Betrayal of the People By Wall Street, Banks, and Government

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Bob Chapman
The International Forecaster
April 27, 2009

 

This past January, before the new president was inaugurated, in commemoration of the 30th anniversary of the establishment of diplomatic relations between the US and China, a conference was held by the Chinese People’s Institute of Foreign Affairs and the Kissinger Institute on China. Former President Jimmy Carter, Henry Kissinger, Brent Snowcroft and Zbigniew Brzezinski led the US delegation.

 

Mr. Brzezinski proposed at that conference that a US-China G-2 be formed. He stated a long list of international problems that China could help the US find solutions for, such as the global financial crisis, climate change, North Korean and Iranian nuclear ambitions, tension in India and Pakistan and the Israeli-Palestinian conflict.

Behind Zbig’s proposals are his perpetual efforts to act to the disadvantage of Russia, so that a western power base can be built in Eastern Europe and down into the Middle East and over into West Asia. This is really what Iraq and Afghanistan are all about. He cited China’s rapid growth of the past 20 years and reminded China that it would have taken years longer without the expansion of US-China trade relations. He said there should be interdependence, yet relations still were those of unending US provocation and hostility.

On the other hand Larry Summers, Mr. Obama’s top economic advisor and director of the White House National Economic Council, has proposed a multilateral approach to deal with multilateral global economic problems that would involve a new grouping larger than the Group of Seven richest nations with advanced economies. This, of course, is in opposition to Brzezinski’s approach.

It looks like Summers has the upper hand at the moment, even though Brzezinski brought Mr. Obama to his present position.

China faces 30 million unemployed workers and inflation that will soon be close to 20% again. Demonstrations are widespread and often lead to violence and death. China, like the US and UK is taking the easy way out for the moment, but in time they will suffer hyperinflation and eventually deflationary depression. That will lead to a major challenge of Chinese Communist leadership.

Among that 30 million unemployed are bright college graduates who have been unable to find work for a year and they will be joined by 7 million more in 2009. Government expects 8% GDP growth in 2008 and 2009, and we see 6% at best. That represents a time bomb of civil disorder for the government. That would only produce six million new jobs each year leaving 20 million unemployed rural migrant laborers out of work for two years at least.

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