Kaixin – You may diss-agree with Stephen Roach, but you can’t dismiss him. He is an acknowledged economic expert on Asia in general and China in particular. He also has no axe to grind being Asia Chairman of a major American Bank; except possibly not wanting to see America shoot itself in the foot.
‘US politicians did not want to accept their responsibilities for the unemployment rate, which was close to 10 percent, so they preferred to blame someone else, he said.’
I have been saying this for some time. The politicians in the ‘west’, America in particular, were happy to benefit from trading with China through the 1990’s. They preened themselves and told their constituents how brilliant they were at engineering such prosperity with low inflation.
What utter bullshit, as the Global Financial Crisis demonstrated.
It was all based on importing low cost widgets from China and that gigantic ponzi scheme from Wall Street that turned American houses into tulips.
The pollies can’t now go to said constituents and fess up. Wall Street is keeping its head down and trying to figure out another ponzi scheme. Indeed, that is the only thing that is certain to happen. Wall Street will figure out another ponzi scheme and the great unwashed will fall for it ………. again.
Probably something to do with carbon trading I suspect.
Actually, I doubt that pollies understand what has happened. So, not being prone to looking in mirrors, they look elsewhere. Everyone in America knows the Chinese are getting uppity, so who better to blame. Pollies all need a simple message to recite.
“The yuan is undervalued and that is the cause of all your troubles,” is a simple message. One the American pollies have grasped as firmly as they grasp their collective …..
It also has a simple solution; one the pollies can be seen to be doing something about. So they jump up and down and make a big noise. Noise, is often mistaken by pollies for action.
If it is such a problem now, then it should have been seen way back when. Why didn't the pollies do something about it then? Easy, they were too busy preening themselves in unearned glory.
If Stephen Roach is right, then that whisp of gun smoke won’t be coming from the pollies guns, it will be coming from that small hole in their foot.
Kaixin – I don’t think American pollies care about Chinese exporters. They probably haven’t grasped that many are actually American companies. Beside, at the moment American pollies are only thinking about the health reform bills.
US 'profited' from Chinese buying
Magnified trade deficit also leaves great room for exports to China, ministry says
Managing Director of The Carlyle Group, David Rubenstein, predicts that China will surpass the U.S. as the dominant economy by the year 2035, in a ViewPoints interview with Deputy Managing Editor Alan Murray.
Kaixin – No you don’t have any knowledge. If the laws are such a problem then why are RIO and Chinalco forming a business relationship?
I almost did not include this article as it is a load of ill-informed nonsense. When will ‘The Australian’ get a journalist who knows something about China?
Beijing's quiet trial shows two may again be better than one
Kaixin – A well thought out article. I do not agree with some of the language, of course, ‘infamous one-child policy’. It is only infamous in the eyes of those who oppose it, both in the ‘west’ and within China. The educated people in China we speak to, while not liking it, support it. They point out that un-checked population growth would have bought greater misery to China.
They point to India and wonder what will happen there. For the people we speak to, it is a reason not to import western democracy to China.
They will be happy if population growth can be checked without the one child policy. Indeed, my brother-in-law had the debilitating experience for a Chinese male of having his son aborted as it was an unplanned second child. He still understands and supports the need to implement such a policy.
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