Thursday, October 09, 2008

"America, Can You Hold? We Have China On The Other Line"

"So what's the good news?"
"You keep digging it up, we'll keep buying it."
"Are you sure? Can I announce that?"
"Of course. Just don't try to put up your prices any time soon. That would not please us."
"That's great news. Thank you. Thank you so much. Thank you..."
"Please do not grovel. We find it very unattractive."

The United States stumbles out of the casino, pockets empty, pants around the ankles, cleaned out, gutted, dropping near worthless IOUs nobody inside wants to cash anymore. China still sits at the high stakes tables, hanging onto most of its mountain of chips. A few big bets go down, there are substantial losses, but the chip mountain remains formidable, and the game is not over for them yet. Waiting, waiting, waiting...

You can almost hear Kevin Rudd humming that old Hunters & Collectors song, 'don't rock the boat, keep your head down...'

Kevin Rudd has sought and received a personal assurance from the Chinese Premier, Wen Jiabao, that China's demand for exports would remain strong enough to prop up the Australian economy in the face of the global slowdown.

With the rapidly slowing global economy now a reality, Mr Rudd said he rang Mr Wen at 9pm on Monday to quiz him about his growth projections for China. Mr Rudd said he was told growth would slip from "something like 11 and 12 per cent down to 9 and 10 per cent", still strong enough to sustain a healthy demand for Australian commodity exports.

Mr Rudd believes China is the greatest militating factor against the global crisis and said the Communist nation was "now critical for Australia's continued economic performance".

"Part of the long-term strategy of this Government, and the strategy for the period immediately ahead, is how to more deeply and broadly engage with the Chinese economy," he said.

Asia will set the rules for the New Economic World Order, now that the UK, the EU and the US are busted out, choking on debt, shocked and staggered by the collapse (or demolition) of their banks and once AAA-rated financial institutions.

So the Communists didn't really lose, in the end, did they?

Just another confirmed lie, to heap onto the festering pile of lies we've been fed for decades, about free markets, globalisation, investing vs saving, and the bitter freedom of bountiful credit.