China Knows We Are Addicted to Debt

China officially planted its flag in the White House on Wednesday. Despite a lot of awkward, warm, and fuzzy public chatter about how much America and China respect each other — and talks on tourism and the dire need for more study abroad programs — President Obama and President Hu Jintao of China danced around the biggest issue at hand: The fact that China has become our banker, one that knows how addicted we are to easy credit.

That didn't stop us from throwing the Chinese a big, fancy "quintessentially American" state dinner, at which the likes of jazz singer Dianne Reeves and classical pianist Lang Lang performed. You know, just your average Wednesday night meal.

And forget that we essentially used Chinese money to throw the dinner — nothing makes up for the almost a trillion dollars that we owe China in debt. A single party, no matter how lavish, is just a drop in a huge, expanding bucket.


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