I believe, as Trump does, that China is our major geopolitical enemy. It’s co-opted our entire manufacturing sector, including manufacturing things on which we’re completely dependent, everything from life-saving drugs to computer technology to the solar panels being forced upon us to coffee makers. (China’s manufacturing sector is unconstrained by climate change concerns.) China’s used its belt-and-road initiative to take over ports and other infrastructure in third-world (and even poor European) countries. And, with its container vessels everywhere, we can only hope they’re not armed with missiles, nuclear or otherwise. But underneath that aggressively displayed power, China has a lot of structural problems.
The world recently got a glimpse of one of those structural problems when footage emerged of tanks protecting the Bank of China lest citizens with their savings trapped in the bank try to make a run on it:........Even the Biden administration, with its Orwellian re-definitions, would be hard-put to spin that into a sign of a healthy economy.
London’s Sunday Times has now published an article detailing the systemic problems with China’s economy. For example, did you know there was a mortgage boycott in China?..........We’ve all heard about the ghost towns that were built and remain empty. The Times says China is estimated to have 65 million vacant units. Housing was what drove China’s economy, and that market is collapsing.
China’s belt-and-road system is also collapsing. Sure, when those
countries in which it built ports and dams couldn’t pay China back for
the work done, China ended up owning those assets. It turns out, though,
that owning a port in a third-world, bankrupt country, isn’t quite the
asset China thought it would be..............To Read More....
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