China - News, Updates, Images & Quotes

Even the totalitarian governments of the 20th century eventually learned the hard way the limits of what could be accomplished by power alone. Chine still has a totalitarian government today but, after the death of Mao, the Chinese government began to loosen its controls on some parts of the economy, in order to reap the economic benefits of freer markets.

— Thomas Sowell; Dismantling America view

By holding their currency to a strict peg against the U.S. dollar, the Chinese authorities have essentially required that their citizens hold at least some of their savings in U.S. dollars.

Without these savings from China and other nations, everyone in the United States including the government would have a much more difficult time borrowing, and they would likely have to pay much higher interest rates for the privilege. High interest rates and scarce credit would be a lethal combination for a debt-fueled economy.

As current American leaders come into increasing conflict with China, this lifeline needs to be clearly understood, before it is callously cast adrift. Of course, since this relationship cannot last forever,t he sooner it ends the less painful it will be, particularly for Americans. The longer you eat for free, the harder it is to feed yourself when the free food stops coming.

— Peter Schiff; How an Economy Grows and Why It Crashes view

For years, economists have mischaracterized the relationship between the United States and China. Most see it as a mutually beneficial system whereby the United States gets cheap products and cheap loans, and China gets manufacturing jobs. But is such an arrangement really a benefit to both parties?

The Americans do well: they get stuff without producing it and they get to borrow money without having to save. For their part, the Chinese get to work without consuming what they produce.

Where's the benefit there?

— Peter Schiff; How an Economy Grows and Why It Crashes view

When Victor Maire, Professor of Chinese Studies at the University of Pennsylvania, and archaeologist J. P. Mallory returned from China, they told their colleagues of what they had seen: perfectly preserved 4,000 year-old mummies, desiccated by dry desert sands. Tall white women with blond hair, pigtails and tattoos; tall white men with brown beards; tiny white babies with blue eyes; woven fabrics of tartan and bonnets made of soft dyed wool...What were Caucasians doing in the wastelands of China 4,000 years ago?

— Maurice Cotterell; Jesus, King Arthur and the Journey of the Grail (quoted by Michael Tsarion) view

The current policy of the Chinese government toward England is the same as it was in the 18th and 19th centuries.

The Chinese economy is tied to the economy of Hong Kong, and we don't mean television sets, textiles, radios watches, pirated cassettes and video tapes: we mean opium/heroin. Without the opium trade, which it shares with Great Britain, the economy of Hong Kong would take a terrible beating.

— Dr. John Coleman; The Committee of 300 view

How is China expected to pay for all this "trade"? Very Simple. By 1996, China had become the largest single recipient of guaranteed loans and subsidies from the World Bank.

— G. Edward Griffin; The Creature From Jekyll Island view

Red China joined the IMF/World Bank in 1980 and immediately began to receive billions of dollars in loans, although it was well known that she was devoting a huge portion of her resources to military development. By 1987, China was the IMF's second largest borrower, next to India, and the transfusions have grown at a steady pace every since.

The Bank has asserted that loans will encourage economic reforms in favor of the private sector. Yet, none of the money has gone to the private sector. All of it is funneled into the government bureaucracy which, in turn, wages war against the free market.

— G. Edward Griffin; The Creature From Jekyll Island view