the gold market.

That's right. the price of physical gold is already over $2000 per oz and rising every day.

[Thai at Heart]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Exactly. What a bizarre logic. The USD becomes less stable, but people will choose to invest more into it?

Surely the wrong way round?

[yoshiwara]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Exactly. What a bizarre logic. The USD becomes less stable, but people will choose to invest more into it?

Surely the wrong way round?

Not necessarily. There are some advantages attached to a reserve currency.

[MJP]

They should not be concerned. I have a big Makro/Tesco/HomeShop binge planned for Saturday using my Visa card. Massive capital inflows.

[John Egil]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

You are largely correct. This recent political silliness in Washington didn't really question the US's ability to pay its debt, but rather its willingness. The US continues to be by far and away the largest economy and richest country in the world. Which is why our little domestic squabble effects everyone else. America is still top dog--we're not going anywhere.

The richest country in the world is not US. My country Norway is far richer per captiva

http://www.clicktop10.com/2013/05/top-10-richest-countries-in-the-world-in-2013/

[lovetotravel]

@ Never Sure.

You are calling other posters here for ignorant.

So let me teach you something new!

There is a difference between oilreserves and oilresources.

Oilreserves are oil, that can be recovered ecomically with existing technology.

Saudi Arabia has ten times more oilreserves than the US.

Oilresources are the total amount of oil in place, most of which typically can't be recovered. (to expensive)

Us have more oilresources than Saudi.

As for kerogen, shaleoil and tight oil, unless you want to back the the good old coaldays of Eastern Europe, don't even think about it. Very dirty energy.

If the private sector is doing so extremely well in the US (I do not doubt you), there must something seriously wrong with the fiscal policy.

I am sure, that Japan wouldn't mind getting their 1.1 trillion$ owed by the US back.

Some interesting reading about oil here:www.theoildrum.com/node/9085

The $1.1 trillion is Japan's investment in US debt. They did this investment willingly and don't have to continue if they don't want to. But obviously, they do. What are the "safe" alternatives?

[justathought]

the thai chinese have nicely wrapped up Thailand in the hands

Edited October 18, 2013 by justathought

[Naam]

This world must be really crazy. So the financial markets are just before a collapse and that is supposed to drive the price of gold way down. Well, I am not an economist, however, it seems to me as a total opposite of what should be happening.

Price of gold and Goldprice are not the same.

Buying gold on paper is relatively easy and does in reality not represent gold. If you want delivery it takes a long time and settlements in cash are normal. No physical gold ever changes hands with those contracts. It is all virtual. The paper gold market is about 100x the size of the available physical gold. Pushing the price up or down is for large players relatively easy. (In silver that is even more so.)

As such the price does not represent the price of physical gold.

In times of stock market trouble the paper gold will have to be sold to cover other investments.

It is uses as a hedge.

In Thailand it is easy to buy physical gold but it is not in the USA and UK where the paper market is 99.9999% of the gold market.

That's right. the price of physical gold is already over $2000 per oz and rising every day.

...the shelves in the goldshops are empty. queues of potential buyers are up to 5km long and within these queues there's continous horrible fighting by cheaters who advance when some participants are sleeping or went for a pee.

[Naam]

@ Never Sure.

You are calling other posters here for ignorant.

So let me teach you something new!

There is a difference between oilreserves and oilresources.

Oilreserves are oil, that can be recovered ecomically with existing technology.

Saudi Arabia has ten times more oilreserves than the US.

Oilresources are the total amount of oil in place, most of which typically can't be recovered. (to expensive)

Us have more oilresources than Saudi.

As for kerogen, shaleoil and tight oil, unless you want to back the the good old coaldays of Eastern Europe, don't even think about it. Very dirty energy.

If the private sector is doing so extremely well in the US (I do not doubt you), there must something seriously wrong with the fiscal policy.

I am sure, that Japan wouldn't mind getting their 1.1 trillion$ owed by the US back.

Some interesting reading about oil here:www.theoildrum.com/node/9085

The $1.1 trillion is Japan's investment in US debt. They did this investment willingly and don't have to continue if they don't want to. But obviously, they do. What are the "safe" alternatives?

Thai government debt?

[NeverSure]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

You are largely correct. This recent political silliness in Washington didn't really question the US's ability to pay its debt, but rather its willingness. The US continues to be by far and away the largest economy and richest country in the world. Which is why our little domestic squabble effects everyone else. America is still top dog--we're not going anywhere.

The richest country in the world is not US. My country Norway is far richer per captiva

http://www.clicktop10.com/2013/05/top-10-richest-countries-in-the-world-in-2013/

Why do people take just one number and think it comprises a whole set of books?

Your GDP per capita is higher. But how much are your taxes? How much do consumer goods cost? In the US, both are cheap. Americans, after taxes, with very low prices, can afford to buy more than people in European countries. Period.

The US is not the richest country in the world? No, it just has twice the GDP of whoever is in second place. It rules new technology. It has more usable land and salt water shoreline than any other country in the world. It has more natural resources than any other country in the world. It has the world's third largest population.

It has more oil and gas reserves than all of the rest of the world combined.

Now, where did you say Norway is, anyway?

[NeverSure]

@ Never Sure.

You are calling other posters here for ignorant.

So let me teach you something new!

There is a difference between oilreserves and oilresources.

Oilreserves are oil, that can be recovered ecomically with existing technology.

Saudi Arabia has ten times more oilreserves than the US.

Oilresources are the total amount of oil in place, most of which typically can't be recovered. (to expensive)

Us have more oilresources than Saudi.

As for kerogen, shaleoil and tight oil, unless you want to back the the good old coaldays of Eastern Europe, don't even think about it. Very dirty energy.

If the private sector is doing so extremely well in the US (I do not doubt you), there must something seriously wrong with the fiscal policy.

I am sure, that Japan wouldn't mind getting their 1.1 trillion$ owed by the US back.

Some interesting reading about oil here:www.theoildrum.com/node/9085

This is a report of the US General Accounting Office reporting to Congress about just 3 places on land in the US. It doesn't address other land areas including oil-rich Alaska, or anything offshore. The numbers of recoverable oil for the US are astounding, and they just keep growing with additional discoveries.

It is actually possible, given the areas excluded from this report, that the US has more than 3x as much oil as the rest of the world combined!!

If you want to dig deeper, just look into how US oil production is increasing and how fast.

-----------------

GAO: Recoverable Oil in Colorado, Utah, Wyoming 'About Equal to Entire World’s Proven Oil Reserves'

May 11, 2012 - 5:25 PM

Wyoming

Rock Springs, Wyo. (BLM Photo)

(CNSNews.com) - "The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.

The GAO testimony said that the federal government was in “a unique position to influence the development of oil shale” because the Green River deposits were mostly beneath federal land."

Link

Edited October 18, 2013 by NeverSure

[GeorgeO]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

And no link to the comments made within the past two days by the BoI and Finance Ministry, which were in direct contradiction to each other, so who knows what's in store for this country...?!

I prefer to focus on the fundamentals and consider what will happen when the sh1t eventually hits the fan and the world becomes aware of exactly how much the current government has cost the country.

I still see potential for this country to "clutch defeat from the jaws of victory", emulating what happened in the Philippines, and if it does go that way, the up-country faithful can take full blame for voting these criminals into office.

[Joe Mamma]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

So that is why US has no serious alternative energy plans. But won't the US have to give the oil to China to feed their enormous debt. I see a spender country and not a thriving self sustained entity. Seems like some ones in denial.