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DEBT ADDICTION USA

(Reuters) – Global policymakers held an emergency conference call on Sunday to discuss the twin debt crises in Europe and the United States that are causing market turmoil and stoking fears of the rich world sliding back into recession. DEBT ADDICTION China, the largest foreign holder of US debt, took the world’s economic superpower to task for allowing its fiscal house to get into such disarray. “The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” China’s official Xinhua news agency said in a commentary that scorned America for its “debt addiction.” On Sunday, a commentary in the People’s Daily, the main newspaper of the ruling Communist Party, said Asian exporters, who depend on demand from the United States, could be among the biggest victims of the mounting US economic woes. “The lowering of the United States’ long-term sovereign credit rating has sounded a warning bell for the international currency system dominated by the US dollar,” said economist Sun Lijian, writing in the paper. China and Japan have called for coordinated action to avert a worldwide financial crisis Read the Sunday (8-14-2011) article your self here. uk.reuters.com
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