End of QE, not of US financial supremacy – Global Times

Logo of Global Times

Logo of Global Times (Photo credit: Wikipedia)

This an important, must read article from China’s outspoken and influential newspaper, the Global Times.

End of QE, not of US financial supremacy – Global Times.

The article takes a critical look at QE and the decline of US hegemony. It concludes:

In the international community, when the strength of a superpower is declining, its morality will be tested.

I wonder how history will judge the  morality of President Obama’s foreign policy?


One response

  1. The assessment by the Global Times is measured and precise but having been to China and met a fair number of them I am under no illusion that they intend to catch up with the West and then overtake it in not one but every field of endeavour.
    Donald Trump for all his bombast is on the money when he says that “the Chinese are eating our lunch”.
    The Chinese themselves have a phrase “The blending of the 5 colours” which is the vision they have of a number of Asian countries coming together and running most of the earth.
    The phrase in the Old Testament “The meek shall inherit the earth” is prophetic and in old Hebrew the word “meek” means many.
    Looking at India and Africa today one would not see either of them as the inheritors of this legacy at least not for some time yet so it is obvious who those Old Testament writers had in mind.
    Global Times talks about morality in the same way many people demand that the “public want the truth ” about X or Y.
    Morality and who is guilty of a war crime are often matters of who has won a war or bruising encounter ,who has the power and who writes the historical narrative afterwards.
    We see this with the Red Indians who were ethnically cleansed,placed into reservations and reduced to penury and with Hadrian nearly 2000 years ago when he built his wall to keep the Scots north of the border where he thought they belonged.
    Global Times has in mind things like Iraq,Afghanistan and more recent events in Syria as well as the deeply damaging Vietnam and Korean Wars.
    With Afghanistan the Chinese have profited immensely as a result of America clearing out Taliban from the Aynak mine where 350,000 Chinese mineworkers beaver away at extracting $6 trillion USD’s worth of copper and lithium.
    This was done to prop up the US dollar,protect Chinese investments in America and keep the world economy moving.
    Whilst it was not a Faustian pact the motives were far from altruistic on both sides so morality is relative and there is no room for the Global Times to pontificate about it any more than we have room to pontificate about human rights when our own hands are unclean.

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