“China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” it said.
It urged the United States to cut military and social welfare expenditure. Further credit downgrades would very likely undermine the world economic recovery and trigger new rounds of financial turmoil, it said.
“International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua said.
via China tells U.S. good old days of borrowing are over | Reuters.
Wow…
By the way, by comparison, our military spending…
But absolute defense spending for the U.S., China, Iran, and North Korea reveals that U.S. expenditures are dramatically more than any of its rivals combined. See the chart below:
And again, I say wow… (from here)
No one wants to cuts national security, but we are moving into a realm wherein the economy is the next staging for conflict.
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Joel Landon Watts is a Masters of Theological Studies student with a focus in Mimetic Criticism of the Gospel of Mark. His interests include exploring the role of mimesis in human civilization, specifically in the study of religion and media, as well as science fiction and the way in which it has allowed mythology to be explored in light of scientific ideals of the past century. Currently, he is a TA for Old Testament at United Theological Seminary under Dr. Vivian Johnson, Associate Professor of Old Testament. His first book, Rhetorical Strategies of the Evangelist: Mimetic Criticism of the Gospel of Mark, is expected to be published by Wipf and Stock early next year. He is currently co-editing a book on moving from Fear to Faith (Energion, 2013).
Note to china: we are canceling your bonds; try to collect!
Or, we could formulate a democratic revolution…
Defense Spending is incredibly large but at least it is constitutionally a proper role of government. I am all for having the best stuff, but do we really need 3500 of the next generation fighters when nobody can shoot down the old ones? Will 500 not do? We have subsidized europe’s socialism for too long. They have put in place an unsustainable social network of programs on the back of our taxpayer. We will defend you, you retire at 56 with full pay. Nice work if you can get it. I guess we could pull back, let everything implode and start over. Maybe we need the guns after all.
By the way, china’s fiscal problems are at least as bad as ours. There debt is pushed to the provinces and hidden in underperforming bank loans. China’s credit rating is worse than our tarnished one. Maybe they should look into that.
china was a lot further behind us… until we started borrowing from them, which, btw, seems a lot like bad accounting and funny money
Stop invading countries and save trillions.
China is still far behind us. They are nothing more than a spec in world financial markets. We owe them $1T, our failed stimulus effort was almost that much. If you look at the top global asset managers, you will see that we hold all of the cards. Seven of the top were US firms, two are European and one is Japanese. All of them control more assets that china. Blackrock, the largest manages 3.3T. The largest Chinese asset manager comes in at number 256 with a mere $56B- Bill Gates controls more money than that. To put it in even more perspective, the US has $58T in assets and we owe china $1B. This is like owning a $250k home with a $4k mortgage- not much to worry about. The Chinese are fortunate they we have decided to do business with them. They are on the verge of major economic and social turmoil, by the way.
Then why are we worrying about the Chinese?
I don’t worry about the Chinese. It sells papers and politicians need something to misdirect the public.
I think that Plato would be well satisfied, or rather, more horrified, that his parables have been proven correct