China's Reaction to S & P's Downgrade of the U.S.'s Credit Rating - More than a Little Troubling

In reaction to Standard & Poor's downgrade of the U.S.'s credit rating on August 5, 2011, China’s official Xinhua news agency recently criticized the U.S. government for its "gigantic military expenditure and bloated social welfare costs," and opined that the U. S. must "reestablish the common sense principle that one should live within its means."  As much as I would love to criticize any statement from a news organization controlled by the People's Republic of China, a country rife with human rights abuses, China's reaction to Standard & Poor's downgrading of our credit rating is absolutely warranted.  China owns more of the U.S. debt than any other country in the world.  Hopefully, its criticism will serve as a wake-up call to Washington.

Check-out the above-referenced article from China Daily, which is known to reflect the official policy of the People's Republic of China: http://www.chinadaily.com.cn/xinhua/2011-08-06/content_3422301.html.  Delightful reading?