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One side says the modern US economy is built upon little more than debt and threat of force.

Another side says things are fine, the Fed knows what its doing, and everything is supported by real value.

(Other sides say things too.)

Of the first two sides, which might be worried about the following headline?

China is reportedly thinking of halting US Treasury purchases and that’s worrying markets

“If China stops buying Treasuries, the market could suffer,” strategists at Jefferies said. “Treasury financing needs are going to rise significantly in 2018 and beyond relative to recent history, so Treasury is going to be looking for as many sources of demand as they can find.”

The news worried markets.

Treasury prices fell, boosting yields. The dollar also dropped against most currencies and gold rose. U.S. equities declined.

Hmmm. How can this be? Things are fine. They know what they’re doing.

One might almost think the debt does matter after all.