Game Over.

September 25, 2008 — 11 Comments

Chinese banks have been told to immediately stop lending money to the United States, according to Reuters.

Game over.

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?Ǭ†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.”