It will be used to abet their national objectives...which aren't ending poverty...but dominating all industry and technology. They already absconded with the vital national security supply of super-magnets by snapping up and relocating Magnequench. And recall last year they tried to snap up our oil compnay, UNOCAL...and were prepared to spend big bucks to lobby for it in our Congress. Bribing away our own representatives. Thwarted only temporarily. (The admnistration was all set to cave in, only some stalwarts in Congress blocked it!) Meanwhile, they are taking a less resistance path... cornering the market on Iran's oil exports. Locking it in with a $70 billion contract. [Niftily funding the jihadists and the Shiite Bomb] You have heard that they have over $800 billion in financial reserves now too...this reported just last week in the Financial Times.
And then you reiterate...in apparent amazement my straightforward observation:
'a Communist-dictated low-wage advantage that is well below every other impoverished third world nation.'
Still valid.
Do you truly believe that communism is a better system for higher standards of life?
How in BLAZES do you come to THAT conclusion? The answer is NO. No! Of course not. Precisely the opposite. But hence their brute economic power of central control that is willfully NEVER acknowledged by Free Betrayders who practice China Apologetics 101.
You say yourself above that the Chinese are indeed an'other impoverished third world nation'.
No, I didn't. I said they haven't been for 12 years. They pretend to be third world. And they keep their wages BELOW all the other real third world countries.
But then you contradict yourself?
Nope. Read more carefully.
The Chinese just spent 195bln maintaining their peg. When you spend money is it enriching or impoverishing?
It is keeping their wage earners impoverished. Deliberately. For National...read Chinese Communist Party...Gain.
Wish I had that kind of money to blow on a peg.
Yup. Don't we all. Dwell on the sheer scale of that number for a while...and the only possible real intentions of it.
The Chinese do not own UNOCAL. As for Magnaquench ...
I do not defend China. I defend free trade. I think too many people point to an indefensible government like China and then deduct that free trade is bad. I think this is foolish.
My point about Communist-dictated low-wage advantage that is well below every other impoverished third world nation.' is that such a policy will lead to continued impoverishment. I believe that China will be forced - much like Japan - to stop it's mercantilist policies. My point is that such chinese policy can not continue forever.
As to 'National Gain' the money was still SPENT - was it not? And while Chinese dollar reserves are astronomical they are not wealth producing assets.
I try to read carefully - I did not see the 'pretend' to be a third world nation. Rereading with this in mind and knowing how sinister we all are about China I guess it was implied. I think China and her policies are generally misguided. I do not think free trade is so misguided.