AP report on Obama’s China trip and the resulting power shift.
The Chinese government is America’s biggest foreign creditor, with $800 billion of federal U.S. debt that gives it extraordinary power in the relationship.
How does it give China extraordinary power? There’s an old saying that is worth repeating: “If you owe the bank $100,000, you have a problem. If you owe the bank $1,000,000, the bank has a problem.”
Who has the problem?