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| What happens if it's international banks holding the debt and whole bunch of Chinese local governments declare bankruptcy? What happens if the Chinese national government nationalizes some of that debt. Then it just becomes a loan that has to be serviced, just like the $2 trillion deficit the republicans just took on. Besides, the Chinese national debt is about $5.2 trillion, total public Chinese debt (including off balance sheet is estimated at $16.9 trillion or about 138% of GDP.
At the same time the US national debt is $21.7 trillion with about $3.1 trillion in state & local debt for a total of $24.8 trillion or 130% of GDP
Is trump in just as much danger as the Chinese. What happens if trump force the US into a recession, doesn't the GDP & tax revenue collapse as well. It's already pretty clear that if trump levies all the tariffs he has planned that's just exactly what will happen.
Trump might be able to beggar the Chinese but it will be a Pyrrhic victory.
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