Over at When Giants Fall, Michael Panzner discusses China's dilemma: if China stops buying dollars/Treasuries, the value of their existing immense hoard of dollars/Treasuries will collapse.
I've been coming around to the view that the Chinese don't care about a future dollar collapse.
They are using the strong U.S. consumer to finance the development of a domestic middle class, a huge infrastructure build-out, and stockpiles of commodities as high as they can pile them.
If they get all that from propping up the dollar now, do they really care if a few trillion dollars are devalued five years from now?
Seems to me watching $4 trillion implode is all part of the plan.
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