“That is a serious concern for all countries but poses a particular risk to China’s fragile economic recovery,” Lipsky and Meng said.Īfter an initial burst in activity following the abrupt lifting of pandemic restrictions late last year, China’s economy is now sputtering as consumption, investments, and industrial output all show signs of slowing. Nevertheless, the “real risk” comes from the global economic fallout and likely US recession that could follow from a default, they said. That means they would have less money available to pay for essential imports, service their own foreign debts, or prop up their national currencies. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “Japan and China’s large Treasury holdings could hurt them if the value of Treasuries plummets,” said Josh Lipsky and Phillip Meng, analysts from the Atlantic Council’s GeoEconomics Center. Al Drago/Bloomberg/Getty ImagesĪmerica's borrowing is its superpower. The US Treasury building in Washington, DC, US, on Monday, March 13, 2023. Tokyo now holds $1.1 trillion, to China’s $870 billion, and that heavy exposure means both countries are vulnerable to a potential crash in the value of US Treasuries if the doomsday scenario for Washington were to unfold. But an escalation of tensions with the Trump administration in 2019 saw Beijing pare back its holdings, and Japan surpassed China as the top creditor that year.
US Treasury bonds are widely regarded as one of the safest investments on Earth, and China’s holdings of US government debt ballooned from $101 billion to peak at $1.3 trillion in 2013.Ĭhina was the largest foreign creditor to the United States for more than a decade. That generated vast amounts of dollars for China and it needed a safe place to stash them. Together they own $2 trillion - more than a quarter - of the $7.6 trillion in US Treasury securities held by foreign countries.īeijing started to ramp up buying of US Treasuries in 2000, when the United States effectively endorsed China’s entry into the World Trade Organization, triggering an export boom. Once Van has finished his stepmom off with raunchy spooning sex, he pulls out to give her a facial of hot cum that she sucks off his cock.As the clock ticks down toward an unprecedented US debt default, the world’s second- and third-biggest economies are watching in fear.Ĭhina and Japan are the largest foreign investors in American government debt. She turns onto her side to take a rough ride from Van, then gets on her hands and knees to really double down on both of their pleasure. Leaning back, Aaliyah opens her mouth wide to take Van's cock in a deep throat BJ that gets him all warmed up to relocate between her thighs and slam into her greedy snatch. He spends plenty of time down there, feasting on her pussy and ass. Knowing he can't say a word, Van climbs into bed with his stepmom and pulls down her lingerie to suck those nipples like he's been craving since she flashed them on the couch.Van starts by peeling his stepmom out of her clothes and delivering a languorous pussy feast in her nicely trimmed twat. The following day, he decides to pretend to be his dad so he can seduce his stepmom properly. Emboldened, Van decides to take things a bit further. Aaliyah strokes him off while thinking she's dispensing soap, then rubs Van's cum all over her body as she enjoys the spray of the warm water.
She calls Van to help him out, and instead of giving her what she asked for he pulls out his fuck stick. Leaving the room, he goes to turn on the water.When Aaliyah is in the water, she can't seem to find the soap. Aaliyah asks Van to help her with a shower, and he agrees to give her a hand. Once Aaliyah's dress falls down to accidentally let her tits hang out, Van realizes how much he wants to fuck her. Aaliyah Love has just had eye surgery and her stepson Van Wylde is helping her out.
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