Thursday Sep 05, 201312:07 PM GMT
US, its economy nearing the end of time with rise of China
Sat Dec 22, 2012 10:33AM
By Prof. Rodney Shakespeare
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The deliberate export of the jobs (only benefiting the owners of the international corporations and the financial elite) is smashing American society which is moving towards civil war."

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Although the widely-predicted (Mayan Calendar) doomsday on December 21st has not happened, one should consider the following points when it comes to America.


• A rapacious parasitical financial elite which is concerned only with itself and is contemptuous of everybody else.

• Grasping international corporations which only serve themselves.

• An endemic poverty with high unemployment and a complete collapse of welfare systems.

• A violent suppression using armed drones, universal spying and dum-dum bullets.

• Everywhere, a cowed population whose spirit is so broken that it accepts anything from the roadside forced searches of the body cavities of women, to ‘re-education camps’. In these camps people are forced to repeat that truth only comes from Fox News and that all alternative media sources are the work of the Devil. Needless to say, the internet is censored.

These things, and worse, are coming to the USA unless it heeds what is happening, identifies the reasons for what is happening, and takes immediate large-scale corrective action.

Firstly, there is a huge shift of economic power from the USA to China. Within four years, China’s economy will have overtaken that of the USA. In real terms the Chinese economy has grown seventeen times since 1980.
This has happened because China has NOT opened its borders to capital flows (of the sort which produced the 1998 Asian financial crisis). It does NOT have a so-called ‘independent’ central bank (and here the word ‘independent’ means that such a bank only implements the interests of the corrupt selfish financial elite and never the interests of the population as a whole). It has NOT had austerity-type financial and monetary policies.

Moreover, China has government development goals e.g., producing for export, and it has worked to introduce technology from abroad and to ensure that Chinese people have the jobs including the managerial jobs. Crucially, it has not allowed foreign investment to compete with domestic investment; the government controls the financial system, exchange rate and owns about 44% of the assets of large industrial enterprises; and, most importantly of all, it does NOT borrow from abroad.

This is not to say that China is perfect but look at what the USA has done, and is doing. Since 2001 fifty six thousand manufacturing corporations have been shut down and the associated eight million jobs exported to countries such as China, Brazil and India. Generally, as the salary or wages of any one job are spent into an economy another four or five jobs are created. Thus the equivalent of thirty to forty million real jobs, most of them well-paying, has been lost to the USA and virtually all recently-created jobs are only part-time or low-paying.

The deliberate export of the jobs (only benefiting the owners of the international corporations and the financial elite) is smashing American society which is moving towards civil war. Gun ownership is rapidly rising. Forty seven million people are on food stamps (which are no longer sufficient for proper food); there is ever-increasing mortgage and consumer debt as people frantically try to cover the gaping gaps in their incomes by more borrowing. The true unemployment figure is 20-23% and nearly double that for young people. Real middle-class incomes have been in decline for twenty five years. Student debt has risen to $1 trillion and national debt is over 100% of GDP and rising steeply.
The former great manufacturing cities have become hell holes without hope. It is even proposed to ‘dissolve’ Detroit (and ‘dissolve’ here means to raze to the ground although quite what would happen to the Detroit population is far from clear….).

But not once does the USA consider that any of this is its own fault. It has handed control of its financial system to corrupt banks ripping off everybody else and considers that this is the operation of a ‘free market’. It lets the corporations wreck the domestic economy and, consequently, society. It claims to uphold democracy by a continually aggressive foreign policy, completely controlled by the Zionists, resulting in the USA’s military spending being nearly half of the world’s total.

Furthermore, the USA, doing its best to implement the disastrous policies of the IMF and World Bank, preaches peace and democracy. Yet it has invaded Iraq, occupies Afghanistan, bombs Pakistan and foments a ghastly civil war in Syria whilst threatening Iran.

On top of that the USA has started to talk about China being a ‘threat’. Instead of welcoming a lessening of poverty in China, the arrogant, aggressive American mind-set views the economic rise of China as an excuse for more military spending, even war.

But nemesis is coming. The USA dollar is in profound decline and America cannot stop more and more countries from ditching the dollar for their trade and turning to many other alternatives such as national currencies and even gold. When the dollar no longer underlies the world’s trade, the USA (which really ought to be the world’s richest economy) will be turned into something akin to a ‘banana republic’ with all the low standards of living, absence of welfare protection and vicious oppression that that implies.

So when Americans breathe a secret sigh of relief that December 21st has passed, let them remember that their political inertia, economic naïveté and willingness to ignore the increasing hatred of the USA abroad, are compounding the coming disaster which is only too likely to happen over a short period of time, even suddenly.

RS/AZ
Prof. Rodney Shakespeare is a visiting Professor of Binary Economics at Trisakti University, Jakarta, Indonesia. He is a Cambridge MA, a qualified UK Barrister, a co-founder of the Global Justice Movement www.globaljusticemovement.net, a member of the Christian Council for Monetary Justice. His main website is www.binaryeconomics.net. Shakespeare is also Chair of the Committee Against Torture in Bahrain. More articles by Rodney Shakespeare
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The views expressed in this article are those of the author and not necessarily those of Press TV.
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