China Seeks Its Pound of Flesh

The Chinese government wants security for all the money it has in effect lent the U.S. by purchasing government debt, the Wall Street Journal reports.

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“We have lent a huge amount of money to the U.S., so of course we are concerned about the safety of our assets. Frankly speaking, I do have some worries,” Premier Wen Jiabao said. The premier called on the U.S. to “maintain its credibility, honor its commitments and guarantee the security of Chinese assets.” Short of registering a lien against the whole country, it’s unclear what kind of security the U.S. could give the People’s Republic. We could just give them California.