Senior Chinese leaders have privately voiced fear over the soaring US budget deficit and are increasingly looking to diversify from the dollar, a Republican congressman said.
"We heard across the board -- in private -- substantial, continuing and rising concern," Representative Mark Kirk said after a trip to China that included talks with government officials and central bank chief Zhou Xiaochuan.
"It's clear that China would like to diversify from its dollar investments," the lawmaker said at the Center for Strategic and International Studies, a Washington think-tank.
Maybe we will see this runaway debt train pull into the station now that the Red Chinese are cutting off the debt fuel supply. It sure seems strange that the Chinese Communists are actually trying to reign in the spending of the so-called capitalist United States. Hey, they would be devastated as badly as we will if that $700 billion in debt gets defaulted on by Obamanomics.
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