One of the first things that Lenin’s Bolsheviks and Mao’s Communists did upon taking power was to repudiate the debts incurred by the regimes they’d overthrown. Debt, shmet, the commies said. These were payments to capitalist institutions and treasuries that took bread out of people’s mouths. To hell with ’em.
How the wheel has turned.
Yesterday, the Chinese government - specifically, its State Administration of Foreign Exchange - declared it would be an act of irresponsibility for capitalist America to default on its debt. “We hope the U.S. government will earnestly adopt responsible policies to strengthen international market confidence, and to respect and protect the interests of investors,” the agency wrote in response to questions on its website.