With all the hand wringing over the eminent debt default of the United States, you have probably heard that we owe the the Chinese our souls a lot of money. done what any other smart patriotic American red blooded American should be doing – teaching your children how to speak Chinese. Oh, but where to start? There are at least ten major dialects. Ai ya!
But as with most alarmist cries there are truths and then there is reality. Yes we owe the Chinese a lot of money, about $1.16 trillion dollars. Yet this gigantic sum is only 8% of all of our debt. Heck, the Chinese are not even our largest creditor. Do you know who is? It’s us.