Creditor Power China Bails Out EU

The geopolitical war between the US and China continues with China using its creditor powers and trade and the US using raw military power.  Every time the US imagines they win a round by adding more military bases and making more military obligations to foreigners, the more China does a run around behind all of this bristling raw power and scores hits against us in the heart of NATO and Tokyo.

The latest move is most stunning since the US has invested billions in military obligations to Eastern Europe and has endangered our relationship with Russia very badly while doing this.  This, in turn, pushed Russia into China’s orbit and it costs the US taxpayers very, very dearly.  Our social services will now be ruthlessly cut as we can’t pay for this generous military empire.

The fact of the matter is, to pay for our military power in Eastern Europe and Asia, we have to sell debt to the Chinese!  So all our military moves dig our own graves.  We can’t run an empire trying to encircle another empire if that empire is buying our debt which is run up due to this futile attempt at encirclement.

We see this in the game of Go: it is recognized that encircling and holding territory uses many turns in the game and requires many stones.  The winner of the game is the person using the LEAST number of stones to hold the maximum amount of territory.

So, it isn’t the territory held but the COST of holding that determines who wins.  This is why the players must count the empty spaces which their stones surrounds.  The cost of war has to be considered when going to war.  Many countries imagine they will recover costs via looting.  When looting fails, this can be a disaster.

The other way of profiting from war is to make the loser an ally.  The US did this with Germany and Japan but the pressure of Russia and China being communist led the US to make Germany and Japan our allies via helping them destroy our own industrial base.  This was foolish in the long run.

The deal with Japan and Germany was, we would let them undermine our own industrial base and in turn, they would support us against Russia and China and furthermore, above all, would hold US dollars and buy US debt.  Before this Cold War deal was made, the US bought its own debts and paid them back to ourselves.

Now, we must send taxpayer money overseas to our trade rivals who get richer this way while we get poorer.  Eventually, the habit of running up debts and paying foreigners to hold them has become the custom here and now we think this is normal, not a fatal turn for any empire.  The turned the US from a creditor nation to a debtor nation.  This significantly weakens us forcing us to constantly run our military in the red defending foreign powers while going into debt to these powers at the same time and worse, going into debt to nations that we are in conflict!  That is totally insane.

China has virtually no military bases anywhere outside of China but has many trade zones and ports and an immense civilian fleet of ships.  The US has pretty much destroyed our own civilian fleet and now relies entirely on foreigners to bring in foreign goods and take out our mainly commodity sales.

Europe is in financial collapse due to the housing bubble (except for Germany that didn’t allow a housing bubble to occur!) so Europe needs credit and Europe wants credit and guess who is bailing out the EU?  Eurozone relief as China pledges debt bailout!  HAHAHA.  Yes, our NATO partners need Chinese credit and this comes with significant strings attached, as normal.

Even as the nuts in the Pentagon celebrate our stupid move to back Vietnam and Japan in disputes over tiny, unoccupied islands offshore of China, President Hu packed his bags and went off to Europe to save the EU from internal collapse:  Commentary: Chinese premier visits Europe at time of debt crisis


China was ready to purchase Hungarian government bonds and extend a one billion euro (1.4 billion U.S. dollars) credit to the country, Wen said in Budapest Saturday.

“China’s government has adopted a series of positive measures, such as increasing its holdings of euro bonds and promoting its economic cooperation and investment in Europe, to help European countries tide over the current crisis,” said Chinese Foreign Ministry spokesman Hong Lei prior to Wen’s visit.

As an old Chinese saying goes, “A friend is never known till a man has need,” which is what China has been doing since the European sovereign debt crisis started early last year. A series of concrete moves by Beijing has proved that China regards Europe as a real strategic partner and will act as a responsible strategic partner itself….China also has purchased large amounts of the national debt of European countries such as Greece, Spain and Portugal, helping them boost confidence in their local economies and markets.


Of course, the US hopes the Europeans bite the hand that feeds them.  The US plans to bite China’s hand except for one huge problem: the Chinese expected this way back in the mid-1980’s and it is a key component of the Chinese 50 Year Plan!  ‘We are willing to lose a trillion dollars if this bankrupts the US,’ they said to me and I take this very seriously.

They may even warn us to not do this and make all kinds of noises but they know as I know, a bankrupt America is finished as an empire.  The Federal Reserve bailed out Europe in 2008-2009 and we degraded the dollar significantly to save a bunch of craven bankers.  In return, we demanded Europe provide military cover in Afghanistan and now, Libya and support for isolating Iran and backing Israel when they violate UN rules.

So Europe did all of this.  Now, the population there hates these things and is now very restive.  So the leaders there want to have a better deal so they are now going to China for real credit.  The US can print dollars to infinity but we have NO CREDIT.  We only have this floating fiat currency that keeps our trade deficit afloat.  But we have no surplus of anything.

Our lack of basic capital is a serious problem but most American economists have ditched the idea of ‘capital accumulation’ as a means of creating credit in favor of printing money as a credit machine so they imagine this is OK and will continue to infinity.  Instead, it wrecked the buying power of the dollar and now the world will eventually move to the yuan as the main floating fiat currency but before then, it will move to the euro as a gap filling mechanism.  So, China proposes more cooperation with central, east European countries as China uses the credit needs of these countries as a means of opening more trade.

Simultaneously, Chinese vice premier warns of worldwide inflation risk.  This is the role of a creditor power!  That is, people can’t pay China with constantly degrading money.  They have to control their own urge to get around the problem of no capital via printing money based on less and less value.
The West has done this with impunity the last 3 years!  This money, ZIRP loans to investment banks, has flooded the markets with too much money and these cheap loans are repaid (the principal) via bets on the commodity markets.  Billions in profits have been made via simply betting on food, fuel and minerals.  The more ZIRP loans to banks, the more they use this to bid up the price of commodities and this irritates China.
It is also bankrupting all the working classes in the US, EU and Asia!  China wants to stop inflation but the US can’t stop inflation since China no longer buys our national debt.  This is hurting us, big time, and is destroying our currency as the basis for international trade.


Two-way trade has grown rapidly. In 2000, China’s trade with central and east European countries was only 3 billion U.S. dollars. In 2010, it surpassed 40 billion, representing an annual average growth of 32 percent. China’s imports from the central and east European countries had grown even faster, registering an average annual rate of 38.7 percent. Our trade mix has improved. The proportion of trade in electric, mechanic and high-tech products has exceeded 60 percent. Today, the rose oil, amber, crystal, beer and cars from central and east European countries have entered numerous households in China. And the quality yet inexpensive consumer goods from China have been warmly received by the local people here.

Two-way investment has been burgeoning. So far, central and east European countries have set up close to 2,000 enterprises in China. Investment by Chinese enterprises in those countries has also seen dynamic growth. The Chipobrok shipping company, established in 1951, was New China’s first joint venture with a foreign country. Today, the company owns 20 modern ocean cargo ships, and operates along shipping routes covering Asia, Europe, America and Africa. China’s Huawei company has set up its European supply center in Hungary, creating more than 2,000 jobs for the local community. After acquired by the Wanhua Group of Yantai, Shandong province, Hungary’s BorsodChem, a time-honored chemical enterprise in central and eastern Europe, has shown renewed vitality…

…First, increase bilateral trade. Currently, trade between us takes up less than 4 percent in our respective total foreign trade, and less than 10 percent in China-EU trade. Much potential remains to be tapped. We should open markets wider to each other, reduce tariff and non-tariff barriers, step up cooperation in customs, quality inspection, logistics, and personnel entry and exit so as to fully release the potential in our bilateral trade. China welcomes enterprises of central and east European countries to actively explore the Chinese market. We are willing to hold more commodity fairs for you and set up designated areas at the China Import and Export Fair (Canton Fair) and the Eastern China Fair to help your competitive products access the Chinese market.

Second, promote two-way investment. This will not only boost our respective economies, but also contribute to greater balance in our bilateral trade. We must work intensively to improve the laws and regulations on two-way investment, remove investment barriers of various kinds, actively engage in diversified forms of investment promotion activities, and strive for early substantive growth in two-way investment. We should continue to enhance investment cooperation in telecommunications, new energy, agriculture, and natural resources development, and encourage joint establishment of industrial parks and high-tech development zones. China supports competitive Chinese enterprises in investing in central and east European countries, and actively participating in the merger, acquisition and reorganization of enterprises in these countries. We hope that the central and east European countries will relax restrictions concerning market access and technical standards as appropriate, and provide policy support for investment by Chinese enterprises.

Third, enhance infrastructure construction cooperation. Chinese enterprises have solid strength and rich experience in infrastructure construction, while the central and east European countries have big markets. There is a lot we can do together in this field. Chinese enterprises are now actively seeking opportunities to participate in infrastructure development in central and east European countries. The Zemun Bridge in Serbia, which will soon be built, will become the first “business card” of Chinese enterprises to access markets in central and east European countries. We support Chinese enterprises in undertaking infrastructure projects in central and east European countries through PPP, BOT and other customary formats in Europe, and we are willing to provide financing support in this regard. We hope the two sides can reach early agreement on some big landmark projects. China is willing to accelerate the construction of the Eurasia Railway and will support enterprises in establishing a smooth logistic network to facilitate the flow of goods and personnel between the two sides.



Here is a headline from today’s news in the US: San Francisco Bridge, With a Made-in-China Label.  We were going to build China.  But that plan collapsed by 2000 and now, after building up China, themselves, they are now building us up.  This is a key matter to me: we thought we opened up China so we could dominate them but they didn’t allow this to happen.  Meanwhile, the reverse has happened.  And nothing is done to stop it. 

The US is on a rage looking for cheap labor and cheap deals so we can keep on going while we print money like crazy since we lost our capital base.  We have no more sovereign wealth systems, only red ink systems.  Now, back to President Hu:


Fourth, deepen fiscal and financial cooperation. This will provide an important guarantee for our business relations to reach a higher level. China sincerely welcomes financial enterprises of central and east European countries to open business in China. We support financial enterprises of both sides in setting up branches in each other’s countries and increasing the scale of cross-border trade settlement in RMB. China is exploring the possibility of setting up a cooperation fund between the two sides, which will provide strong support for our economic cooperation and trade. China is a responsible long-term investor in the European financial market. We support the economic and financial adjustment measures adopted by the central and east European countries, and have confidence in the future of their financial markets. We are willing to explore all kinds of effective ways of cooperation, and will continue to support the development of central and east European countries. We hope that the central and east European countries will further open up their financial markets.


This is key: China is now going to have everyone doing business, to do this in RMB, not US dollars!  This is a key change.  Japan, for example, settles all foreign trade in dollars.  China put an end to this by demanding Japan do its trade with China in yen and yuan.  This is a KEY part of the collapse of the US dollar and a change in FOREX mixes in Asia and now, the EU.

The Japanese and EU countries hold mainly US dollars in their FOREX accounts.  This will now change!  Big time!  The change is just beginning and this worries the US since someone will begin to disgorge all those many trillions of US dollars in foreign FOREX accounts and once that begins, everyone will be forced to follow suit.

Right now, Congress is toying with ritual suicide as they debate the budget.  The GOP thinks they can win the White House and get rid of pesky minorities via starvation, if they don’t raise the debt ceiling.  But this ritual collapse of our finances (don’t pay the interest on debts owed overseas) will have severe consequences on all of us as trade collapses with the US.

This WILL happen.  Some people are actually alarmed about this.  We figure, the GOP will blink at the last minute and raise the debt ceiling at midnight but the Chinese will laugh at us and talk seriously with Eastern Europe and the EU about all of this and seriously, as NATO is used to attack Muslims, it is increasingly unpopular there and China doesn’t mind us doing this, it is bankrupting us, but Europe is also being bankrupted by all of this.

So they are motivated to side eventually with China.  As a PR move, Prominent Chinese Dissident Hu Jia Is Freed From Jail on the even of Hu’s visit to Europe.  Europe imprisons quite a few people for talking wrong, for example.  A famous French designer got drunk and went into an anti-semitic rant in a restaurant.  He was arrested and charged with talking naughty.  So he probably will go to prison!

Now, the point here is, in China, if you say the wrong thing, you also can go to prison.  There is zero freedom of speech in Europe and in China.  But the propaganda machine in Europe happily loves to talk about the evil Chinese suppressing freedom of expression and putting artists in prison but lord help you if you talk frankly in Europe!  A Dutch politician was nearly put in prison for criticizing Islam!  Talk about insane.

The US still has some semblance of ‘free speech’ even if we live with a lot of propaganda.  We still can express opinions about all sorts of things even if this means other forms of punishment are applied.  But the EU actually arrests people for saying unpleasant things.  Like the Chinese government, it is done to ‘keep the peace’ and incidentally, prevent real debates.

Back to the Chinese using their credit power to expand:  Treasury urges British banks to take big losses to help Greece avoid meltdown.  That is, the British printing press will be used to debase the currency in order to keep the EU operation afloat.  This is due to Britain being one of the world’s biggest banking powers while having NO sovereign wealth and running deep in the red like the US which also is a huge banking power.

China will make this UK sacrifice futile.  The taxpayers in Britain are being told this year they must do without social services and pay for schooling and the suggestion is, their youth imitate US young and go deep into debt to get an education.  This is strangling our own economy as our kids have to pay off huge debts before being able to buy a house or start a family.

There are some British who love all of this: Vulture funds to profit from a second Greek bailout.  Yes, the pirates and gnomes are absolutely happy!  They get ZIRP loans and then play derivative games with EU debts and pocket the differential which is massive.

Here is a typical news editorial in Britain right on the heels of that hideously expensive royal wedding:  Profligate Britain risks suffering its own Greek tragedy.  Now, the author isn’t demanding the royals live in normal houses and have normal marriages.  No, it is the pesky peasants who are way too over their heads and must reduce their carbon footprints to say, zero.  Japan is seeing its own people reduce and reduce and reduce as they use less and less energy, buy fewer cars, live in more and more discomfort and do with out children.

This is a downward spiral to death.  The rich are not part of this Greek tragedy…yet.  But I assume, based on history’s examples, they will find angry peasants banging on their gates.  Like we see in the Arab Spring uprisings.  Which are far from finished.

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Filed under .diplomacy, .money matters, Free Trade

19 responses to “Creditor Power China Bails Out EU

  1. DeVaul

    Today I kept seeing a headline rolling by under the weather channel that said: “AP-Gfk Poll: What now? As America debates or consideres debt default, Americans increasingly suffer from doomsday fatigue.”

    I may not have quoted that exactly right, but that was the jist of it. Why would any news service print that? It kept rolling by over and over again under every category of news except “sports”.

    We are now openly talking about defaulting on our foreign debts. When did this start? I cannot remember myself, but it is now out in the open.

    Since everything on the AP news is seriously censored, I cannot help but wonder what this means.

  2. Joseppi

    The US debt drama is not about debt default – it’s about the question of taking on new debt to finance a government that spends more than it’s tax revenues.
    The debate, or political theater, is a story of how find a compromise between government deficit budgets financed by debt and raising tax revenues with new tax revenues.
    To get the attention and emotional involvement of the US audience to the debt drama, the political thespians must transport the audience to a realm where the immutable laws of mathematics don’t exist.
    Unfunded social entitlements and the war machine budget – minus social services cuts plus tax increases still comes no where near a balanced government budget.
    How long the suspension of the laws of reality and belief in the unsustainable status quo can be conjured up by power elite performers in the theater of the absurd – is a question I’d sure like to know the answer to.


    ELAINE: And as the rich get much, much richer, we don’t raise taxes. THAT is the nub of the matter, not interest rates, not even spending. This is all due to out of control bribery in politics. Fund raising is just another form of bribery.

  3. DeVaul

    That’s like saying that Glasnost and the lifting of the Iron Curtain were not about debt default. The Soviets may not have been entertained by a theatre of the absurd, but they still saw their rubles become worthless.

    I do not see us escaping the same trap that killed the Soviet Union. That sounds like American Exceptionalism to me, and I do not believe in that. I believe in history, which shows that no nation or empire is “exceptional”.

  4. Claire Voyant

    Fascinating post, as usual!

    Underlying the groundswell of popular unrest now sweeping the globe are the dashed expectations of the world’s middle class, and the fractured social compact between the ruling elites and the rest of us. As Elaine points out, this is how revolutions begin.

    The Arab Spring, Eurozone unrest, worker riots in China and anger across America are all about the simultaneous failure of modern economics (based on delusions of endless cheap oil and ZIRP credit) and modern politics (fantasies of free trade and Reaganomic trickle-down). Economists and politicians promised jobs and growth, instead we get increased unemployment, speculation-fueled food and energy inflation, and widening economic inequality. The system mocks notions of justice and fairness as propped-up financiers, predatory speculators and lying corporate incompetents foul Earth, air and seas. Meanwhile, their political enablers cynically impose austerity in place of “hope and change.” When activity that is not beneficial to society — predatory lending, environmental destruction, unpunished criminal behavior — is rewarded, then the arrangement self-destructs. The present system’s continued operation depends on there being a sucker shorn every minute. This can’t go on.

    Clearly, a system re-set is as inevitable as the volcanic and tectonic pressures now building relentlessly beneath the planet’s surface.

    We need to throw out the old economy and start over. Start with forcing banks to write off tons of bad debt now rather than later. (Follow Iceland’s example, which leads to faster recovery, rather than Japan’s, which has produced decades of depression). As for US national debt, between 8%-12% is owed to China — and more than 2/3 is held by American citizens. Get the defaults over with and keep what’s left of national resources that would otherwise be auctioned off to private interests.

    At the same time: Downsize the economy fairly. For a provocative, creative look at what a sustainable future might look like, take a look at Old Urbanist’s blog, and Nathan Lewis’ posts on walkable, vibrant residential areas that make minimizing cars — or doing without them — a believable and attractive lifestyle.

    Put entitlement reform on the table, too. Just don’t call for chopping programs for the least advantaged until you stop plundering by the most advantaged. Putting Social Security, the one federal program that actually gives money to mostly low-income people, in the cross-hairs is grossly unfair (as is putting UK students into debt to pay for university educations being systematically de-valued by trade and monetary policies) — contemplating those cuts deserves public scorn. Future deficits of 1% of GDP are small compared to the amounts the US spends today on health care, which ends up as revenue for the medical-industrial complex, or defense expenditures, which fatten the military-industrial complex.

    Health care spending needs to come down. But think about how to combine lower spending with improved results — and universal health care is part of the mix. The U.S. federal government spent 5.4% of GDP in 2010 on Medicare and Medicaid, with another 2.1% of GDP spent by state governments. Singapore, with libertarian-loving low tax rates (20% top rate,17% corporate rate) spends just 3% of GDP on universal health care, with a combination public/private system ranked 6th in the world based on outcomes regardless of price. It can be done.

    Tax non-renewable natural resource use – not a sketchy cap-and-trade scheme, maybe a carbon tax, plus taxes on other non-renewable resources ranging from oil to copper – not so bad, paired with other tax reforms. How about combining a meaningful progressive resource tax with the elimination of payroll taxes on the lowest incomes? The nice thing about a resource tax is that it rewards human behaviors that live lightly on the planet.

    The key is to make the adjustment fairly, so we can transition on peaceful terms instead of under conditions of war and famine. Up to us, the world’s citizens, to raise the stakes of continuing the present system high enough to force the shift. History shows the ruling elite does not voluntarily cede its death-grip on money, power and privilege.

  5. Claire Voyant

    On a more whimsical note, randomly channel-surfing during a sleepless night contemplating world unrest and crashing financial systems, watched a program claiming that the Mothman, a cryptozoological creature some see as a harbinger of calamity, was not only seen just prior to the Silver Bridge disaster that brought it to public attention some years back — but also at Chernobyl, and more recently, before the deadly flu epidemic in Mexico. Feverish internet surfing to update the documentary’s claim reveals at least one eerie Mothman sighting just before Fukushima as well. (But not anywhere near the Deepwater Horizon rig last year).

    Not to get anyone in the following locations unduly alarmed, but it’s recently been sighted flitting around southern Ohio, and northeastern Pennsylvania.

    I would suggest it fly through its interdimensional wormhole to make a few much-needed appearances in the halls of Congress, or perhaps each of the regional Federal Reserve branches.

  6. payAttention

    But now Hu is moving on Chancellor Merkel and Prime Minister Putin’s markets, and neither one is running a deficit or cares about uncle Hu’s nephew’s losses on the franc. The Swiss will have to sort this one out on their own. Maybe a hard currency peg would help, such as the Prime Minister has been suggesting. The chances of the Chancellor helping her french pootle again just went down significantly. No grand caniche that one, just barks when it is hiding behind the Chancellor’s calves.

  7. emsnews

    Switzerland got rid of its gold just like all the rest, you know. Some Swiss are totally furious about that.

  8. Paul S

    The US ruling class will continue down the road to disaster–until they personally start paying a price for their criminal behavior and all around stupidity. I note in passing that corrupt Chinese bankers can and DO receive the death penalty for their crimes. In the US, corrupt bankes get bailed out by the taxpayer and receive huge bonusses. Quite the contrast.

  9. floridasandy

    no freaking carbon tax, no freaking way.

  10. payAttention

    Even though the last known case was in 2001, officials waited 10 years to declare success, since surveillance is harder with animal diseases. Even in Somalia, where the last smallpox case was found, a dying child would be rushed to a hospital. A dying cow would just be left behind.

    The whole campaign, from 1945 to the present, cost about $5 billion, the United Nations has estimated.

    “At first I thought, that’s quite a lot,” Dr. Roeder said. “Then I thought, that last royal wedding cost $8 billion. This was cheap.”

    Is this true? I don’t have time to follow gossip so most of my knowledge about the wedding is from reading here. This strains credulity however.

  11. Wu Wei

    EMS lied “But we have no surplus of anything.”

    And the LARGEST CAPITAL SURPLUS in the world, owned by the USA, is what?!?!!?!?

    Is dollar hegemony really that complex?!?!?!

    Elaine, this is not the industrial age anymore, we live in an age where the financial power rules supreme, those who control the money controll all. The producers don’t own their own factories and machines, the financiers do.

    What’s so hard to understand here, Producer X (China, Japan, Germany et al) are producing REAL wealth in exchange for fiat dollars the USA can issue at will with relative impunity, dollars the producing countries cannot spend at home.

    Time to get with the times, Elaine, the year 1800 where producers and merchants ruled the world is long gone.


    ELAINE: Our floating fiat currency regime works ONLY if we also allow everyone to loot our nation of all of its industrial base and white collar jobs.

  12. larry, dfh

    So is ObamaBush our Yeltsin?


    ELAINE: In a nutshell, yes. 😦

  13. Thank you for sharing to us.
    Well written, hope to have more articles
    Come on, hard.

  14. Wu Wei

    Elaine said “Our floating fiat currency regime works ONLY if we also allow everyone to loot our nation of all of its industrial base and white collar jobs.”

    Well, Dollar Hegemony is lethal to all, from the USA to China. The thing you don’t seem to understand is that the ones behind it are internationalists who don’t give a shit about countries, most certainly not the USA or China, they care about maintaining control and maximum profits they get to enjoy thanks to minimal wages.

    Again, your mindset is outdated, probably because you are really old and got stuck in 1800 economics, and somehow still believe in nations being sovereign today. How delusional!

    Welcome, Elaine, this is the year 2011 in which unregulated free flowing capital controls all controlled by a very small globally operating parasitic elite.

    There is no ‘WE” like you keep asserting, it’s US vs THEM.

  15. Wu Wei

    “A sustained trade deficit supported by currency hegemony is the essence of finance imperialism. Unlike producers in the industrialized core during industrial imperialism, producers in the colonies under finance imperialism do not get richer from producing. They are locked into a low-wage sweatshop production system so that global inflation can be contained to keep an ever-expanding supply of fiat dollars valuable. Credit is allotted through a central bank regime not to the entrepreneurs who can keep wages rising, but to those who can succeed in pushing wages down with government blessings. The more dollars the Federal Reserve releases, the lower world wages must fall to prevent global inflation. The more the dollar economy expands, the smaller the wage-to-price ratio in dollar terms. Those economies that defy this iron law of low wages under dollar hegemony are punished with financial crises that drain their dollar reserves.”

    Henry CK Liu – Chinese Currency: PART IV: China Steady on the peg

  16. Wu Wei

    “Under dollar hegemony, an economy that holds or needs to hold large foreign-exchange reserves in the form of dollars is a financially weak economy. The need for foreign reserves is clear evidence that the rest of the world has no confidence in that country’s currency and by extension, its domestic economy. The US, a global financial powerhouse, holds very little foreign currency. Japan and Germany, as defeated nations of World War II, have no option other than to be trapped in an international finance architecture dominated by dollar hegemony. It is a sign of serious poverty of insight, creativity and independent thought at the top that China’s monetary establishment chooses voluntarily to play the same handicapped game as these two once-vanquished nations.”

    Henry CK Liu – Chinese Currency: PART IV: China Steady on the peg

  17. emsnews

    China isn’t draining its dollar reserves, it is SPENDING IT buying up world resources and power. They just bailed out the EU, say, isn’t that amazing? As for China being part of the ‘elites’: they are not. They are the alternative elites and until this year, never invited to any Bilderberg meeting.

  18. Bob

    The answer is… The world has always been an environment for the survival of the fittest. Humanitarians only exist within a resource rich sub-environment.
    A fit mind over a fit body in our present technological advanced state. Those of you who are not presently planning your future survival are at a higher risk of getting caught up in the masses. If you are not sure what to do – and history shows continuing complacency. I think that you should seek financial counseling.

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