This cartoon on the U.S. economy from a Chinese state propaganda organ has everyone confused

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Sometimes the unvarnished truth comes from one’s harshest critics, but a cartoon on the U.S. from the Chinese government has everyone puzzled.

From the state-run China Daily, the cartoon shows a drug-addicted Uncle Sam being injected with a dose of higher interest rates.

That’s puzzling because the more typical critique of the U.S. economy and its reliance on debt, both at a national and corporate level, is that it needs low interest rates. The Federal Reserve’s campaign of rate hikes, to fight inflation, last year upended the value of risky assets ranging from tech stocks
QQQ
to bitcoin
BTCUSD,
-4.18%,
though both have staged a recovery this year.

Social media users in the U.S. didn’t know quite how to react.

The adults in China’s government meanwhile have a more sober assessment of China’s economy versus the U.S., on Friday staging a big intervention to prop up the yuan vs. the U.S. dollar
USDCNY,
+0.13%.

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