Elvis' thoughts on China

Instapundit and Don Surber (Thanks for the link) both mentioned this Financial Times story about China being "caught in a trap."
"Caught in a trap." I hear a song parody coming on, thanks to Elvis.

We’re caught in a trap
We can’t get out
Because you spend way too much money

Why can’t you see
How worthless bonds will be?
When you don’t control your spending?

We can’t go on together
With deficit spending (deficit spending)
And we can’t build a future
On this pile of debt

So, old friend, I know
When I drop by to buy gold
Will there be suspicions on your eyes?

Here we go again
Asking for more credit
You can’t see these bills are real
I’m holding (bills I'm holding)

We can’t go on together
With deficit spending
And we can’t build a future
On this pile of debt

Oh can the world survive
Or pay the debts that you’ve got
Let’s not make our children cry
When Obama, you know
I can’t bail you out
Mmm, yeah, yeah

We’re caught in a trap
We can’t get out
Because you spend way too much money

Why can’t you see
How worthless bonds will be?
When you don’t control your spending?


And here's the inspiration.