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Hi Maynard -
It is a misconception that China owns most of the US debt. For the fiscal year ending 9/30/2011 the US Department of Treasury is reported that of the $14.8 trillion dollars of National debt, China owned 9%. The biggest holder of US debt is United States citizens and institutions (30%); Social Security (17%); Federal Reserve (12%); US Civil Service and Military Retirement Funds(9%).
The remaining 32% is owned by foreign governments with China (9%); Japan (6%); United Kingdom (2%); and Albania to Zimbabwe (15%) with no nation in this A to Z group owning more than 1%.
So who has been buying this year's debt of $1.3 trillion? Essentially the same folks who have been buying it in the past. When all the paper work for the fiscal year just ended (9/30) is reported, China's share of the $1.3 trillion will be in the 8% to 9%.
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