If there was ever an example for nations worldwide of What Not To Do, take a look at what socialist Ecuador has done to itself in dumping the U.S. and turning to align its interests to China. The New York Times has a superb (albeit stomach-churning) report about how Ecuador sold itself out as a vassal of China, getting for itself a junk dam that is already collapsing, and turning over 80% of its oil production to the communist behemoth in order to pay its massive, massive debts from it. That, in exchange for scrapping its military ties to the U.S. and skipping out on its tab with western banks.
According to the Times report:
“The Chinese put the hook in,” said Steve Hanke, a Johns Hopkins economist. “At the end of the day, what do these countries have? A pig in a poke.” ................He loudly kicked the U.S. out of its tiny air base in Manta by 2009, and at the same time embraced China, which got it on the hook for billions in loans for junk infrastructure projects, in exchange for pretty much all of Ecuador's oil. As for the oil-is-king strategy, well, we all know how that worked out for Venezuela............. They sure taught gringo a lesson, didn't they?........
And the Times notes that Ecuador is not the only country out there with this kind of strangling embrace from China. According to the Times: China, now South America’s top trading partner, has seeded the region with infrastructure and a staggering trail of loans.
It has reaped political benefits, too, getting Latin American nations to sever diplomatic relations with Taiwan. Pakistan is reportedly in similar straits over Chinese debt, and so is much of Africa, again, another case of the capture of the resources. There are likely other places, too.........To Read More.....
My Take - All, and I mean all, of our Southern neighbors will have to look North to get out of this mess, and they'll not get good terms, but the terms will be better than what the Chicoms have duped them with. Socialists are going down the tubes everywhere and that includes China.
What? China's going down the tubes? Yes!
They don't have the money they're loaning, and those borrowing don't have the money to repay them. Time isn't on their side, it's on America's side, so don't get all worked up over this because the more they do this kind of thing the sooner they all go broke.