Gordon Chang to Newsmax: America's $1T Debt With China 'Really Frightening'
(Dreamstime)
By Jay Clemons | Friday, 18 November 2022 05:36 PM EST
Gordon Chang, a prominent author and lawyer, finds it alarming that China holds the second-largest portion of the United States' global debt — at approximately $1 trillion.
As the world's No. 1 economic superpower, Chang believes that America should have the easy capacity for managing low debt and realizing high prosperity.
But that's not the case. In times of market fluctuations, anyone from anywhere can purchase Treasury securities at any time.
"I don't like that China owns so much of our debt," Chang told Newsmax Friday afternoon, while appearing on "The Chris Salcedo Show" with guest host John Tabacco.
Chang continued: "The issue here is, we shouldn't be into debt at all … it's really frightening."
Both Republican and Democrat presidents from the past four decades have largely ignored this country's spiraling debt, reasoned Chang, who's currently promoting a book, "The Great U.S.-China Tech War."
As a result, the present-day American taxpayer is left with the burden of high inflation and being susceptible to extreme market volatility with the U.S. dollar.
"There's only country that can tank the dollar, and it's us," added Chang.
Being in debt to an adversary isn't Chang's only China-related concern. He also worries about TikTok being used for specific data-collection purposes — while being billed as harmless entertainment to American consumers.
"TikTok is China's weapon against the United States," said Chang, while adding that Chinese companies are collecting data from "tens of millions" of unsuspecting Americans.
TikTok also serves a secondary purpose for China, according to Chang. It's used for "propagating narratives" straight from the Chinese government, whether it involves advocating drug use, the ongoing Russia-Ukraine war or fomenting violence in American streets during 2020.
"President [Donald] Trump was right to ban TikTok" before leaving the White House, said Chang. "And it was wrong for President [Joe] Biden to reverse that ban."
The above comment then prompted Chang to wonder whether the U.S. and China now have a reciprocal relationship, built on respect.
"China's very restrictive about letting [other countries' tech innovations] into its country, so why are we allowing China to have [TikTok] in the states?" Chang asked.
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