Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
The sole reason opium was exported was because of the huge bullion deficits created by the massive imports of tea from China, with China being uninterested in any imports of its own from the West, except bullion. A lot like the current situation actually, with China holding a trillion dollars of IOU's, the modern equivalent of bullion.

Anyway, it was to even the balance of trade that the opium trade began, to stem the outflow of bullion.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Sat Sep 12th, 2009 at 06:56:51 AM EST
[ Parent ]
Mercantilism forever!

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Sep 12th, 2009 at 10:08:21 AM EST
[ Parent ]
In other words, Britain (and France, and later Germany) bashed China over the head and looted their stuff. After all, "looting their stuff" is what happens when you "buy" their goods and "pay" in toxic crap like opium.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Sep 13th, 2009 at 06:08:39 PM EST
[ Parent ]
After all, "looting their stuff" is what happens when you "buy" their goods and "pay" in toxic crap like opium subprime mortages.

And history just keeps repeating itself...

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Mon Sep 14th, 2009 at 01:46:52 AM EST
[ Parent ]

Display:

Occasional Series