December 26, 2008

Blame China (Again)

The New York Times is laying the blame on the world financial crisis once again on China. Because it is the Chinese saving glut to blame for America's ills. Why, without China saving and investing hundreds and hundreds of billions in the USA, Americans wouldn't have been able to fund destructive land wars in Asia and buy gas guzzlers and marble counter tops for their apartment conversions.
This is an old tired web of deception first postulated before the crisis even hit. It is the sign of strong character to own up to your mistakes. China is not to blame for the current mess in global financial markets. The so-called leader of the 'free' (read: capitalist) world, the USA, needs to focus attention to its own values and the sooner the better.

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