Globalization, Currency Wars and China
Posted: Sun Nov 14, 2010 6:41 am
China has been getting away with an artificially low RMB for more than a decade. I pointed this out many times, but before the economy went down the shitter, nobody cared. Suddenly they do.
There has been a massive transfer of wealth from the US to China in the past 10 years... and people still don't blame globalization? Are they friggin blind? Yes, many factors come into play, the housing bubble (which I also predicted in 2004, much to the dismay of flippers that would never have to work again as house prices go up forever), the stock market (which used to be the domain of a certain percentage of people, not every single fucking person and his/her dog who didn't know shit about shit and who were responsible for a stock's price having nothing to do with it's value.. though the market was always speculative, they made it like a casino).
But ultimately, it was the offshoring, the dropping of tariffs (one way only, of course.. try and sell American products in China and see how far you get without having to give away patents, secrets, half your profits, and still end up being cloned by a domestic producer once you have proven your product has a market), the closing down of small shops in favor of Wal Marts where a small amount of people make shitloads of money, and the rest make barely enough to survive. Wal Mart is/was China's 7th largest trading partner, ahead of most countries! Insane. The offshoring of IT jobs to India is another matter but in the same vein. Enrich a few CEO's at the cost of the common person's wellbeing.
IMO it was Clinton that started the foreplay, fingering the USA's pussy, getting it all nice and wet. Selling them some military secrets to show how much we trusted them. By the time Bush came along the Chinese had a huge hardon and Dubya opened the USA's legs for a real thorough fucking session. Once the pussy was all sore he offered the Chinese the USA's asshole. Now the US is well and truly fucked, and the Chinese are lying in bed smoking a cigarette. They aren't out of the woods by any means, but are in an infinitely better position than a mere decade ago. The USA went to bat for them in the UN, getting them more and more power, to the point where the UN chief won't bring up Liu Xiaobo's imprisonment because his re-election at the utterly corrupt and useless UN is dependent on China's vote. What a fucking mess the UN has turned into. Unaccountable, funded by citizens who have 0.0 say in what it does, corrupt, wasteful, pointless and utterly useless.
Remember back when the world was appalled at South Africa's apartheid? where the entire west rallied together to force the government there to respect human rights. Why did everyone forget about human rights wrt China? Why can't we do that any more? Is it because our countries and economies are too fractured and we're not on the same page anymore? Why aren't there widespread boycotts, protests etc about them locking up the Nobel Peace Prize winner? He's been risking his life since at least the 89 Tiananmen square 'incident'. When did the world forgo people in favor of money? Where is the UN in all of this, isn't this their JOB?? I know they aren't Amnesty International, but they have much more power and they do NOTHING.
Anyway on the currency topic... Obama was a brave brave man this past week during the G20, I can't remember the quote but it was a direct sentence telling China to stop manipulating their currency. Ironically however this comes at a time when the US money presses are running red hot with QE2... I think he should print and print and print until the money ain't worth shit, use that to repay the massive Chinese debt and then work on getting the currency stable again. Beat the Chinese at their own game. No, not really, I just made that up now.. but how else can the US get out of it's predicament?
/rant
There has been a massive transfer of wealth from the US to China in the past 10 years... and people still don't blame globalization? Are they friggin blind? Yes, many factors come into play, the housing bubble (which I also predicted in 2004, much to the dismay of flippers that would never have to work again as house prices go up forever), the stock market (which used to be the domain of a certain percentage of people, not every single fucking person and his/her dog who didn't know shit about shit and who were responsible for a stock's price having nothing to do with it's value.. though the market was always speculative, they made it like a casino).
But ultimately, it was the offshoring, the dropping of tariffs (one way only, of course.. try and sell American products in China and see how far you get without having to give away patents, secrets, half your profits, and still end up being cloned by a domestic producer once you have proven your product has a market), the closing down of small shops in favor of Wal Marts where a small amount of people make shitloads of money, and the rest make barely enough to survive. Wal Mart is/was China's 7th largest trading partner, ahead of most countries! Insane. The offshoring of IT jobs to India is another matter but in the same vein. Enrich a few CEO's at the cost of the common person's wellbeing.
IMO it was Clinton that started the foreplay, fingering the USA's pussy, getting it all nice and wet. Selling them some military secrets to show how much we trusted them. By the time Bush came along the Chinese had a huge hardon and Dubya opened the USA's legs for a real thorough fucking session. Once the pussy was all sore he offered the Chinese the USA's asshole. Now the US is well and truly fucked, and the Chinese are lying in bed smoking a cigarette. They aren't out of the woods by any means, but are in an infinitely better position than a mere decade ago. The USA went to bat for them in the UN, getting them more and more power, to the point where the UN chief won't bring up Liu Xiaobo's imprisonment because his re-election at the utterly corrupt and useless UN is dependent on China's vote. What a fucking mess the UN has turned into. Unaccountable, funded by citizens who have 0.0 say in what it does, corrupt, wasteful, pointless and utterly useless.
Remember back when the world was appalled at South Africa's apartheid? where the entire west rallied together to force the government there to respect human rights. Why did everyone forget about human rights wrt China? Why can't we do that any more? Is it because our countries and economies are too fractured and we're not on the same page anymore? Why aren't there widespread boycotts, protests etc about them locking up the Nobel Peace Prize winner? He's been risking his life since at least the 89 Tiananmen square 'incident'. When did the world forgo people in favor of money? Where is the UN in all of this, isn't this their JOB?? I know they aren't Amnesty International, but they have much more power and they do NOTHING.
Anyway on the currency topic... Obama was a brave brave man this past week during the G20, I can't remember the quote but it was a direct sentence telling China to stop manipulating their currency. Ironically however this comes at a time when the US money presses are running red hot with QE2... I think he should print and print and print until the money ain't worth shit, use that to repay the massive Chinese debt and then work on getting the currency stable again. Beat the Chinese at their own game. No, not really, I just made that up now.. but how else can the US get out of it's predicament?
/rant
