As China chides the West for our mountains of debt, they have an inconvenient truth of their own. Decades ago China began to sell sovereign bonds to the West. However, for the last 60 years they have refused to pay bondholders back, not even the interest!

Britain managed to broker a deal with China as part of their agreement over Hong Kong, which ensured China pay back their debts to the UK, however the rest has remained unpaid.  Consequently China owes $750 billion to America, and several trillion dollars globally! This ought to be termed as a “selective default”, however the ratings agency choses to look at it differently.

The consequences of this fudge of the rules means China continues to pay nothing on these debts, but demands the rest of the world to pay theirs.

America pays her debts. She asks China to do likewise.