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| China now largest holder of US Treasury bonds |
| 2008-11-21 |
| China is now officially the US government's largest foreign creditor after overtaking Japan, in a development that signals Washington's increasing reliance on Beijing to save its economy. China became the largest foreign holder of US Treasuries, owning 585 billion dollars worth as of September, according to US Treasury Department figures. But, analysts warned Wednesday, neither country should be celebrating the development, which underlines serious imbalances in the global economy. "China's GDP per capita ranks around 100th in the world but it is actually subsidising the world's richest country," said Zhang Ming, an economist with the Chinese Academy of Social Sciences, a government think-tank in Beijing. Zhang argued that becoming the largest foreign holder of US Treasuries is only an illustration of how serious the imbalances are in China's overly export-driven economy, rather than an indicator of its strength. |
| Posted by:Besoeker |
| #6 The Red Chineese would have whipped both their asses. The evidence for that is that the Red Chineese whipped both their asses. Wish the damn PT boats had left his ass on Corregidor to fight with his command. |
| Posted by: .5MT 2008-11-21 18:37 |
| #5 We should have "unleashed Chiang Kai shek" when we had the chance...and MacArthur too... |
| Posted by: borgboy 2008-11-21 15:28 |
| #4 For their sake I hope congress gave them the 3-ply aloe brand. |
| Posted by: swksvolFF 2008-11-21 12:59 |
| #3 Well, we don't, but the Donks do to assuage their clients. |
| Posted by: Procopius2k 2008-11-21 11:21 |
| #2 Do we really need the money that badly? |
| Posted by: bigjim-ky 2008-11-21 10:15 |
| #1 Yes, and the American consumer is the only thing standing between Beijing and its first major social experiment in a massive economic downturn. After you entice literally millions off the farms and into urban dwelling, what's going to happen when the jobs start to evaporate? Been there, seen it, done it. May you live in interesting times if you want to play this game. |
| Posted by: Procopius2k 2008-11-21 09:26 |