Diverse economic outlooks between the US and China
Yesterday, it was announced that China has officially overtaken Germany as the world’s top exporter, another sign of China’s rise as a global economic force. Prof. James Petras offers these guiding philosophies that empower China, and weaken America.
1. China extracts minerals and energy resources to create its domestic job market in manufacturing. Washington drains its domestic economy to finance overseas wars.
2. China invests in civilian technology to create competitive exports. The US invests in military technology to target local insurgents challenging US client regimes.
3. China has begun to restructure its economy toward developing the country’s interior and allocates greater social spending to redress its gross imbalances and inequalities while the US rescues and reinforces the parasitical financial sector.
4. While the US multiplies wars and troop build-ups, China provides investments and loans of over $25 billion dollars in building infrastructure, mineral extraction, energy production and assembly plants in Africa.
5. While China signs multi-billion dollar trade and investment agreements with Iran, Venezuela, Brazil, Argentina, Chile, Peru and Bolivia, securing access to strategic energy, mineral and agricultural resources; Washington provides $6 billion in military aid to Colombia, secures seven military bases from President Uribe (to threaten Venezuela), backs a military coup in tiny Honduras and denounces Brazil and Bolivia for diversifying its economic ties with Iran.
6. China increases economic relations with dynamic Latin American economies, incorporating over 80% of the continent’s population; the US partners with the failed state of Mexico, which has the worst economic performance in the hemisphere and where powerful drug cartels control wide regions and penetrate deep into the state apparatus.