There was an article in my morning paper today about Vice President Biden’s kowtowing performance for the Chinese in regards to the U.S. creditworthiness.
From the Washington Post article:
At each step of the tour, Biden offered assurances that the U.S. economy, despite its problems, remained strong. And his message was echoed by Beijing’s top leaders, who also have been facing rising criticism over whether China has amassed too much American debt and left the country exposed to crises in the U.S. economy.
I’ve stated this elsewhere and I’ll state it here. We should not be groveling before the Communist Chinese in order to reassure them of anything. I’m not an economics expert nor am I a aspiring diplomat. If the Chinese are nervous about their investments in the U.S., well… tough titty, said the kitty, but the milk’s OK.
From an older WSJ article:
On Thursday, China’s frustration was evident in a pair of articles published by the state-run Xinhua news agency. In some of the strongest language from China’s government on the issue so far, one Xinhua article castigated U.S. leaders for putting the world economy in jeopardy and called on them to show “some sense of global responsibility.”
I don’t believe it’s any of their business how we run our fiscal house. If they don’t like it, stop investing in the U.S. If they call in their current debts from the U.S., we should just halt all imports from China. That would bankrupt them overnight. And a positive by-product might be that the U.S. would learn to manufacture its own consumer goods once again; creating a huge increase in available jobs and business opportunities in this country.