The Chinese have raced past the U.S. in development of green technology—in case you doubted that, take a look at the preliminary agreement struck this week between China and California to build bullet trains. China wants to become the chief licensor of these high-speed trains, which travel 215 miles an hour and which operate on environmentally friendly technology. Other countries are also vying to sell such technology to California, such as Japan, Germany, South Korea, France and Italy. But China also offered to help finance its construction.
We take a look at how China has overcome the U.S. in green energy and technology in Monday’s “Minute of Your Time.” But this brings up a few questions raised over a year ago by former congressman Charlie Stenholm, namely: if China has become the banker for the United States’ deficit, what happens when the bankers come to collect?