China is accusing the US of defaulting on it's debt...I am actually surprised that it has taken this long for the mainstream media to start picking up these reports and taking them seriously. Our debt is piling up so fast that from what I can see the US has no other option other than to do so.
China who is the largest foreign holder of treasury bills has every right of showing extreme concern. As well, other reports have surfaced stating that China is in the process of dumping these T-Bills.
Anyone can see that the economic power is definitely shifting from the west to the east and this process is happening at a rapid pace. Concerns - Even though we may not be able to pay our debts back to China in the form of cash we have plenty of other options if needed: U.S. land holdings, intellectual property, military secrets or the 300 million potential workforce that resides between the Atlantic and Pacific oceans. Just something to think about.
-Blogging4Bullion
Sources:
China ratings house says US defaulting: report
China remains largest holder of US Treasury securities: report
Is China quietly dumping US Treasuries?
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