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By Matt Kibbe
The short-term deal will assure long-term overspending
Independent voices from the The Washington Times Communities
Topic - Luo Ping
Mutual dependency can guarantee a certain amount of pragmatic behavior by both sides, but there should be no romantic illusions about how the Chinese communists feel about America. "We hate you guys," China Banking Regulatory Commission Director General Luo Ping fumed about the PRC being forced into buying U.S. Treasuries to protect Beijing's massive U.S. debt holdings. "Once you start issuing $1 trillion-$2 trillion ... we know the dollar is going to depreciate, so we hate you guys, but there is nothing much we can do."
He says there is nothing they can do because Beijing needs Americans to keep buying their consumer goods.