When they are ready to roll it out for the rest of the world to join them, then US dollar-based foreign debt will be meaningless.
US Think Tankland, as usual, remains clueless. As one of my Chinese sources explains, "whenever a Western big mouth mentions China's debt 'problem' they quote a figure that seems to come out of thin air, and it includes all debts, central, provincial, city government levels, estimated all corporate debts, loans from banks outside China. Meanwhile, they compare this total number in China with those of Western countries and Japan's central government debt alone."
The source adds, "China is operating with a balance sheet of the equivalent to $60 trillion. Loans from external sources is in the $11 trillion range while cash and equivalent is in the $3.6-4 trillion range. All this cash -- or very liquid asset -- is the biggest discretionary force in the hands of China's leaders while nothing worth mentioning is in the hands of any other Western government."
Not to mention that globally, Beijing is betting on what the World Economic Forum calls the Fourth Industrial Revolution. China is already the central hub for global production, supply, logistics and value chain. Which leads us to One Belt, One Road (OBOR); all roads lead to the Chinese-driven New Silk Roads, which will connect, deeper and deeper, China's economy and infrastructure all across Eurasia. OBOR will simultaneously expand China's global power while geopolitically counterpunching the so far ineffective pivot to Asia -- Pentagon provocations in the South China Sea included -- and improving China's energy security.
Sanctions, like diamonds, are forever
Another major Exceptionalistan fictional narrative is that the US is worried about the inability of European banks to do business in Iran. That's nonsense; in fact, it's the US Treasury Department that is scaring the hell out of any European bank who dares to do business with Tehran.
India and Iran have struck a $500 million landmark deal to develop the Iranian port of Chabahar -- a key node in what could be dubbed the New India-Iran Silk Road, connecting India to Central Asia via Iran and Afghanistan.
Immediately afterwards the US State Department has the gall to announce that the deal will be examined -- as the proverbial Israeli-firster US senators question whether the deal violates those lingering sanctions against Iran that refuse to go away. This happens in parallel to a mounting official narrative of unrest contaminating former Soviet republics in Central Asia -- especially Kazakhstan and Tajikistan. CIA-paid hacks should know those sources of unrest well -- as the CIA itself is fomenting it.
India doing business with Iran is suspicious. On the other hand, India is more than allowed to formalize a historic military cooperation deal with the US hazily dubbed the Logistics Support Agreement " (LSA) -- according to which the two militaries may use each other's land, air and naval bases for resupplies, repairs and vaguely-defined operations.
So it's all hands on deck all over Exceptionalistan to counter Russia, China and prevent any real normalization with Iran. These localized offensives -- practical and rhetorical -- on all fronts always mean one thing, and one thing only; splitting and fracturing, by all means necessary, the OBOR Eurasian integration. Bets can be made that Moscow, Beijing and Tehran simply won't be fooled.
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