China
is at war with the West. It's Economic War, and has been going on for
decades, undeclared and naively not recognised. It is a dishonest
devaluation. Past decades of undervalued currency led to the massive
build-up of US debt that was re-lent to the US domestic mortgage market
leading to the great crash of '08. The "rest" rather than the "west"
should retaliate with a blanket trade tariff, though that is not really
possible. It does indicate the declining Chinese Economy,
as predicted, and this desperate measure to try to restore Chinese
manufacturing and export pre-eminence. China has only recently joined
the international community of sovereign countries after centuries of
self-imposed isolation. They are not "playing by the rules", but why
should we expect them to behave like Gentlemen when they are a nation of
peasants. Chinese "culture" now consists in copying the West and
becoming the best Western Classical musicians etc. unaware of their own
cultural traditions. It must be stressed that we have no problem with
individual Chinese people, and welcome the spread of Chinese people
throughout the world including Australia, but we do not trust the
Communist Government in Beijing, basing its foreign policy on centuries
of resentment of Western Imperialism hidden behind the traditional
Chinese facade of politeness to strangers.
China’s
shock devaluation of the yuan has sent Asia-Pacific sharemarkets
tumbling amid fears its economy is weaker than feared and Beijing’s
actions could trigger a regional currency war.
theaustralian.com.au
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