China bears down on the “debt-ridden” US

From esteemed economists to Ed Balls, everyone is wading into the Great Credit-Rating Debate today. But I doubt that anyone’s words will resonate so much as those of the official Chinese news agency, Xinhua. Through its editorials and reports, Beijing has become more and more strident about America’s debt problem over the past few weeks; yet today they go even further in making new demands of the White House. “The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered,” starts Xinhua’s latest editorial — and it doesn’t get any kinder from there. Here’s another choice passage, although I’d recommend that you read the whole article instead:

One sadness of all this economic turmoil is how countries are ceding control over their own public finances to other countries and other bureaucracies. And while America’s relationship with China may not be like that of Greece and its Eurozone creditors, the more Beijing creates that impression, the more uncomfortable this bumpy ride is likely to be for Barack Obama.