We are not "giving away the farm", we are trading a renewable resource (paper) for goods.
If you are right, in the end the Chinese will be left holding the bag, paper bag that is.
That is what is happening to some extent right now as the dollar is inflated by Washington. We are welshing on debt by making the dollars with which we repay past debt smaller. We still call them “dollars” but they are worth rather less than the “dollars” that were originally borrowed.