this post was submitted on 11 Aug 2023
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At Utah fundraiser, US president says China’s employment and workforce issues pose a risk, because ‘when bad folks have problems, they do bad things’

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[–] foggy@lemmy.world 13 points 1 year ago (3 children)

I mean both the US and China have slaves in their country but have big heavy political dicks they swing around to make it less talked about. We're both "bad people".

The US owes China a fuck ton of money.

When bad folks have people in their debt and need money, they do bad things to collect their debt.

China isn't gonna get poor watching the US squander the ~trillion of dollars they loaned us without a fight.

Maybe if we, idk, taxes our billionaires? Nah, 'too difficult'. Okay, so war then? Great.

[–] tron@lemm.ee 14 points 1 year ago* (last edited 1 year ago) (1 children)

The USA debt to China is, I think, part of foreign policy. It keeps China at the table and they'll never be able to break from globalism/the west cleanly because of it. If they ever invaded Taiwan, which I don't think is likely, the USA would wipe all foreign debt to China as part of the sanctions package. You have to play nice (nice enough) if you want your money back.

[–] foggy@lemmy.world 6 points 1 year ago* (last edited 1 year ago)

China still cool you pay later!!

[–] teft@startrek.website 10 points 1 year ago

The US and China owe each other about the same. China actually owes the US slightly more debt. They hover around $1 trillion owed to each other.

[–] Burn_The_Right@lemmy.world 7 points 1 year ago

I agree with a lot of your comment, but the debt is beneficial to us. It's not at all the same concept as "Can we please borrow some money? We promise to pay it back when we can."

It's much more akin to "we have a business proposition for you that will benefit both parties. And while we're engaging in business, let's talk about some other important things too". It's profitable for both parties and is an important part of proactive diplomacy.