Read this: The Chinese Reform Experience, A Critical Assessment

But Western universities are too busy producing man-hating feminists in “Gender Studies,” and raising good little anti-Western preachers through a thousand different sociology classes, to have time for something so filthy as to learn how to produce goods! Obviously the Chinese haven’t realized how the focus on engineering, mathematics, physics and chemistry only hurts society. Don’t they want progress?

Will Pinning the Blame on China Help Correct Global Imbalances?

On the issue itself: I think there’s a good chance that you get this completely wrong. Who’s in danger with holding all those Treasuries and agency debt? China or the US?
Well, actually, it’s quite possible that neither of them, but if someone’s in trouble it’s rather China, not the US.
China became extremely export-dependent in the last 10 years, exports amounting to 40% of its GDP, but almost all of this is import-reexport stuff, meaning imported components coming in from other Asian countries, assembled in China, reexported to the US and Europe. China has lost control of a large part of its industrial base and technological development in the process. The bulk of its social and health system hs been dismantled, creating a 100-150 million strong migrnat proletariat, deprived of social services, insurance etc., relying on precarious employment in cities, now becoming unemployed by the millions.
The countryside is in turmoil. Environemental destruction is severe, the Pearl River delta has probably become the most polluted area of the world. One could go on.
The point is, China has enormous internal problems, and if the US devalues (i don’t think it will, but who knows), it’s China who’s gonna be screwed, not the US. in per capita terms the US is about ten times richer than China, and could (probably) easily rebuild (in an emergency) the industries that went abroad, however, China has smthng like 500-700 million peasants who still live in premodern conditions etc.

(Check out this article on recent Chinese economic history: The Realities of China Today)

So the premise of this article is probably completely wrong in the first place.
IT IS TRUE however, that Geithner works for Wall Street, and has a ghastly record as an IMF-executioner of East Asia. On that we agree.

No shit Sherlock. Really. So you do have eyes. Gee, if only you didn’t obsess about gay porn photoshopped with politicians’ heads…

Tough times. So be it. Makes the future more interesting.

Option 1: Fuck the US
Option 2: Allow the US to fuck China

Recently in Georgia, “NATO” (read US + crazy European conservative nuts) tried to offer the same choices to Russia. Guess which one Russia picked? I’ll give you guys a hint: The Russian Army wasn’t the one taking it in the ass, and then the pissed off Russians, (thank you western corporate media idiots) exposed all those fancy tactics and pointed out that US-trained armies are very defeatable when fighting actual armies, not tanks driving on a highway.

Can’t the US learn to give better options? I thought Cheney’s not in office anymore. Oh, yeah – I’m going to place $1000000 on China picking Option 1. Anyone want to take that bet? As for nukes, US won’t use them first, because the nuked countries will send their nuclear missiles at those behind the strikes, the Cheneys, and the Cheneys care too much for their lives.

And if Geithner is preparing a big orgy maybe the turmoil will give serfs like me a chance?

I don’t really understand Ames’es pathos, don’t really see the benefits of fighting (even if i could) against the bankers conspiracy.

Why should we hate the financiers?

We, useless male slaves, are their natural ally against the industrial capital, military, businesswomen ‘Devil wears Prada’ dominatrixes and the like.

Fuck America!
Hail the bankers!

You haven`t picked up the tab for the last 20 years of your consumption and you think Obama can bail out Wallstreet off your backs? Think again.

You are going to need more and more bailouts, running larger and larger deficits and sooner or later the Chinese are going to get fed up with financing them.

Then you can have your class war or whatever, we certainly won`t be interested in reading about it as you`ll be a fucking backwater. Moldova with nukes. But with uglier women.

At best we are going to send a few expat journalists so they can write about buying 20 dollar whores in Boise, Idaho. While we happily live under our new imperial masters the Chinese.

It`s going to be a breeze of fresh air. To be finally free of all the fucking hypocrisy and propaganda. At least the Chinese have the decency to do their Imperialism old school. Low on all the CNN crap, high on an iron boot up your arse.

http://www.atimes.com/atimes/Global_Economy/KF03Dj03.html

http://www.reuters.com/article/companyNewsAndPR/idUSPEK14475620090601

The real payoff for China is the propping up of their export market. Using their ‘comparative advantage’ (a fancy bullshit economics term meaning pay shit to your own people and pollute China like crazy) to get western multinationals to make them into a 21st century manufacturing powerhouse is what it’s all about. While it may all blow up in the faces of the Chinese leadership if they can’t keep their people happy or terrified enough, for now it seems to be working.

The name of the game is to keep the system going for as long as possible. Each day the current system keeps going is another day when the good old U.S. of A. needs the Chinese to wipe its ass a bit more.

In short what China is doing is loaning fat, decadent, lazy, and stupid America the money to buy good from American multinationals which are made in China. This allows China to actually produce what the rest of the world wants while America becomes like H.G. Wells’ Eloi.

What was expected by the brain-dead economists: America will own, the rest of the world will work.

What will happen (option 1): America will be decadent Eloi, the rest of the world will feed on them. Or (option 2) maybe the US, realizing it can’t win economically, will go all warlike and just steal what it can’t pay for or make. Time will tell.