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Another week in Sinoland, ho-hum

By   Follow Me on Twitter     Message Jeff J. Brown       (Page 1 of 2 pages)     Permalink    (# of views)   5 comments

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Cross linked with 44 Days


(Image by chinadaily.com.cn)   Permission   Details   DMCA

The new Asia Infrastructure Investment Bank (AIIB) is just one of many manifestations of how China is radically changing the world's economic and political landscape, all at the expense of Eurangloland (image by chinadaily.com.cn)

While Eurangloland is trying its darnedest to destroy the world, at home and abroad, Baba Beijing is just going about its business of governing China's 1,300,000,000 citizens, and changing the world's political and economic landscape faster than you can say chop suey.

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Here is a not so atypical two week news cycle in Sinoland:

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While gangsters, loan sharks and assorted psychopaths roam the halls of Wall Street, stealing and destroying lives with impunity, Baba Beijing is trying to clean up sleaze and go after the bad guys here in China. In the halls of government, the Communist Party has gone after 84,000 miscreants in just the first half of 2014. This, while the sleaze and corruption oozes out of every pore, nook and cranny in Washington, London, Paris, Brussels and Tokyo. Baba Beijing just shut down many classic ghost employee scams around the country, to the tune of 100,000 phantom salaries. Baba is also scouring the planet for crooks who have fled the Motherland with millions, sometimes billions of RMB in dirty lucre, 730 perps since 2008, and the pace is picking up fast. It is affectionately called Operation Fox Hunt. Meanwhile in the US, economic fugitives are renouncing their American citizenship. Heaven forbid if these cardboard patriots had to pay their fair share of taxes!

China knows it is sitting on a mountain of worthless American treasury bonds -- $1,300,000,000,000 - , that will never be paid back, unless Uncle Sam cranks up the printing presses, Zimbabwe dollar style. So, they are making headlines dumping off this worthless paper to buy assets overseas. This is true for mergers and acquisitions (M&As) and outright investment purchases

Another audacious way to jettison China's junk American bonds is to create your own bank and capitalize it in US dollars, not RMB's. That's exactly what China did this week. Only one year ago, President Xi Jinping floated the idea of creating an Asian Infrastructure Investment Bank (AIIB). The United States has been fighting it tooth and nail, as it would reduce Uncle Sam's iron fisted financial hegemony via the World Bank, as well as the Asian Development Bank, which is Japan's little fiefdom. Uncle Sam was able to browbeat South Korea, Japan and Australia from becoming founding members, and made Indonesia's newly elected government flinch, but 20 other countries stood up to the American bully and joined the newest international Chinese club. The one gaping non-entrant is Russia, but I suspect they will join the AIIB soon.

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On the home front, Beijing is now being called the New Silicon Valley. Haidian, a large neighborhood in the Chinese capital, is now a very happening technological hot house of creativity and innovation. Not only IT, but industrial innovation is also improving dramatically, from just being a copycat of Western technology. One of the great myths that was perpetrated on the Western 99% is that by destroying national industries in North America and Europe, no one had to worry about having a great, high paying job, since all that research and development (R&D) would stay in-country. If you study history, it is clear that R&D always follows manufacturing and industry. I remember growing up in the 50s-60s, with all the jokes on TV about Japan and Taiwan only being able to make and export cheap junk. We can see what happened since then. Ditto South Korea, which came along a generation later. Now it is China's turn.

It is not only in the law enforcement and economic realms that Baba Beijing is taking its cue from the West, creating its own stable of think tanks that look at the world from a Chinese perspective. If you can't beat 'em, better 'em!

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Jeff is the author of 44 Days Backpacking in China: The Middle Kingdom in the 21st Century, with the United States, Europe and the Fate of the World in Its Looking Glass (2013), Reflections in Sinoland -- Musings and Anecdotes from the Belly of (more...)
 

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