Though Beijing has few options other than to continue to buy United States Treasury bonds, Chinese officials are clearly concerned that the country’s substantial holdings of American debt, worth at least $1.1 trillion, are being devalued.
“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” read the commentary, which was published in Chinese newspapers.
Beijing, which did not release any other official statement on the downgrade, called on Washington to make substantial cuts to its “gigantic military expenditure” and its “bloated social welfare” programs.
There’s a certain [i]schadenfreude[/i] in discovering that there can be a downside for China in becoming so heavily involved in the American economy.
Perhaps a fitting response would be that there will be time to talk when China cures itself of its addiction to autocracy.
Or communism, or the persecution of Christians…
This is like Mexico criticizing our immigration policy. Except our president agreed with them. I wonder where the politics is on this issue.