GAMEOVER China Dump More 750 Billion U. S. Debt and Purchased 2, 068 Tonnes of Gold丨 Asian Quicktake

April 20, US Treasury Secretary Janet Yellen gave a speech at the Johns Hopkins School of Advanced International Studies, where she emphasized the importance of strengthening the economic relationship between the US and China while safeguarding their own interests. Yellen stressed that the US and China, being the two largest economies in the world, should compete on a level playing field and that any divergence between them could have disastrous consequences. Yellen also urged China to cooperate with the US on issues such as global debt, which would be mutually beneficial for both countries. The US federal debt has reached 31. 7 trillion, which is 120 of the US GDP as of April 21. This highlights the fact that the US s recent material wealth has largely been achieved through borrowing globally. The growing economic divide in the US has led to increasing differences between Congress and the White House on the debt ceiling issue. Yellen has repeatedly warned of the catastrophic consequences of defa