China calls for the world to 'de-Americanize' as IMF chief warns of the global disruption that a failure to end debt stand-off would cause

The Chinese government issued the criticisms through the state-run Xinhua News Agency

China called the U.S. 'hypocritical' and wondered aloud why the world has given it such a concentration of power

China holds more U.S. debt ($1.28trillion) than any other nation

China is warning the world to divest itself of American interests as the risk of a default rises with each passing day while the Thursday debt ceiling deadline draws ever closer.

Through official government news agency Xinhua, the Chinese government Sunday denounced the current state of the U.S. government and it’s finances, advising it would be a good time to start considering a ‘de-Americanised’ world.

‘It is perhaps a good time for the befuddled world to start considering building a de-Americanised world,’ the Guardian first reported the Chinese news agency said.

Fix it: International Monetary Fund Managing Director Christine Lagarde warns if the U.S. doesn't raise the debt ceiling that the world economy will be plunged into another deep recession

Officials in both the American government and abroad are also voicing concerns that the failure to come to an agreement on raising the debt ceiling before Thursday’s deadline would have a grave impact on the world’s economy.

Treasury Secretary Jack Lew has repeatedly voiced concern that the U.S. government will go broke, having no money to pay bills this Thursday, should an agreement not be reached.

Despite several senior Democratic and Republican Party leaders meeting Sunday in Washington, it does not appear any progress has been made in negotiations.

The Senate needs to hold tough,' Speaker of the House John Boehner (R-OH) told House GOP lawmakers. 'The president now isn't negotiating with us.’

Those words came as news of talks breaking down even further infuriate Americans, sparking a march Sunday through Washington, D.C. of veterans protesting the closure of several monuments.

Working on it: Democratic Senate Majority Leader from Nevada Harry Reid speaks Saturday on negotiations over the Debt Limit Bill

Senate Majority Leader Harry Reid (D-NV) also lamented the lack of progress.

'I was happy to see the Republicans engaged in talks with the president, the House Republicans.



That’s over with. It’s done. They’re not talking anymore,' Reid said.



'I say to my friends on the Republican side of this Senate, time is running out.'



President Barack Obama voiced his exasperation with the situation on his weekly radio address.

Democratic braintrust: U.S. President Barack Obama (2nd L) meets with Senate Democratic leadership, including (L-R) Sen. Charles Schumer (D-NY), Senate Majority Whip Sen. Richard Durbin (D-IL), and Senate Majority Leader Sen. Harry Reid (D-NV)

‘It doesn't have to be this way. It's not supposed to be this way,’ the president said, adding ‘Manufacturing crises to extract massive concessions isn't how our democracy works, and we have to stop it.’



Referring to Republicans’ unwillingness to discuss anything unless Obamacare is defunded, Mr Obama said that ‘politics is a battle of ideas, but you advance those ideas through elections and legislation - not extortion.’

Christine Lagarde, International Monetary Fund chief, shared her concerns with NBC’s ‘Meet the press.’



‘If there is that degree of disruption, that lack of certainty, that lack of trust in the US signature, it would mean massive disruption the world over,’ she told the program .

Also working on it: Republican Speaker of the House from Ohio, John Boehner (center) leaves a Republican conference Saturday in the US Capitol

‘We would be at risk of tipping, yet again, into recession,’ she added.



Xinhua took further shots and the U.S., despite China being the largest foreign holder of U.S. debt.



‘Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated,’ the news agency ranted.

‘The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonised,’ the commentary furthered.



China holds $1.28trillion in U.S. Treasury bonds – an American government default is four days away, unless politicians can make a deal.