Across the Pacific, China has been voicing concerns about the U.S. deficit. As the large holder of U.S. Treasury bonds, the Chinese government is currently one America’s biggest trading partners. It is understandable why Beijing is wary of the dipping value of the U.S. dollar During the G20 Summit, President Obama spoke to Chinese Premier Hu Jintao. At this time, Mr. Hu suggested that if the U.S. provided relevant military technology, that the Chinese government would forgive some U.S. debt. According to insiders, there is much turmoil in the Department of the Defense over Obama’s suggestion that they sell the blueprints for the B-2 Spirit stealth bomber. Secretary of Defense Robert Gates has openly opposed the President’s plan. As a result, Gates was asked to resign as Defense secretary if he does not wish to get the ball rolling.
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