How China Holds the American Economy by the Balls!

On May 1, China popped the cork on Expo 2010 in Shanghai, a month-long celebration international celebration of the city, and with it, the entire nation, as a global economic and cultural powerhouse. Jim Chanos, who prophesied the fall of Enron, had argued in April that the country's heated property market was on a "treadmill to hell". Even President Barack Obama expressed concern that that China had not moved its currency to a "more market-oriented exchange rate", but to no avail. His administration stopped short, however, of releasing an April 15 report to Congress expressing his disapproval in concrete terms, choosing instead to trot out the disgraced de-regulationist Larry Summers to soothe the Chinese temporarily.