JOHN HINDERAKER: Barack and Beijing. “Of course, what the Chinese are worried about is not that the United States government will default on its bonds. That obviously won’t happen. The Chinese concern, now being expressed openly for the first time, is that the U.S. will adopt the standard debtor’s remedy of inflating its currency and paying back its debts in shrunken dollars. Why are the Chinese worried about this? Because Barack Obama’s budget proposes to borrow trillions of dollars, injecting them into the U.S. economy without any offsetting wealth being created. . . . With their shot over the bow, I think the Chinese are telling Obama that they don’t like his budget.”