Posted on 08/09/2007 5:17:53 AM PDT by Lou L
By John E. Carey
Peace and Freedom
August 9, 2007
Below Beijing’s leadership, who runs China’s sprawling bureaucracy? The cadre of loyal communist worthless stooges.
Yesterday The Washington Times published an article I wrote entitled “China: Less than the Whole Truth.” I pointed out that after more than seven months of bad news concerning Chinese food, drug and other product safety, the vice minister for the State Administration for Industry and Commerce in China said, “We can guarantee food safety.”
Anyone who could read knew that not to be true: both in China and everywhere else in the world.
In another possible case of the bureaucrats talking beyond their understanding and ability, The Telegraph newspaper in the UK reported today that “Two officials at leading Communist Party bodies have given interviews in recent days warning - for the first time - that Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.”
The Telegraph’s report continues, “Described as China’s ‘nuclear option’ in the state media, such action could trigger a dollar crash at a time when the US currency is already breaking down through historic support levels.”
One source the British newspaper cited is Xia Bin, finance chief at the Development Research Centre (which has cabinet rank).
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Good thread Lou.
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