It was only a part of the story:
What is truly amazing is this: never before in its history has the US been so influenced by a foreign dictatorship as it is today in the case of China. China's reach and influence in American economic, political, and academic life is without precedent. From Wall Street to Washington, from Corporate America to the classrooms of the country's leading universities, one can easily ruin his or her career by speaking out against Chinese tyranny and treachery."China Confidential." By Ultima Thule, 9/24/06 (emphasis added).
For Americans who see China as a menacing adversary, the phenomenon is increasingly worrisome. Imagine if the Soviet Union had been America's biggest creditor. Consider what it might have been like if US consumers had been funding Soviet imperialism by buying cheap Soviet-made goods, kept artificially low in price by a manipulated currency regime. Think about a behemoth like Wal-Mart, which is essentially China's US retail partner, or arm, stuffed with Soviet toys, TVs, clothing.
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