China, by far the largest single owner of U.S. Treasury debt, has been abandoning Treasury bonds to invest directly in U.S. land, building and businesses. Recently, China entered an agreement with the European Union to swap currencies, forgoing purchases of U.S. dollars -- the world's reserve currency -- to finance transactions. Both of these activities are a consequence of the risk associated with astronomical U.S. debt, almost doubled since President Obama took office. On October 11, China called for the world to be "de-Americanized," its leaders ridiculing Washington over the shutdown impasse.
Read more: http://www.americanthinker.com/2013/10/dragon_day_red_dawn_for_intellectuals.html#ixzz2iAYLcieA
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