What struck me this past week was China’s reaction to our credit
downgrade. Its state-run media thundered that America needed to “cure
its addiction” to debt.
A Hong Kong newspaper widely read on the mainland ran a front page
with a banner saying “The American Dream is Over.” It went on to report
that Washington owes every single Chinese citizen 5,700 Yuan – about
900 U.S. dollars.
Another editorial said Washington’s solution to its debt time bomb was to make the fuse one inch longer.
