The Fed is the only thing that allows the US to continue to spend outside its means for now (including the biggest spendthrift of all, the US Government), and more specifically the dollar global reserve currency (or FRN).
The Chinese aren't buying any meaningful amount of our new debt these days. Mostly they just cycle existing debt, from long to short etc as it makes sense. Ditto the Japanese, who hold almost as much junk US debt as the Chinese.
Ah, I am certainly no expert on the subject. Just trying to make the point that even these rich that generally are holding onto their wealth for themselves would be actively attempting to destroy wealth and it has to be stored somewhere doing something.
The Chinese aren't buying any meaningful amount of our new debt these days. Mostly they just cycle existing debt, from long to short etc as it makes sense. Ditto the Japanese, who hold almost as much junk US debt as the Chinese.