Chinese To Americans: “Hey Assholes, The World Cannot Afford Your Spending”

From the Shanghai Daily:

It getting harder for governments to buy United States Treasuries because the US’s shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said yesterday…

Zhu Min, deputy governor of the People’s Bank of China, … in a discussion on the global role of the dollar, told an academic audience that it was inevitable that the dollar would continue to fall in value because Washington continued to issue more Treasuries to finance its deficit spending.

He then addressed where demand for that debt would come from.  “The United States cannot force foreign governments to increase their holdings of Treasuries,” …

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