Saturday, 6 August 2011

US credit rating downgrade ‑ another bubble bursts

US credit rating downgrade is a bad news not for the Americans alone but the whole world. This is why world media showed President Obama pull a long face. But Beijing is concerned even more than Washington. After all China is the largest foreign holder of US debt. This is why it has demanded that America tighten its belt and confront its ‘addiction to debts’. China currently owns $1.2 trillion of US Treasury debt, the largest stake.-- Mahmood Sadiq

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