Communist China owns over $1.1 trillion of US treasury debt and it is not a happy camper!
A little self-discipline would not be too uncomfortable for the United States, the world’s largest economy and issuer of international reserve currency, to bear.
On Wednesday, Chinese credit rating agency Dagong Global announced it would degrade U.S. treasury bonds for the second time since last year. Xinhua said Dagong’s move was, at the time, met “with a sense of arrogance and cynicism from some Western commentators.
Now S&P has proved what its Chinese counterpart has done is nothing but telling the global investors the ugly truth,” the commentary said calling for Americans “to do some serious soul-searching to bring their country back from a potential financial abyss…” (Source)
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