Beijing and Heath Care

 clipped from www.informz.net

As the New York Times reported Sunday, Chinese officials are questioning American officials about health care reform in the U.S. As the Times wrote, "The Chinese were not particularly interested in the public option or universal health care....They wanted to know, in painstaking detail, how the health care plan would affect the [U.S.] deficit."

Why would the Chinese be so interested in our deficit? Well, for all intents and purposes, China is the official banker of the United States government. China is the number one foreign holder of U.S. Treasury securities.

And, as the Times reports, "like any banker, they wanted evidence that the United States had a plan to pay them back."

Somehow, I doubt the President had any such evidence to give them in Beijing this week.

The Chinese are nothing if not clever. One investment banker told me that they had converted all of their debt from 30-year maturity to one year. The hard questions they are asking right now are about how much the health care bill will raise the deficit. And make no mistake, if the Chinese decide not to continue financing our debt, the dollar could drop through the floor. America could have a huge financial crisis.

Isn't it ironic that the communist Chinese are more concerned about the cost of socialized medicine than the President and the Congress? That the Chinese communists are more concerned about the U.S. government printing money like it's going out of style than we are?

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