We are now beholding to China for most of our debt. Soon, we will be in debt to them for our energy because we can’t drill or explore our own resources, on our own land.
How does it feel, America, to no longer be a power broker in the world? To stand behind China?
We can thank Obama for making us a third rate nation in a mere 10 months.
Prime Minister Wen Jiabao [China] pledged to grant African countries $10 billion in low-interest development loans over the next three years, to establish a $1 billion loan program for small and medium-size businesses, and to forgive the remaining debt on certain interest-free loans that China previously granted less-developed African nations.
One result is that China has become a major builder of Africa’s infrastructure, including railroads, highways and canals.
The loans and other overtures have turned China into one of Africa’s largest trading partners. Trade has soared to $106.8 billion last year from about $10 billion in 2000; Chinese direct investment in Africa leaped 81 percent in the first six months of this year, to $552 million, according to the Commerce Ministry.