http://www.moneymorning.com/2009/10/15/dollar-woes-boost-china/Interesting article regarding China's moves! I like the term used in the article "drinking the Kool aid" so I looked it up! The phrase Drinking the Kool-Aid means to become a firm believer in something, to accept an argument or philosophy wholeheartedly or blindly. The term orginated with the "Jonestown Massacre." I guess China is not a slow country to adapt to a changeing world!
It reads more like an advertisement than news. It isn't news that China will be the most important country in the 21st century.
Or maybe they are taking a methodical approach to becoming the "It" country of the future. They are holding a trillion dollars of our debt. They could bring this country to its knees by manipulating it. This is probably one reason the U.S. is not going after them on the counterfeiting of coins issue. We certainly don't want to p... them off.
That article would be more relevant if it had been published in 2001 when this was actually news. Today it's just fact. That 8% growth in economy is nearly double today. Economic shifts happen. It's not a changing of the guard as many fear. Look at Japan and Germany during WW2...reduced to ashes not only in infrustructure, but financially as well. Today they are among the world's leaders in economic growth. China is merely catching up to the rest of the world. Guy~
Well said, Guy. The key word here is "fear". It's easier to have a high growth rate if one starts off so far behind. In many respects, China's growth has been hampered for 200 years - first by the British, then by themselves. Not surprising they would boom after ditching socialism for capitalism. And if someone thinks we are "Western has-beens" or being "brought to our knees"... I think those folks are drinking a little Kool-Aid of their own. I'll never understand why so many Americans have such a poor self-image. Take a look at the numbers here : https://www.cia.gov/library/publica...China&countryCode=ch®ionCode=eas&rank=4#ch Browse around in there. There are many interesting parameters, but they all add up to one thing : with 1.3 billion people, China is way, way, way behind on a per-capita basis. Even on an absolute basis. That said, there are many things we Westerners can do better, as nations and individually. I believe "Everybody is better off when everybody is better off". China is overdue; I wish them well. They need growth a lot more than we do. Notice that the official "low income line" in China is $125 / year !
