HUFF POST: The seemingly endless process of resolving America’s debt crisis may be giving America and its democratic form of governance a bad name in China, where much of that debt is held.
“This is a big issue — what is it about the democratic process that is preventing [America] from getting something done?” said Charles Freeman III, a China policy expert at the Center for Strategic and International Studies. “What I think Chinese officials prize more than anything is stability and predictability. To do that they want to know the way forward, and this kind of activity is completely flabbergasting.”
No place outside the U.S. has more invested in the outcome of the debt ceiling debate than China: as America’s largest creditor, China currently holds some $1.5 trillion in Treasury securities; about one-third of its currency reserves are in the dollar… (more)
