China's Criticism of US Debt: Stones Thrown in a Glass Pagoda

Constantine von Hoffman is a freelance writer and writing coach. His work has appeared in outlets such as Harvard Business Review, NPR, Sierra magazine, Brandweek, CIO, The Boston Herald, TheStreet.com, CSO, and Boston Magazine. He is also a stand-up comedian and published poet, who regularly gives talks on subjects from military history to Japanese animation. Go figure.

China’s criticism of the U.S. over debt issues is a case of the wok accusing the deep fryer of being a cooking implement. Although China is the world’s largest creditor nation, its municipalities are carrying more than a trillion dollars in debt — much of it based on air.

It’s not that China’s comments are wrong. It’s hard to fault  Xinhua , the state-run news service, for comments put out last week :

If developed countries including the US and European Union don’t take responsibility, it will impair the stable development of the global economy severely. Only if Western nations stop ignoring their responsibility and use a sharp blade of determination and courage to cut through the ropes binding their policies and strengthen coordination with developing countries will the global economy have hope of a stable recovery.

They use their borrowed money to build their infrastructure we use it to bomb half the middle east and to be the worlds bully. Their growing at 10% a year, we barely scratch 1%. Their central bank is government owned, so no debt money. Our central bank is privately owned by a Wall Street cabal, so 100% debt money [minus coins]. Not to say they are perfect, far from it, but I will take their problems over ours any day. if(document.location.protocol=='http:'){ var Tynt=Tynt||[]; Tynt.push('b6JVZUKuir4lauadbi-bnq'); Tynt.i={"ap":"Read more:"}; (function(){ var s=document.createElement('script'); s.async="async"; s.type="text/javascript"; s.src='http://tcr.tynt.com/ti.js'; var h=document.getElementsByTagName('script')[0]; h.parentNode.

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