"Why hasn’t China “nuked” us? If Beijing sold Treasury securities in massive quantities, it would cause a panic, but the world’s deep markets would quickly adj

"Why hasn’t China “nuked” us? If Beijing sold Treasury securities in massive quantities, it would cause a panic, but the world’s deep markets would quickly adjust. The Chinese, we should remember, would get back dollars. Because they are doing this to undermine America, they would have to either buy hard assets or convert the proceeds into other currencies. As a practical matter, China’s deficit-plagued central government needs the income so most of the funds would go into interest-bearing instruments denominated in euros, pounds, francs, and yen. 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