World Bank warns: China is a ticking time bomb
Commentary: Will Super Rich in China or U.S. be first to trigger meltdown?
By Paul B. Farrell
Feb. 28, 2012
“It’s as if 2008 never happened,” warned a BusinessWeek editorial last year. A new crash is certain to complete what the 2008 meltdown started but failed to complete — reform Wall Street.
Everybody knows Wall Street’s still playing the same speculative games that triggered the 2008 crash: Bankers and politicians never learned history’s lessons from the 2008 crash, that our “mutant capitalism” is eating at America’s soul, handicapping future generations — we will repeat them.
Today it’s even worse: Arab Spring. Occupy Wall Street. And they’re about to kick into high gear for the 2012 elections. EU banks, Europe’s great nations, the euro, all still in danger. Greece collapsed. Fears it’s not over. U.S. debt’s blowing an ever-bigger bubble. Then, last week EU Central Bank President Mario Draghi announced that Europe’s liberal social net is “gone.” That’s as gut-wrenching as Obama saying Social Security’s gone.
And just when you though it couldn’t get worse: The World Bank warns that China is headed for collapse. Imagine China crashing. The country holding over a trillion of America’s debt. The same China that’s running all over the world like a 19th century Wild West robber baron, using reserve dollars they got from years of financing America’s costly wars and cheap toys.
Adding insult to injury, China’s now using these reserve dollars to buy and hoard huge land resources, commodity futures and equities worldwide. Yes, China’s rubbing it in: China’s future is being paid for at the cost of America’s future.
China’s Super Rich and America’s Super Rich are both self-destructing