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In that case, can the USA clear the debt from China?
Of course it can.
The Federal Gov't/Fed can cover any debt denominated in USD's.
China could never accumulate enough USD's to pay off the national debt.
China could be the new superpower if the US doesn't take this covid wake-up call and do what needs to be done. We need to start on an all out new cold war footing to defeat China the way we did against Russia.
China could be the new superpower if the US doesn't take this covid wake-up call and do what needs to be done. We need to start on an all out new cold war footing to defeat China the way we did against Russia.
Well we certainly can't outspend China.
But to pressure them is through restriction of imports. Food, agri and energy. If the rest of the world wants to supply them, there is little else we can do.
I really think a lot of people don't understand the definition of "superpower". Right now there is only one superpower. It's been that way for at least 30 years, since the fall of the Soviet Union. China isn't anywhere close to a superpower and I don't see that changing at least in my lifetime. If anything, I see China regressing from its current position due to increasing tension with its neighbors as well as countries like the U.S.
The Chinese baby boomers are between 45 and 60. In 15 years, there will be an extra 200 million people on state pensions there. This is going to constrain them immensely. Remember they peg their currency to the dollar so it will be even harder to pull this off. There is another baby boom cohort currently in their 30s... but behind them is not much so their labor force will shrink. Look at Japan and Russia for examples of shrinking labor force effect on economy.
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