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IPFS News Link • China

US downgrade: Communist China is one unhappy camper!

08-07-2011 • The Political Commentator

Communist China owns over $1.1 trillion of US treasury debt and it is not a happy camper! As the largest holder of US treasury debt of all non-US countries, Communist China has a large stake in the future viability of the US economy. Similarly the United States, with Communist China as the greatest foreign benefactor of our deficit spending habit, has a large need to keep that country coming back to buy more of our bonds. Note: I am using the name Communist China rather than simply China in order to highlight just how ironic it is that the largest and most important capitalist economy in the world (the US) is now dependent on one of the few remaining communist country's in the world (China) for its economic viability...

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Reported By Michael Haltman

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