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Confessions of an Economic Hitman?
Who else sees the correlation with China's actions here in the U.S. as with what is purported in this book? In summary the book claims (and the claims fall in place with current events) that the U.S. has "consulting" corporations whose sole niche is to enslave other countries by offering them help in building infrastructure, securing them loans to achieve them as long as they go through American engineering and construction companies, inflate the interest on the loans to the point they WILL go into bankruptcy, then take the project over and continue to accrue interest so it will never be paid off. China is making loans to us that we will never be able to pay off so we can buy more of their crap, then threaten us that it will dump our currency on the global market to devalue it, therefor making our money more worthless than what it already is. Looks like American business is losing at it's own game.
3 Answers
- Barry CLv 61 decade ago
blah blah blah was my raction to that book.
Myabe you should read James Fallow's book about the Japanese economy of the 80s (can't recall the title right ow but I am sure Amazon can tell you).
He spoke about how the smaller Asian countries, such as Thailand thought they were enjoying real growth, but really all they were doing was manufacturing parts under Japanese management. All the assemblies and all the intellectual property remained in Japan.
When Japan collapsed, so did thee other small supplier nations, and they found out they had excess infrastructure and no real know-how to sell to the world.
Now, look a the US/China situation. who is building parts on spec for whom, and racing to build infrastructure? That would be China.
Who has the intellectual property embodied in the end sales, the final assembly, and the creation of the products in the first place? That would be the US.
BTW, one of the advantages of globalization is that mutual dependency reduces the risk of war.
Anyway, do you really care if there is no place in the US that wants to manufacture "Jack in the Box Antenna Balls" or do you care that since they can be had in China, it helps Jack serve hamburgers profitably in the US using exceptional marketing techniques?
- 1 decade ago
If currency becomes less valuable, loans are easier (not harder) to pay off. The US economy would actually benefit from such an action as currency devaluation would result in far greater exports and fewer imports (i.e. greater production and lesser consumption).
