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Mr Balls has many personal virtues, but to many Treasury old-timers he is an unelected upstart.
The upsurge in China-bashing risks discouraging the People's Bank of China from buying so many Treasury bonds.
But investors have begun to worry about holding too many Treasury bonds as other safe alternatives dwindle as a result of the economic troubles sweeping the globe.
And, after inflation is considered, many Treasury yields were negative, based on traditional applications of the Consumer Price Index, which itself turned down for October and November.
Governments don't like to hold too much cash, because it pays no return, so the Chinese bought many, many Treasury bonds with their dollars.
Sure, we get to buy cheap stuff made in China, and by selling so many Treasury bonds, our interest rates — like those for credit cards or mortgages — are lower.
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