China Has Some Chutzpah Warning The U.S. About Its Debt
Ricky Kreitner| Aug. 9, 2011, 11:10 AM
China warning the United States about its mounting debt is like your coke dealer staging an intervention.
Saturday's editorial by the state-run Xinhua News Agency begged the U.S. to confront its "addiction to debts" and "come to terms with the painful fact that the good old days...are finally gone," according to the Associated Press.
But, as Clyde Prestowitz notes on his Foreign Policy blog, China has enabled that mounting debt, and has a material stake in seeing that it continue to increase.
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