Chinese Proposal: US will be semi-autonomous subsidiary
In a provocative column in The People's Daily, a high-level adviser to President Bush proposed that the US debt to China be re-structured, with bond-holders taking over ownership of the United States. The new company, USX (or ex-US as some have suggested), would have similar status to Hong Kong or Goa, with a certain degree of autonomy maintained, e.g., casinos would still be permitted. This solution to the debt crisis would also take away the veil that separates US foreign policy from that of the People's Republic. "After all," said one Chinese commentator, "we are paying for this damned war in the Middle East and we don't get a thing out of Halliburton and Blackwater!" The Chinese government is considering the proposal and will let the Bush Administration know its response in time for Thanksgiving dinner.
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