Chinese banks have been told to immediately stop lending money to the United States, according to Reuters.
No. 1 lender of finance to the United States: China. According to AFP, China is the world’s biggest holder of foreign reserves and second biggest holder of US treasury bils. Take Chinese money off the table, $700 billion is likely not enough.
The takeaway line?Ç¬†from “New America Media:
“In times of hardship, China and the United States seem to have traded places. The United States seems to be moving closer to a Communist economy in the wake of the financial implosion, while officially Communist China is hurtling towards capitalism.”