While the Republicans seem to think that the US economony is a chess piece in their politics, the world economy is the victim.
In contrast. not troubled by messy concepts like Democrtacy, the Chinese see a long-term global recession as certain to happen and China Focus on domestic problems. BEIJING (Reuters) –
“The one thing that we can be certain of, among all the uncertainties, is that the global economic recession caused by the international financial crisis will be chronic,” , Chinese Vice Premier Wang Qishan was quoted by the official Xinhua news agency .
The difference in the Chinese approach is that Beijing’s worry about a worsening global environment is not conditioned on some belief in a magical free market or in democracy. Rather the government openly talks as Goldman Sachs might talk if it were running the US economy.
“As for our country, which relies highly on external demands, we must see the situation clearly and get our own business done,” Xinhua quoted Wang as saying. There are teeth in that smile. China’s banks are tightly regulated by the government. Wang is in a position to dictate wher3e “credit” goes, even if the nominal owners of the collateral are ordinary Chinese depositors. The Chinese, under Wang, also control the central bank and dirtectly regulate the internal supply of credit. What more could Goldman Sacks want?
POGO? … You MUST remember the line .. “We have seen the enemy and they s us!”