Yep. China is a demographic and financial house of cards. Perhaps worse than us. They only have a brief window in time to establish themselves as a world power.
Of course, there are also dangers inherent in taking any official Chinese government figures at face value.
Some here may be old enough to recall that the state propaganda organs would publish pictures of the Eight Cosmonaut-Heroes of the Soviet Union on the front page. Then there would be a ghastly accident on the launch pad at Baikonur and five would die. The next day Pravda would publish shrill denials that anything untoward had taken place, plus a crudely airbrushed photo of the Three Cosmonaut-Heroes of the Soviet Union, with the five dead men crudely airbrushed out above the waist, but the three men would still have sixteen legs and feet. Anyone who noticed this and remarked on it in public, of course, was a good candidate for a one-way trip to Siberia, if not the Lubyanka.
China is likewise a totalitarian Marxist state, with equal regard for objective truth. By which I mean, the truth is not in them. They will not speak the truth except by accident.
Any analysis based upon figures drawn from official Chinese government statements about debt ratios, GDP, and so on, are best taken with a grain of salt.
Any analysis based upon figures drawn from official Chinese government statements about debt ratios, GDP, and so on, are best taken with a grain of salt.
Anon has a point. And, as the article says, national debt is a Ponzi scheme; it's completely illegitimate.
“If our nation can issue a dollar bond, it can issue a dollar bill.... Both are promises to pay, but one promise fattens the usurers and the other helps the people.” ~ Thomas Edison
A country getting hurt by its debt is contingent on either the people's capacity to allow the damage to happen, or another country enforcing the debt, wittingly or otherwise.
"Germany’s unforgivable crime before World War 2 was its attempt to loosen its economy out of the world trade system and to build up an independent exchange system from which the world-finance couldn’t profit anymore... We butchered the wrong pig.” ~ Winston Churchill
3 comments:
Yep. China is a demographic and financial house of cards. Perhaps worse than us. They only have a brief window in time to establish themselves as a world power.
Of course, there are also dangers inherent in taking any official Chinese government figures at face value.
Some here may be old enough to recall that the state propaganda organs would publish pictures of the Eight Cosmonaut-Heroes of the Soviet Union on the front page. Then there would be a ghastly accident on the launch pad at Baikonur and five would die. The next day Pravda would publish shrill denials that anything untoward had taken place, plus a crudely airbrushed photo of the Three Cosmonaut-Heroes of the Soviet Union, with the five dead men crudely airbrushed out above the waist, but the three men would still have sixteen legs and feet. Anyone who noticed this and remarked on it in public, of course, was a good candidate for a one-way trip to Siberia, if not the Lubyanka.
China is likewise a totalitarian Marxist state, with equal regard for objective truth. By which I mean, the truth is not in them. They will not speak the truth except by accident.
Any analysis based upon figures drawn from official Chinese government statements about debt ratios, GDP, and so on, are best taken with a grain of salt.
Any analysis based upon figures drawn from official Chinese government statements about debt ratios, GDP, and so on, are best taken with a grain of salt.
Anon has a point. And, as the article says, national debt is a Ponzi scheme; it's completely illegitimate.
“If our nation can issue a dollar bond, it can issue a dollar bill.... Both are promises to pay, but one promise fattens the usurers and the other helps the people.”
~ Thomas Edison
A country getting hurt by its debt is contingent on either the people's capacity to allow the damage to happen, or another country enforcing the debt, wittingly or otherwise.
"Germany’s unforgivable crime before World War 2 was its attempt to loosen its economy out of the world trade system and to build up an independent exchange system from which the world-finance couldn’t profit anymore... We butchered the wrong pig.”
~ Winston Churchill
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