China’s holdings of U.S. Treasuries increased $12.2 billion to a record $1.317 trillion in November, data released on the Treasury Department’s website showed.
The vast expansion of American debt over the past several years has handed to the Chinese a deadly weapon. People won’t realize just how deadly until the Chinese pull the trigger on their efforts to destroy the U.S. dollar and replace it as the global reserve currency with the yuan.
And by then, Obama will likely have destroyed one of the unspoken bulwarks of the U.S. dollar’s reserve currency status: the U.S. military. And Obama is destroying the US’s reputation for being a nation ruled by law, and a good, safe place to do business.