The national debt has just surged past the $16 trillion mark, and our mammoth debt to China is now a political meme. Mitt Romney referenced it in his convention speech: "Does the America we want borrow a trillion dollars from China?"
And being in hock to China is Jay Leno's favorite political joke. Exhibit A: "We have American athletes in uniforms made in China, wearing French berets. I don't know if we're supposed to compete, ask for a loan or surrender." But in fact less that 8% of our debt is owed to China. So who do we owe all that money to?