After Standard & Poor's downgraded the United States' credit rating from AAA to AA+, the single largest foreign holder of American debt spoke up. Yes, that would be China (it has, oh, about $1.1 trillion in U.S. debt) —and China was not happy! The country's official news agency Xinhua issued a statement:

China, the largest creditor of the world’s sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China’s dollar assets...

The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered. The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.

Further, the statement said, "[It must] cure its addiction to debts [and] live within its means."

China said that the U.S. must make cuts to both its "gigantic military expenditure" and its "bloated social welfare" programs. In other words, SUCK IT, Republicans and Democrats. The NY Times reports, "The commentary serves as a sharp illustration of how the United States’ standing in the world is sliding and how China now views itself as ascendant." BUT: "China has about $3 trillion in foreign exchange reserves, [so] there are few places big enough to invest those holdings safely outside of United States Treasuries, even though it looks as if they may lose value." So everyone is screwed together! Gotta love the global economy.