China issues new threat to sell U.S. bonds. So what.
Karl Denninger at The Market Ticker counters with a few, very salient points …
That’s because you spend your money building cities in which nobody lives, but calling it “economic progress.” You blow a housing bubble 10x what we blew, with home prices 80x average incomes. You have trillions in yuan of bad loans which you are willfully blind to, making our banking foibles look like a sixth-grader’s birthday party. You won’t allow anyone to speak ill of your “great government” lest they be imprisoned or worse so as to try to avoid the truth about your barbarism and fraud getting into the public.
An opaque layer of polluted air covers much of southeastern China, obscuring parts of the landscape. Increasing use of heating fuels like wood and coal contributes to this haze. The image, captured on January 2, 2000, is from the NASA Sea-Viewing Wide Field-of-View Sensor (SeaWiFS). (Courtesy SeaWiFs Project, NASA/Goddard Space Flight Center, and ORBIMAGE)