China Should Forgive American Debt
I’m tired of all of the whining from poor African countries about their debt. Sure much of it was racked up under previous, corrupt rulers, or even colonial powers, but honestly, can’t they just dig their way out of it? Last year China forgave 1.3 
billion dollars that 31 African countries owed Beijing. That works out to about 41 million dollars per country. That’s like a transfer fee for a medium/top football, errrr, soccer, player. Big damn deal! It’s great for the newspapers, but it’s not like they were ever going to see that money again anyway.
It is high time for China to stop its selfish ways and help out a country that means well, but honestly, just has a hard time managing its checkbook. Besides, while African dictatorships were pissing their money away on, well, whatever they were pissing their money away on, the US, the shining city on a hill, if I can mix metaphors, was leading freedom on the march. In fact, if it weren’t for the US, China never could have emerged as a voice of reason in the international community! Washington has turned Beijing into a responsible senior player on the world scene, one that opposes war, and brokers nuclear deals.
And what thanks do we get? A ‘junior’ Chinese official recently said they might start selling of their reserve of dollars because they’re becoming worthless (incidentally, if you own a trillion dollars now, might not be the best idea to flood the market with them. Anyway, that’ll make it easier to sell off. I’m pretty sure Washington is smart enough to be holding mostly Euros now.) If it weren’t for the US China would still be a pariah, so it’s time to grow up and let billions be bygones. Just stop trying to collect on all those US bonds you own!
As any economics professor will tell you, countries that are saddled with too much debt get stuck in the quicksand of interest. It is nearly impossible for a mismanaged economy like the US to ‘grow’ its way out of debt, especially when most of the money is being invested in goodwill projects abroad like Iraq. If China keeps this noose around the neck of the American government, how can they possibly spread their humanitarian efforts to Iran or Syria? Beijing is engaging in an outrageously short-sighted plan that is harming the world community!
So, China needs to look into its heart, and its soul, and forgive American debt. For too long the US has been held hostage to foreign debt collectors, and quite frankly, it’s weighing the country down. At this point it seems petty for China even to ask for its money back. What’s 900 billion dollars among strategic allies? You can’t even fight a good war and against a backwater country for that anymore. Besides, what would China spend that money on anyway? Probably just 400 horribly designed TV buildings.
The Humanaught responds:
Posted: November 25th, 2007 at 11:22 am →
That’s awesome. Great post man.
Learn 2 economy responds:
Posted: November 25th, 2007 at 3:43 pm →
This post has to be the most ignorant and retarded thing Ive read on the internet. You obviously have *zero* idea about how money is supposed to work.
Josh responds:
Posted: November 25th, 2007 at 4:07 pm →
My first superlatives in a comment! And I was always curious about how ‘money is supposed to work’
Oliver responds:
Posted: November 25th, 2007 at 8:43 pm →
Thanks for that. Nice work. Very much in the line of the great Jon Swift. http://jonswift.blogspot.com
blah blah responds:
Posted: November 25th, 2007 at 9:53 pm →
I like the post, but for those of us that stumble on your site with no prior knowledge, detecting the sarcasm is very difficult. Especially because it’s just plain text with nothing to give it away.
barry b. responds:
Posted: November 26th, 2007 at 9:00 am →
interesting ideas,
If our economy dips we may just end up telling them “sorry”. wouldn’t surprise me at all. However, I would like to see our government pay as they go - like everyone should be doing. It’s unfair to enslave your citizens to trillions of dollars of debt. I blame the politicians - they are out of control.
Jeremy responds:
Posted: November 27th, 2007 at 12:23 am →
It doesn’t sound like your satire came through to everyone equally - personally this was a great read.
The greater of probabilities, though, is that the US inflates its way out of its current debt (through more debt?? Direct stealth printing of money?). Especially with brilliant ideas from Bernanke to continue the bailout of the larger banks and investment banks (such as the little publicized idea of lifting the maximum size of a loan sold off to Fannie & Freddie to a cool $ Mil.
But a forgiveness of over $1 trillion would make a nice Christmas present.
Danwei : Danwei Picks: 2007-11-28 responds:
Posted: November 28th, 2007 at 5:55 pm →
[...] China should forgive American debt: Josh at Cup of Cha makes the case for debt forgiveness:China needs to look into its heart, and its soul, and forgive American debt. For too long the US has been held hostage to foreign debt collectors, and quite frankly, it’s weighing the country down. At this point it seems petty for China even to ask for its money back. What’s 900 billion dollars among strategic allies? [...]
Zhang Xi responds:
Posted: January 7th, 2008 at 4:21 am →
I’m sorry but what we believe is if it weren’t for the Western robbers, namely colonists, China will be as powerful as America, if not better.
So-called Western “civilized” countries owe us much.
charlene adams responds:
Posted: May 24th, 2008 at 8:02 pm →
you are an idiot read some books. China is an Amercian take over project gone wrong looks good on them
janaina responds:
Posted: July 22nd, 2008 at 12:41 pm →
“Besides, what would China spend that money on anyway? Probably just 400 horribly designed TV buildings.”
it’s okay if want to talk about something you know…. but oblivious you don’t know a thing abou architecture…
So please restrain yourself, talk about politcs and economics if you want, but don’t call ugly buildings that are incredible both in the conception and the technology, read about them before you speak.
Byron responds:
Posted: July 29th, 2008 at 7:40 pm →
Brilliant, just brilliant. And the best part is that some people thought it was serious lol.
yo mama responds:
Posted: October 10th, 2008 at 7:22 am →
What a load of bull shit you retard
someonemoreNtelegenttanU responds:
Posted: November 2nd, 2008 at 11:37 am →
Hahaha. i love satire.——-
“it’s okay if want to talk about something you know…. but oblivious you don’t know a thing about architecture…
So please restrain yourself, talk about politcs and economics if you want, but don’t call ugly buildings that are incredible both in the conception and the technology, read about them before you speak.”
—-hahaha! what a moron—-
but i do agree, we should have regulated the economy much better.ex…Fannie & Freddie!
“I’m sorry but what we believe is if it weren’t for the Western robbers, namely colonists, China will be as powerful as America, if not better.
So-called Western “civilized” countries owe us much.”
—-hahahaha! normaly i am more polite toward ignorance, especialy since those who are arn’t at falt, but that is a comment i would expect from an idealist, whom i concider retards, but not from an asian.-i probably have like a million gramatical errors in that sentence- “colonists,” you were probably the kind of kid that was laughed at in school wern’t you. little past colonial era there buddy. seeing as though most asian countrys do concider america an imperialistic nation, i am inclined to add something to that observation///if we were imperialists, dont you think we would be getting crude oil free right about now?
Zhang Xi- RETARD OF THE MONTH!!!!!! imperialists ha!
great anylisis Byron.
someonemoreNtelegenttanU responds:
Posted: November 2nd, 2008 at 11:42 am →
hahahaaha— i mispeled analysis___
i hope everyone got the joke in that one because u obveously didnt get the satire ; )
Joshua (guest) responds:
Posted: November 29th, 2008 at 11:06 am →
#
Zhang Xi responds:
Posted: January 7th, 2008 at 4:21 am →
I’m sorry but what we believe is if it weren’t for the Western robbers, namely colonists, China will be as powerful as America, if not better.
So-called Western “civilized” countries owe us much.
LMFAO. There was a little thing called WW2 when japan was running throught CHINA like a plague!!! And we the UNITED STATES helped CHINA. Thats as simple as i can put it. Your comment is as ignorant as““““ I dont know what? CHINA would be speaking japanese if not for AMERICA, and possibly a great deal goes to the flying tigers google it zhang xi and maybe learn a little history about your country and tone the pride/ ignorant level down a bit
U.N.Owen responds:
Posted: November 30th, 2008 at 11:16 pm →
Great Idea “Saarcasm”. If only those billions you were talking about were only billions. Try 19 trillion. And even if it were a few billions of dollar, you think that just because we were nice and friendly means that china should let us get away with anything, including our huge debt that we got ourselves into?
This entire article looks like it ws written by a 5 year old saying “China is a meanie head! I think they should forgie 19 trillion dollar cause i let them come to my birthday party and i was very nice to them!” You obviosly dot know anything about economics. China isnt trying to bankrupt us, they just will eventually need their money back.
Wow responds:
Posted: December 6th, 2008 at 12:23 am →
Obviously you should start researching and stop daydreaming.
Read U.N.Owen’s post, took the words right out of my mouth.
Think before you post a article like that.
Umpa Tan responds:
Posted: April 1st, 2009 at 4:32 am →
I think that helicopter Ben Benenke, the chairman of the US Federal Reserve Bank will just print his way out of US debt. What concerns me is the Credit Default Swaps that are largely owned by China on the holdings of the private US corporations, so if they go under, they will have to pay multiples of trillions of dollars to China which could effectively bankrupt the United States. Wealthy Americans will be running to Canada, but just like in November 2007 when the Canadian dollar went up to 1.10 USD for a brief period, Canada will despite having a perfectly good economy, will kill itself by printing its money down like they did when the US dollar was surpassed by 10% to parity.
geck responds:
Posted: April 2nd, 2009 at 10:49 pm →
the chinese won’t. They need the money. They could revalue their currency exchange rate in the Name of fairness though. Go G20. 700B - America they gave - thats 5000rmb per chinese person, Think how happy they would be to have 5000rmb when they can’t find a job.
seszy responds:
Posted: April 7th, 2009 at 4:33 pm →
Forgiving Third World debt is a little different from forgiving US debt; Americans aren’t dying of starvation, malaria, aids and unclean water in droves. The US is still the wealthiest nation in the world, for now at least, so it has no basis on which to call for scrapping its debt, especially when it spends god knows how much on military technology every year.
Of course, I’m sure you were being sarcastic, and if not I’m rather worried about what they’re teaching people these days.