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Far from taking over as the engine of growth from an exhausted West, China is making matters worse. Its "beggar-thy-neighbour" policies continue to play havoc with global trade and risk tipping the world into a second leg of the Great Recession.
At some point, American workers will rebel. US unemployment is already 17.5pc under the broad "U6" gauge followed by Barack Obama. Realty Track said that 332,000 properties were foreclosed in October alone. More Americans have lost their homes this year than during the entire decade of the Great Depression. A backlog of 7m homes is awaiting likely seizure by lenders. If you are not paying attention to this political time-bomb, perhaps you should.
While some fret about liquidity-driven inflation, Justin Lin, World Bank chief economist, said the greater danger is that record levels of idle plant almost everywhere will feed a downward spiral of job cuts and corporate busts. "I'm more worried about deflation," he said.
Originally posted by Toadmund
Prove to me how they are communist
Originally posted by Toadmund
PS, China IMO is not a communist country, they are more of a dictatorial capitalist system.
Prove to me how they are communist, the definition does not indicate what they practice.
Originally posted by pieman
strikes me that the former enemies of capitalism, the communists, now hold all the cards. they're stronger than ever and the capitalist countries are on their knees.
by strange co-incidence, the factors that caused the collapse have all been put in place since 1989.... when the communists decided to admit "defeat" in the cold war.
now the biggest communist country is the biggest danger to the capitalist system, i guess international communism just isn't working out.
[edit on 16/11/09 by pieman]
By holding the yuan to 6.83 to the dollar to boost exports, Beijing is dumping its unemployment abroad – "stealing American jobs", says Nobel laureate Paul Krugman. As long as China does it, other tigers must do it too.
Western capitalists are complicit, of course. They rent cheap workers and cheap plant in Guangdong, then lobby Capitol Hill to prevent Congress doing anything about it. This is labour arbitrage.
Paul Robin Krugman (pronounced /ˈkruːɡmən/; born February 28, 1953) is an American economist, liberal columnist and author. He is Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs, Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times. In 2008, Krugman won the Nobel Memorial Prize in Economics for his contributions to New Trade Theory and New Economic Geography. He was voted sixth in Prospect Magazine's 2005 global poll of the world's top 100 intellectuals
Originally posted by ElectricUniverse
Despite the claims of some people that China doesn't want to hurt the U.S., or the rest of the world, China now has an strategic position in the global market, and they will use this as an excuse for them to take more control over the world economy, or at least to try to take over the world market, and maybe they will even push for their new global currency to be accepted globally, and for the global economy to be headed by China, and possibly Russia, among some "lesser" nations.