I can’t wait to read this. As someone who studies history, I’ve often wondered why the Democratic Party transformed from the pro-slavery party to its current iteration. Why not change entirely? Why not be a different party? It seems counterintuitive when vestiges of the former party remain. Power?

You were specifically referring to bonds. The Chinese government holds a lot of cash reserves. There is some question about how those reserves can be manipulated. It’s a geopolitical risk that is not quite as black and white as you see it.

That’s a bond. There are other ways to hold debt.

Even worse, the lenders decide to pull their debt because they sense bad faith.