Russell Shorto

We Are All Chinese

Great 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?

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About the Author

  I was born in Johnstown, Pennsylvania. I have three children (Anna, Eva and Anthony) and three step-children (Reinier, Hector and Benjamin).  I write books of narrative history; I believe history is most meaningful to us when it manifests itself through individuals in conflict. My books have been published in fourteen languages and have won numerous awards.  I am senior scholar at the New Netherland Institute and a contributing writer at the New York Times Magazine. My interests include the past, the present and the future, not necessarily in that order.  

photo by Keke Keukelaar