Phil > What would the fallout be if China's boom turns to bust?
Strange question and I'm sure they are not asking it in China. In my opinion, the correct question is, "What is the implication for the world now that China has arrived?" Also India.
As I see it, and as I have mentioned, what we are witnessing is a change in the whole game, a paradigm shift, call it what you will, where the economic power of the West is being overtaken by that in the East. Of course, many will say, as they are already saying, that this is the end of the world --- end times, as the Christian fundamentalists like to call it. Utter nonsense.
The decline of the West does not mean the end of the world, it is only a wake-up call for those in the West to do something about it, and not just dream about the collapse of China and the return of the "old days" of the British Empire. Maybe you will recall how Britain already destroyed the economy of China once before by introducing it to opium.
serendipity.li
>>>They were the world's first drug wars. Their sole purpose was to secure the importation of an addictive substance that provided a bountiful flow of profits.
Opium sales had risen gradually from 2,330 chests in 1788 to 4,968 chests in 1810. But once the British got a monopoly, they forced it up to 17,257 chests in 1835, worth millions of British pounds. <<<
Surely that's why they are trying to corner the world oil production. That way they believe they will be able to put a squeeze on China's economy. Then, when they do, they say the Chinese economy was "overheated". |
