China Now Number One Holder of U.S. Debt

The economic hits just keep on coming, don’t they? As if we didn’t have enough going on with this credit crisis and and the increasingly broad socialist bailout, we now read that China has surpassed Japan as the largest foreign holder of Treasury debt:
China surpassed Japan in September to become the biggest foreign holder of [...]

China Says Dump U.S. Dollar, Builds Oil Pipeline With Russia

There are two very important stories out of China. The first is more evidence supporting our claims that China is not even a trade ally much less an ally overall. China is blaming the United States dollar for the recent decline in global wealth:
The United States has plundered global wealth by exploiting the dollar’s dominance, [...]

U.S. Needs Missile to Defense Shield to Defend Threat From China

At least some people at the State Department appear to be paying attention to the seriousness of the growth of China’s military capabilities:
The United States needs new weapon systems, including missile defenses and other advanced military capabilities, to deter and counter China’s steady buildup of nuclear and conventional arms, according to a draft internal report [...]

Record U.S. Budget Deficit: More Good News for China

Government dollars anyone? There is plenty of money to go around, at least according to the latest budget:
The White House on Monday reported a projection for a $482 billion budget deficit for the budget year ending in September 2009, a number that would be the highest number recorded.
Senior administration officials downplayed the impact of the [...]

Sovereign Wealth Funds Dumping U.S. Dollar Holdings

This is arguably the most important story of the week along with the socialist bailout of Fannie and Freddie.
From the Financial Times:
One big sovereign fund in the Gulf has cut its dollar-denominated holdings from more than 80 per cent a year ago to less than 60 per cent, while China’s State Administration of Foreign Exchange [...]

The Scope of Chinese Spying

There is a fantastic piece out today from The New York Times outlining the broad and systematic spying being conducted by China.
I’m posting some key excerpts but the entire article is well worth the read.

Hank Paulson Sees Progress in Relationship with China

I don’t know what Paulson is basing this progress on. It certainly can be due to the increased spying and hacking being conducted by the Chinese.

Update: Chinese Hacking Into Government Computers

As we wrote yesterday Rep. Frank Wolf said that several government computers have been hacked from within China.
Well now it gets even worse.

Rep. Frank Wolf Says Chinese Hacked Computers

Here we go again. Another story about either a Chinese official or a computer originating in China is accused of hacking into government computers.

Authorities Fear China Hacked U.S. Official’s Laptop

Our great trading partner (according to the globalists), China, is apparently at it again.
From today’s New York Sun
American authorities are investigating whether Chinese officials secretly copied the contents of a government laptop during a visit to China by the Commerce Secretary, Carlos M. Gutierrez, and used the information to try to hack into the [...]