China

Interesting. China may now regret keeping its currency low by buying huge amount of US Treasuries. It was not just their interest in keeping the renminbi so low that the US suffered enormous trade deficits with China, but also that this policy helped bankroll Bush's expansion of government spending and borrowing, helping to break the $10 trillion debt ceiling.

Even if China were now to try to sell all its US Treasuries holding, it would hurt them more than it hurts us.