I’ve been harping on this for years, but wouldn’t it be the greatest happening of a hundred years, if both China and Russia went down the tubes fairly close to each other?
From front page of Dec 24th Journal, I’ll quote the parts of it. The headline reads “XI STICKS TO HIS GUNS AS ECONOMY TEETERS.
”Some are calling it a lost decade. More than 10 years into the Xi-Jimping era, it has become clear that much of China’s growth under his watch was driven by unsustainable borrowing, real estate speculation and investments in factories and infrastructure the country didn’t really need. Difficult overhauls that could have unlocked more durable growth, such as steps to lift consumer spending were neglected in favor of policies designed to bolster Communist Party control.
“Now, China is drowning in debt, reeling from a property bust that wiped out trillions of dollars of household wealth, and merging on a deflationary spiral. Growth has slowed, Western investment has collapsed and consumer confidence is near a record low.
“And yet, as China squares off with the U.S. for a second showdown over trade, XI is digging in. He is convinced his top-down approach to managing China’s economy, with plans to make it an even-bigger industrial power, offers the best path for China to surpass the U.S. in economic might.
“People close to Beijing’s decision-making, say nothing that has befallen China in recent years has changed XI’s belief that the U.S.is fading as the singular superpower.
“Xi still believes that the East is rising and that the West is in decline, foreign-policy adviser in Beijing said, referring to a pronouncement the leader made three years ago, when China’s economy, driven by Western demand for its exports, experienced a short lived recovery from the Covid pandemic.”
“Over the past decade, XI had opportunities to fix China’s economy. Every time, he took the fork in the road that led to more state control. By this year, local governments had taken on as much as $11 trillion in off the books debt to build transit systems and other projects, including many that failed.”
It’s a long article, but consider the millions of un-occupied homes and apartments, all built with Chinese un-backed paper money. How can China recover? Its debts may make ours tiny, and we hope Trump will lower it.
Since the Pandemic obviously came from China, probably as a lab-leak that has killed literally millions, and since China is our military, and economic enemy, why would anyone go into a hardware store and buy a screwdriver or other merchandise made in China? Why would anyone buy anything made in China? Probably the main offender in buying from China, is Hobby Lobby. Last time I checked, 95% of their merchandise was made in communist China. Why would anyone go into those stores?
WHAT COULD HAPPEN
It’s 21 days before Trump takes office. Maybe I shouldn’t write this, but suppose China or Russia or anyone, attacked us, or some terrible economic thing happened while Biden was still in office? We know his brain is muddled, and he is incapable of acting as the President. Suppose he decided to leave office and made Harris president for a just a few days. Her brain isn’t muddled, but I think it is sorely lacking in intelligence. What could happen to us?
Don Stott- don@coloradogold.com