If you borrow $100, the old saw has it, you have a problem. Borrow $100m and your bank has a problem. So what happens when you borrow $900bn? In this case, China has the problem: it is stuck with these vast sums in US Treasury bonds, which it cannot possibly sell without spooking the market.
老話說,如果你向銀行借款100美元,你會(huì)有麻煩;而如果借款1億美元,銀行會(huì)有麻煩。那么當(dāng)你借款9000億美元時(shí),又會(huì)怎么樣呢?在這種情況下,中國(guó)有麻煩:它持有如此龐大數(shù)目的美國(guó)國(guó)債——它若要拋售這些債券,必定會(huì)引起市場(chǎng)恐慌。
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