This stupid and shameless fellow by the name of Sebastian Mallaby put up a silly piece attacking China, saying China caused the financial crisis by lending too much money to the US!  You can view the article at this URL if you want:

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/23/AR2009012303291.html

Below is what I sent to the Washington Post as a comment on that article:

Mr. Mallaby,

With all due respect, I have never seen a more stupid and self-conflicting postion as being put forward by your article.

You should be well aware that the US dollar is the world's base currency, and when the Fed lowered the US fund rate to 1% back in 2003, and held it there for over a year, it created a huge chunk of "money" out of nowhere.

The US consumers borrowed like mad when they had access to this easy credit, and spent the money on imported goods, many from China.  This in turn created a huge stockpile of dollars in China's Central Bank, much of that got channeled into the US Treasury Bonds.  By the way, it's worth noting that virtually all major currencies today are all fiat money backed up by nothing, i.e. sovereign credit instruments with their purchasing power totally at the good graces of the state.

It's the US who manipulated its own currency, and as the result is eating the fruit in the form of a massive financial crisis.  The monetary policy and trade policy of the United States have been amazingly stupid and suicidal for the last decade.

Blaming your own stupidity on someone else is convenient, but the problem is it won't work.

If you indeed blame the other people for lending you too much money.  Vey well, your biggest creditor may suit your appeal, and withdraw the investment into your debt market.  With Obama's 1 trillion buck deficit coming along, the US bond market would be wiped out by this fall, and the United States would be technically broke!

Hopefully that's not what you want.