China looks elsewhere than the US

3quarksdaily: "If China were to buy only half of all outstanding Greek sovereign debt (a bargain at around $220 billion, a fraction of China's dollar assets), it would not only resolve the eurozone crisis and add to Chinese prestige but it would help give Beijing the sort of reserve asset that it needs to diversify its holdings out of dollars."

We have not heard much US China talk lately. I think it may be because the current flap has revealed the depth of our own crisis which is not merely fiscal but social and spiritual. We have a great deal to build on but an equal burden to relieve ourselves of. And that involves all Americans for real.

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