Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/14/2013 (1 year ago)

Catholic Online (

China could be a major loser is U.S. credit is downgraded.

The Chinese government is wringing its hands and lashing out against the U.S. government as the threat of default looms. A default would hurt China by delaying debt repayments to that country. In an effort to shame American politicians into resolving the crisis, Chinese state media is harshly criticizing the United States.

The Chinese are terrified of a U.S. default which could result in a downgrade. That would do permanent damage to the Chinese economy.

The Chinese are terrified of a U.S. default which could result in a downgrade. That would do permanent damage to the Chinese economy.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

10/14/2013 (1 year ago)

Published in Asia Pacific

Keywords: U.S., China, default, credit, debt, holdings, pax americana

LOS ANGELES, CA (Catholic Online) - Calling for a "de-Americanized world" China accused the U.S. government of being "hypocritical and dysfunctional" and calling it a "failure."

The screed was fired from Chinese state media over the weekend as the threat of a debt default loomed over Washington and Beijing.

The U.S. government is just a few days away from a debt default, which experts are becoming increasingly optimistic will be resolved in the nick of time. A default would mean a delay in debt payments to others countries including China. China relies on influxes of American cash to maintain its own government spending projects.

Any downgrade in the U.S. credit rating would significantly diminish the value of U.S. holdings that China has. 

In an effort to avoid a potentially disruptive default, China has fired a tirade of criticism at the United States, daring us to prove them wrong. State media called the "Pax Americanna" a failure and criticized the U.S. government, our treatment of prisoners, and called the United States a "meddler" in international affairs.

An editorial had these words for us, "As US politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world."

The Xinhua News Agency went so far as to lay out a roadmap for "de-Americanizing" the world economy, suggesting a new system be developed that "respects the sovereignty of all nations" and "keeps the U.S. out of the affairs" of other nations.

The editorial called for increasing the voice of emerging market economies in major financial institutions, meaning they would like to see third-world economists appointed to higher posts in first-world financial institutions.

The editorial also called for the end of the dollar as the world's reserve currency. China has previously suggested use of their Yuan (Renminbi) for the world's reserve currency.

China isn't fooling anybody. Although even most Americans would agree the antics in Washington are but a circus act, there should be no question that the United States remains the world's chief superpower, economically, politically, and militarily. The Pax Americana is alive and well. Historians will recall the Pax Romana, although politically stable, was also a time of occasional troubles, as is normal in any state.

China has dreams of becoming the world's leading economic power, but despite massive wealth in raw material and human capital, lagging technological capabilities combine with the handicap of a controlled market economy and ultimately the nation can compete, but never truly rival the free market of the western world.

Of course, that could change. China does see the sense in free market reforms and has progressed by leaps in the economic realm. However, to truly succeed at their goal, the United States must fail. A default would be a start, but the breakdown of the free market system and the advent of American  socialism is the key.

Socialism is a brake on economies and is the greatest threat to U.S. financial hegemony. As government mandates and new taxes on wealth become vogue in the United States, the risk of such a development is real. However, it remains distant, at least for now. Likewise, Chinese financial dominance also remains distant, a fact for which Americans can be grateful.

A birth foretold: click here to learn more!


Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Asia Pacific

Horror in China: Prisoners of Conscience have their organs harvested for 'transplant tourism Watch

Image of Organ theft awareness (Xiaoyan Sun).


Internal organs, like liver and kidneys, even eye corneas, are reportedly being harvested from imprisoned practitioners of the Falun Gong faith, says new documentary. Formed through hard-hitting unbelievable news and first-hand testimonies of former detainees and ... continue reading

BATTLE FOR KUNDUZ: Afghan military pounds city in order to free it from Taliban Watch

Image of The city of Kunduz is a strategic gateway to Central Asia. The battle is serving as one of the Afghan military's biggest tests in its 14-year-long war against the Taliban.

By Catholic Online (NEWS CONSORTIUM)

The northern Afghanistan city of Kunduz is under heavy attack as government-led forces attempt to repel Taliban forces. The gunfire is an attempt to secure Afghanistan's sixth-largest city, as well as reverse a humiliating blow to the government's Western-backed ... continue reading

ETERNAL LIFE: Russian researchers report success with 'fountain of youth' bacteria found in permafrost Watch

Image of A number of claims are filed to test the potential of three different strains of bacteria. High on the list is the rejuvenating of the life of living beings.

By Catholic Online (NEWS CONSORTIUM)

Permafrost, that growth found in chilly arctic climates may in fact hold the key to eternal - or greatly extended life. Russian scientists say they are experimenting with bacteria found in permafrost in order to find out the reason behind the organism's ... continue reading

STOP FREEDOM OF SPEECH! Bangladeshi Islamist group publishes list of bloggers to 'find and kill' Watch

Image of The most recent murder of an atheist blogger, Niloy Chatterjee, who used the pen name Niloy Neel, occurred in August. Chatterjee was killed in his flat in the capital of Dhaka.

By Catholic Online (NEWS CONSORTIUM)

In an especially grisly attempt to stifle freedom of speech and expression worldwide, a Bangladeshi Islamist group has published a list of 20 bloggers, calling upon their followers to "find and kill." The bloggers are all from western countries, such as the ... continue reading

Hidden, secret Vatican archives reveal stories of Japan's early persecuted Christians Watch

By Catholic Online (NEWS CONSORTIUM)

The Vatican has recently restored documents and letters depicting the struggle of early Japanese Christians. Pope Francis has alluded to these faithful when he spoke of the "hidden Christians" who knew how to keep and pass on the faith in a time of persecution ... continue reading

Beaten as child, Indian activist encourages others to have the 'strength to say no' to child marriage Watch

Image of Eighteen-year-old Rekha Kalindi remembers the time she was 11 years old and brutally beaten by her mother when she refused to submit to marriage with an older man. Today, Kalindi is speaking out against the practice of child marriage,

By Catholic Online (NEWS CONSORTIUM)

Eighteen-year-old Rekha Kalindi remembers the time she was 11-years-old and brutally beaten by her mother when she refused to submit to marriage with an older man. Today, Kalindi is speaking out against the practice of child marriage, and has helped initiate a ... continue reading

Japan hit with massive flood following Typhoon Etau Watch

Image of People wait for helicopters to rescue them in the midst of Japan's flood.

By Kenya Sinclair (NEWS CONSORTIUM)

100,000 people lost their homes when Typhoon Etau brought a flood to Joso, a city located north of Tokyo. Thousands have been evacuated and several people have been reported missing. LOS ANGELES, CALIFORNIA (Catholic Online) - The National Police Agency reported no one ... continue reading

Discovered plane debris CONFIRMED as piece of missing MH370 Watch

Image of Debris of the missing MH370 Malaysian flight may have been discovered on an Indian Ocean Island.


Months following the discovery of pieces of what seemed to be the wings of an airplane on an Indian Ocean Island, test results prove that the debris is "with certainty" from the missing MH370 flight. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - French prosecutors ... continue reading

THAT'S A BIG FOOT! Twelve-year-old Russian boy claims to have found Yeti's footprint Watch

Image of Twelve-year-old Denis Alexandrov discovered the paw print while on an early morning walk with other children.

By Catholic Online (NEWS CONSORTIUM)

A 12-year-old Russian schoolchild found a massive footprint while on a camping trip in Siberia. He says its evidence of the mythical Yeti, often referred to as the abominable snowman. LOS ANGELES, CA (Catholic Online) - Denis Alexandrov discovered the paw print ... continue reading

Dolphin trainer of 'Flipper' arrested during protest of Japan's dolphin hunting season Watch

Image of The popular TV series Flipper back in the 1960's.


Animal rights advocate Ric O'Barry, known for training the five dolphins used in <i>Flipper</i>, has been arrested in Taiji after participating in a demonstration against the Japan's dolphin hunting season. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - ... continue reading

All Asia Pacific News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Malachi 3:13-20
13 'You have said harsh things about me, says Yahweh. ... Read More

Psalm, Psalms 1:1-2, 3, 4, 6
1 How blessed is anyone who rejects the advice of the ... Read More

Gospel, Luke 11:5-13
5 He also said to them, 'Suppose one of you has a ... Read More

Saint of the Day

Saint of the Day for October 8th, 2015 Image

St. Pelagia
October 8: Pelagia, more often called Margaret, on account of the ... Read More