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Our Chinese Saviors?

Secretary of State Hillary Clinton, visiting China, reportedly asked the Chinese to keep buying U.S. Treasurys:

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

“By continuing to support American Treasury instruments the Chinese are recognising our interconnection. We are truly going to rise or fall together,” Clinton said at the US embassy here.

The Chinese saving America? Who could have imagined such a thing just a few years ago.

But really they wouldn’t be saving America. They would merely be underwriting the irresponsible explosion of spending under the Bush administration that is now being carried on and made even more irresponsible under the Obama administration.

The best thing that could happen to America would be if foreign investors stopped buying increasingly worthless U.S. government paper. This way the U.S. government would have a harder time debasing U.S. currency by recklessly expanding the money supply.