China has not escaped this latest round of global fiscal crisis and until this week, it has not particularly taken the US to task for its inability to keep its house in order. China Daily gets a great deal of copy on the US from Bloomberg. But this week their state-run news agency, Xinhua, has said:
…[T]he debate over raising the debt ceiling has “kidnapped” the worldwide economy.
“Such political brinkmanship in Washington is dangerously irresponsible,” Xinhua wrote in a commentary published on Thursday.
The $14.3 trillion debt ceiling must be raised by Aug. 2, or the Treasury will not be able to pay its bills on time or in full. Experts have warned of global consequences if lawmakers fail to act.
“The ugliest part of the saga is that the well-being of many other countries is also in the impact zone when the donkey and the elephant fight,” Xinhua said, referring to the symbols for the U.S. political parties. “The potential collateral damage is way too heavy.”
Lawmakers need to set aside partisan politics, Xinhua said.
There has been concern in China since their annual growth rate has slid. With global retrenchment, they are not finding buyers for their wares as readily as they once did. They also have inefficiencies built into their own systems. Here is a presentation (edited) by Fareed Zakaria from the Munk Debates about why China will not dominate the 21st century.
And from China Daily, China’s own assessment of its future.
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The Morb
July 29, 2011
No one country will ‘ dominate ‘ the 21st century Sam … They’re all so worried about them selves .. They’ve ( China , USA , Middle Eastern BS !!! ) … WE !! Have lost the view of the ‘ Big Picture ‘ …
And it is sadly the demise of us all …
The American ‘ debt ‘ … is a farce !!! … ” Can’t pay ?!!! .. UP THE CEILING !! … Works every time !!! …
How’s that work in a household budget ?!!! …
samhenry
July 30, 2011
Morb I have to agree with you. We see Egypt throwing the world a curve and becoming increasingly fundamintalist. We see China in disarray, and of course the US – the 100 pound weakling is now accused of being powerful enough to bring the world economy down.
The Morb
July 30, 2011
Unfortunately , that ‘ 100 pound weakling ‘ does pack a wallop when it comes to the world economy … Let’s face it … The only reason these primitive Middle Eastern countries have any ‘ economy ‘ in the first place is due to western consumption … And the Chinese just perfected the delivery … And if the ‘ great ‘ US of A goes down the loo … So too do a good number of countries clinging onto the side of the ToidyBowl boat as well !! …
Yet those rich and powerful individuals that caused the whole shipwreck in the first place will be found nowhere near the bathroom … For they are ‘ insulated ‘ from the result of their actions and bathing in the sun on a sequestered tropical sandy beach … With an ‘ immigrant ‘ serving them pina coladas as they revel in their retirement …
Money talks above the sound of the crane doin’ it’s business after all …
Who needs a loo when you’ve got palm trees on the beach ?!!! …
What the world needs now is one great big ROTO-ROUTER !!! … The plumbing is bogged !!! …
Who will appear before us to be the quintessential ‘ Mr. Plummer ‘ ? …
samhenry
July 31, 2011
I love it – world needs a Roto Router! Excellent Morb. This is among the best Morb comments.