More On China And Chinese Weaknesses

by Pejman Yousefzadeh on December 1, 2009

[tweetmeme]

Referring back to this post, note the following comment:

Are there concerns because the Chinese hold our debt? You know what they say: “When you owe the bank a million dollars, the bank owns you. But when you owe the bank a billion dollars, you own the bank.” Much as people like to think that the Chinese hold us hostage over our debt situation, the fact of the matter is that the Chinese cannot do anything damaging to the American economy without utterly annihilating their own economic prospects. It is not China that has power over the United States. Rather, it is the United States that has power over China.

I should have noted this earlier, but evidently, Saturday Night Live made the same argument I and others have concerning the United States’s ability–however paradoxical the situation–to wield power over the Chinese via our debt situation.

Of course, it ought to be pointed out that SNL probably did not know that it was making this argument.

Previous post:

Next post: