"What is the difference between refusing to pay a debt and paying it back with something of less than what was borrowed?"
Night and day. All loans and investments carry risk. To say China was unaware of this risk is absurd because they issue fiat currency too. Guess who they learned that little trick from?
Moving on, given as China is engaged at the national level in economic acts of war and sabotage on our nation. UTTER REPUDIATION OF OUR DEBT TO CHINA seems appropriate. If this results in total trade embargo I guess we'd have to start making our own cheap, disposable plastic crap again.
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