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By Catholic Online (NEWS CONSORTIUM)

10/8/2013 (6 months ago)

Catholic Online (www.catholic.org)

China stands to lose if the US defaults.

China has scolded the U.S. on the debt clock, saying time is running out for the government to reach a deal on the debt ceiling.

Chinese Vice Foreign Minister, Zhu Guangyao chided the U.S. on Monday.

Chinese Vice Foreign Minister, Zhu Guangyao chided the U.S. on Monday.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/8/2013 (6 months ago)

Published in Asia Pacific

Keywords: US, debt, clock, ceiling, China, money, currency, trade, spending, impasse


LOS ANGELES, CA (Catholic Online) - A Chinese minister has said the U.S. must resolve the debt crisis soon. Vice Foreign Minister, Zhu Guangyao,  told American politicians on Monday that "the clock is ticking" imploring them to reach a solution to the debt crisis before the country defaults on October 17.

China is the largest creditor the U.S. has and a default would mean delays in payments to China.

"We ask that the United States earnestly takes steps to resolve in a timely way the political issues around the debt ceiling and prevent a US debt default to ensure the safety of Chinese investments in the United States,"  Zhu said to reporters in Beijing. "This is the United States' responsibility."

Presently the government is in partial shutdown mode because of an impasse between Republicans and Democrats over Obamacare and government spending. The shutdown has closed prominent parks and memorials and delayed clinical trials for sick people, but has otherwise left most Americans unaffected, at least in tangible terms.

Insiders say the Obama administration wants to make the shutdown painful, but has done little to shutdown the private luxuries the ruling elites enjoy. Obama has sent home hundreds of workers from his private army of White House staff including groundskeepers and such, but his chefs still labor as do housekeepers and others. Members of Congress still enjoy private healthcare benefits, unrestricted along with private and secure housing.

Federal workers meanwhile, toil under the threat of receiving no pay whatsoever despite their work.

Now, the Chinese are lecturing the United States on paying its bills -owed to them.

If the Chinese become upset with the United States, the central bank there could sell some of their American assets but this is largely regarded as unlikely. However, it is China that wants to become a world leader in commerce, a position firmly held by the United States. Weakness, evidenced by delays and defaults could help China over the long run by strengthening their economic position relative to the United States.

The Chinese remarks come at a time when Obama also seeks to bolster his Asian foreign policy as a counterweight to growing Chinese hegemony in the region. Certainly, a default helps nobody, not even China in the short term, although the long-term benefit will be all Chinese.

Owing to the ongoing fiscal crisis, Obama has had to cancel a planned tour of Asia, another sign of weakening within his Administration and an embarrassment to the country.

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