I hope no one else thinks this is a good idea. The problem isn't corporate control of government stopped this but the fact it would do so much damage to the American economy and maybe start a trade war.
This is going to happen anyway, as China and others can increasingly afford their own cheap goods and don't need to export them to us, and the days of cheap debt are coming to an end very soon. It would just accelerate the erosion of what's left of America's economic fantasy. And none of this even touches on the dumping of US Govt. junk paper by a country like China, which would collapse the economy instantly into either an Argentina / Venezuela style inflation nightmare (as the Fed has to print ever larger sums to keep the government solvent), or a Greece slash & burn scenario.
The euro, pound, franc, and yen would obviously soar in value, so Brussels, London, Bern, and Tokyo would have to go out into the markets to rebalance their currencies. The only practical way to rebalance would be to buy . . . dollars.
So why don’t the Chinese go nuclear? They know that in a short period calm would return to the markets, America’s debt would end up held by its friends, and they would be stuck with a wide variety of assets their managers had shunned in the first place."
G.G. Chang, Forbes OP/ED 10/06/2013