Shortly after Wall Street witnessed a dramatic drop in stocks Monday, Gov. Chris Christie -- a Republican presidential candidate -- told a New Hampshire restaurant filled with voters they should place the blame on President Obama's reliance borrowing money from China. [...] Christie responded by blasting Obama, saying the Democratic president borrowed "lots and lots of money from the Chinese" to bolster America's economy. [...] "Because we've been irresponsible as a government," Christie added. "This president has been irresponsible as a president. And yes, this Congress has been irresponsible. ... We better start being fiscally responsible."
You could, conceivably, tell a story in which America becomes dependent on Chinese loans; then, when China gets in trouble, it demands repayment, pushing us into crisis too. But any story along those lines has a corollary: we should be seeing a spike in US interest rates as our credit line gets pulled. What you actually see is falling rates.