The Chinese are now becoming more aggressive in blaming the global recession on the U.S., specifically for our credit expansion combined with lax financial regulations. The Chinese, you see, had major investments in Morgan Stanley, the Reserve Fund, Fannie Mae, and Freddie Mac. Oops. They should have been listening to a real free market maverick like Peter Schiff, rather than their leftist comrades like Franklin Raines and George Soros.
Right now, I like to think Obama is standing in front of a mirror saying "You lookin' at me?" over and over again.
On a more serious note, I have no idea what a sudden pull back from the US market by China would entail. But, the enforced austerity would be to the US's long term (as in this century) benefit, as we would finally be forced to reduce our obligations and concominant expectations to a rational level.
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