We Are All Chinese
October 11th, 2011Great article in the IHT today about how China is funding its global buying spree. Ordinary Chinese wage-earners put a large chunk of their income into savings. But their only option is state-run banks, which pay interest rates that are about half the rate of inflation. The government then uses this enormous moutain of money to fund its state-owned companies, which in turn are buying up airports, energy companies, car companies, national debts, and everything else, all over the planet. Ordinary Chinese, however, can’t keep this up. With every passing year, their savings shrinks. In China, then, the people are being systematically robbed by the powers that be.
Wait–that sounds familiar. Isn’t that what the Occupy Wall Street people are worked up about?