Starve the beast used to be the siren song of the right. Take away government's ability to spend and spending will be restrained. Unfortunately, the beast can print money and it doesn't have an appetite for restraint. Our country is heading towards a fiscal meltdown and it's only a matter of time. The economic policies being advocated by the Obama administration and the Democratic Congress are awful. They refuse to acknowledge this, because that would temper the beast.
Ultimately, nature enforces reality on a reluctant people, but we have been blessed with a gift, a warning shot, and we have the Chinese government to thank for it. One of the beauties of the marketplace is that it pits self interest against self interest. Caveat emptor, or "let the buyer beware" forces us to smartly distrust those we do business with. China is quickly waking up and their trust of the monetary and economic policies of the United States can kindly be described as circumspect. They have massive skin in the game, trillions of potentially worthless pieces of paper.
Every party has a point of view, and we can discover their biases by looking at their incentives. The United States owes trillions of dollars to the Chinese and others. It has a huge incetive to devalue it's currency in order to reduce that debt. The Chinese exist on opposite side of this spectrum. They own trillions of dollars and they don't want them to become worthless pieces of paper.
China is not the only US creditor; millions of Americans are also creditors to the US government. The difference, is that China is not a dispersed mass of economically ignorant people. China is a centralized regime with brilliant economists who see the writing on the wall. The United States is contemplating welching on it's debt. They are letting us know and thank G-d for that.