What is more remarkable, that the premier of America’s largest creditor publicly raised concerns about U.S. creditworthiness or that the market took the news so easily in its stride?
“We have lent a massive amount of capital to the United States, and of course we are concerned about the security of our assets,” Chinese premier Wen Jiabao said on Friday at a news conference to close the annual session of parliament.
“To speak truthfully, I do indeed have some worries. I would like, through you, to once again request America to maintain their creditworthiness, keep their promise and guarantee the safety of Chinese assets.”
Can’t be blunter than that; the Creditor-in-Chief at the top of the country whose foreign reserves include about $1.4 trillion of U.S. dollar assets is now fretting that he won’t get his money back and is talking about “promises” and “guarantees.”