China: U.S. has already defaulted on its debt.

LOS ANGELES, CA (Catholic Online) – “In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd. says. The company is the only Chinese agency that gives sovereign ratings, and was quoted by the Global Times saying.

According to Guan, Washington has already largely defaulted on its loans by allowing the dollar to weaken against other currencies, eroding the wealth of creditors including China.

Link

Editor’s note: Also seriously eroding the wealth of ordinary U.S. citizens who happen to still have some cash in the bank.