China has 'canceled US credit card'
It was just a matter of time. How could the world's largest industrial base keep extending credit to a country with an economy based on consumer spending predicated on debt-expansion and an artificially propped up currency by the end of a gun?
All the stars are aligned. Now it is just a matter of time for the chickens to come home to roost.
Kirk said he was the first member of Congress to tour the Bureau of Public Debt, which trades bonds, and was alarmed at how much debt was being bought by the US Federal Reserve due to absence of foreign investors.
"There will come a time where the lack of Chinese participation may have a significant impact," Kirk said.
"We should track that, because up until last month they were the number one provider of currency to the United States and now they're gone."
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