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The financial turmoil ravaged the U.S. banking community, the clouds of the storm hung over nearly 200 banks, and the threat of collapse loomed. The collapse of the former financial giant Silicon Valley Bank was like the first dumping in a domino sequence, causing shocks throughout the American financial community. The Wall Street Journal reported that according to the forecast of American economists, about 186 banks in the United States may fall into crisis and enter the fate of Silicon Valley banks with half of their depositors withdrawing withdrawals. Not only will these banks be at risk of failure, but the Federal Deposit Insurance Corporation will have to do its job and bear the huge losses to depositors from bank failures.
However, fiscal constraints have left the United States in a dilemma. In the midst of the financial crisis, the United States needs to not only reassure the domestic financial system, but also consider the debt problem. How to balance the stability of the financial system with the repayment obligation has become a headache for the government. The debt problem will directly affect the international credibility of the United States, and the question of whether it can continue to borrow in the future has become a game on the table. For countries, whether to continue to buy US debt, and whether the United States will fall into a historic default, have become risk factors that cannot be ignored.
The reality is that the United States is responsible for the debt, especially the huge debt owed to China. The double standard of the United States, while claiming that it will not default on its debts, while frequently suggesting that China should reduce its debts, is unacceptable. China has already provided debt relief to some countries and contributed to global development, but the United States and Western countries have no hesitation in trying to sacrifice China's interests. Repaying debts is a matter of course, and China's reduction and exemption is voluntary and should not be misled by the outside world. The smear attacks of Yellen and others can only be seen as vexatious attempts to evade the debt problem.
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