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Liqun: European Welfare induces 'sloth, indolence'

Jin Liqun is supervising chairman of China Investment Corporation. He says China will no longer be buying European bonds to prop up welfare and entitlements in the west.

China currently holds $800 Billion in US debt as well. However that dollar amount is now dropping as most Chinese firms have ceased buying US debt.

Europe needs a massive influx of new cash to prop up nations like Greece, Italy, and Portugal who have national debts that greatly exceed their GDP. In the US, Obama has added trillions to our own national debt and pushed the debt to parity with our GDP. Any national debt over 60% of a nation’s GDP is usually considered very dangerous by economists.

Greece is the worst off with a national debt 166% of the GDP. Greece is drowning in a sea of high paid government employees and a social security retirement age of 57. It credit score has been downgrade to triple CCC, which means default is considered eminent.