“the US debit that the Chinese owns he thinks is going to be dumped within the next 15 years.”
May be or may not be; what is his rationale? They can “dump” anytime they want; I would call it redeeming their loans. Since when is it so bad? If any thing, I think they are stupid to hold on to so much $ reserves instead of spreading the risk among top dozen or so stable currencies. May be they like to keep $ strong, but that is no crime. Japan has been doing it for 50 years and is our best buddy in Asia.
“Once the middle class in those countries is built up…he believes the debit will be dumped.”
What is the connection to “middle class”? If they want strong $ to help with their exports, that is a mercantile decision not connected with internal class mobility.
” In his words…he said that the Chinese do not give a crap about Americans.”
Do you give a “crap” about Wal-mart, Costco, Dell? Then why should they?
Do the OPEC countries give a “crap about Americans”? but we buy a lot of oil from them. There is lot more Petro$ invested than Sino$. Who said you have to “Love” your merchant/customer? Business is all about mutual advantage and benefit, not emotion.
