Basically, that is what China is telling the US.

In a public statement raising questions about the solvency of the US government, Chinese Premier Wen Jiabao said Friday that China, the largest holder of US treasury debt, was “concerned about the security of our assets.”

Wen’s remarks came at a news conference following the annual session of China’s parliament, where he commented on the economic policies of the new US administration. “President Obama and his new government have adopted a series of measures to deal with the financial crisis,” Wen said. “We have expectations as to the effects of these measures. We have lent a huge amount of money to the US. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.”

He called on the United States to “maintain its good credit, to honor its promises and to guarantee the safety of China’s assets.”

Chinese officials fear that the huge borrowing in world credit markets required to finance the US government’s budget deficits—a projected $5 trillion over the next four years according to an estimate released by the Obama administration last month—will lead to a decline in the value of the dollar.

Since Beijing now holds about $1 trillion in dollar-denominated assets, including nearly $700 billion in US Treasury debt, a decline in the value of the US currency would hit China hard.

Not only are we a country of credit addicts…our country is a credit addict…….we have been told by Washington and the conservs that the country should live within its means…all the while they assisted in turning the people of the country into the world’s biggest credit junkies.

Would they foreclose on the country?  Doubtful, they would lose too much money, but it is an interesting developement and watch the news…….to calm China nerves they will get all sorts of special deals from Washington.