China’s United States Criticism Creates Controversy

China’s United States Criticism Creates Controversy

Beijing, China — China demanded the United States to tighten its economic policies after being slammed by Standard & Poor’s to a downgrade credit rating. China currently holds the largest US Treasury debt amounting to $1.2 trillion.

The United States must wake up from the reality that the good old days have gone by and it could no longer just borrow money the way it used to be before. China, the largest foreign creditor of the United States, has all the right to demand the world’s most powerful nation to properly manage its resources and economic policies and thus ensure that China’s assets are safe and stable.

China also encourages the United States to live within its means and that too much confidence might not only affect but endanger the global economy. The United States must cut off its whopping military expenditures and its enormous social welfare expenses and humbly accept supervision from other nations regarding the dollar issues. China highly encouraged the United States to lessen its military spending in Asia. US has been alarmed lately by the growing military force of China and vowed to strengthen its defense in Asia.

China even advocated that the US dollar should be replaced by a more stable global reserve currency. The effect of the US credit downgrade has been felt in Asia. Asian policymakers became very doubtful of the stability and constancy of the global leadership of the United States. The economic dysfunction may danger the whole world.

Posted by James Fried on Monday August 08 2011, 1:47 AM EST. Ref: Google. All trademarks acknowledged. Filed under World. Comments and Trackbacks closed. Follow responses: RSS 2.0