From the linked article below;
".......With more dollars chasing a static amount of goods, it's only a matter of time before prices rise (or, more appropriately, the dollar falls) proportionately. The Chinese purchase of U.S. dollars served as a strong, though temporary, hedge against U.S. price inflation by taking dollars out of domestic U.S. circulation. Even if the Chinese don't plan to stop buying U.S. Treasuries, U.S. consumers will likely endure moderate to severe price inflation. Indeed, Americans are already getting their first taste of the coming wave of price inflation. Most Americans are aware that the price of gasoline has skyrocketed in recent months, despite no interruption in supply or major spike in market demand for oil. "
China's Central Banker: We Own Too Much U.S. Debt
The US Government, including many Republicans and most Democrats, have not only allowed this to happen, but actually encouraged it to, with their outright greed.
Yes, "the chickens are coming home to roost."
It is well past time we cleaned out the coop.