Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The Chinese political elite has as one of its priorities to generate enough jobs to avoid political crisis, and if a discounted exchange rate policy against the US$ generates the net capital account inflows to the US that allows the US to continue generating the net current account outflows that provide an external market with actual profit margins that helps keep so many businesses afloat ... well, that's a good thing.

All of which, I submit, would have been entirely uneccessary had China remained on its original Maoist path.

Deng, and all that came after him - that is, the China you see now - was not inevitable, it was a choice. And it was a choice made by only a few people, and only in their interests.

If the Chinese elite were truly interested in avoiding political crisis, they would never have embarked on this course in the first place.

Although you are generally correct about the difficulty of revolution, let us hope you are wrong in this case (China), and that the people responsible get it in the neck (literally), like they deserve, without being able to bugger off to Hong Kong or New York or wherever (like they did the last time around).

by wing26 on Sat Mar 1st, 2008 at 03:34:42 AM EST
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