CHINA EXPORTS FALL SHARPLY
BEIJING—China's trade growth collapsed in November as global consumer demand plunged, adding to pressure on Beijing to reverse a worsening economic slump and avert heavy job losses, data showed Wednesday.
November's exports fell 2.2 percent from the year-earlier period, the first decline in seven years, the government reported. That was down sharply from October's export growth of 19.1 percent and well below analysts' forecasts of a 13 to 15 percent rise. Imports fell by 17.9 percent, pushing China's trade surplus to a new high of $40.1 billion.
The decline adds to mounting signs that China's downturn is worsening in areas from manufacturing to real estate to auto sales. Beijing has launched a massive stimulus package to boost growth, but it could be months before the effects are felt and its impact is unclear.
"The economy has almost ground to a halt. Job losses will be very significant, and the risk of social unrest is rising," said JP Morgan economist Frank F.X. Gong. "They urgently need to stimulate growth to generate jobs and keep society stable."
This is, of course, NOT good news for Americans. While many of our antagonistic trading partners, such as Russia and Iran, look to bluster and blame the United States, and yes, much blame is warranted, for the recent financial crisis, the short fact is this: the United States has too often shared its prosperity and economic protocols with the rest of the world much to its own disadvantage. Trade surpluses with its partners, specifically the US, have boosted China as it races to gain financial superiority in pursuit of its own century of global power. While China collects billions of dollars in surplus trade while micromanaging the relative value of its own currency, only to lend the bankrupt US those same dollars earned on trade imbalances, the newest economic power of Asia has participated in many of the same practices of explosive greed that occasionally stymie the Western powers.
So with this newest downturn in consumption of Chinese goods, even the Chinese are feeling the pinch of the global systems of checks and balances. This is a good thing, especially in light of the dumping of inferior quality exports in exchange for Western technologies and know-how. This means the Chinese have lots of stuff they just produced, but not enough money in the pockets of people to buy them, even though their trade surplus which our politicians have failed to curtail, has increased even more. But a Chinese slowdown is good for America at this moment because Americans are also hurting.
The global slowdown, while painful in many ways to many populations, can only be considered a necessary correction to the slingshot growth that has been reeling on far too long. A bevy of Middle Eastern sheiks have also been hit hard. And oil prices are expected to remain flat, even though the ME cartel oscillates between threatens of cutting back production and increasing it. Even the more aggressive trends of our friends in Venezuela and Russia are tottering as a result of this global slowdown.
We consider this a godsend. It's no secret. Americans must wean itself off oil dependency. Do we need higher gas taxes the Democrats insist we need to keep us honest, or can we simply retool our mindsets, and use less, stay closer to home, re-invent our cities to more properly engage public transportation opportunities in the work-shop-sleep matrix, perhaps one of the few gems of the socialist dhimmitudinal European model? Let's hope someone we trust can sort this out, since it's obvious the average voter has little power in this country as politician after politician fails us.
I had a discussion with a fellow of decidedly leftist leanings who informed me quite churlishly that China has a right to oil, cars, ACs, better food, bigger houses, any and all the trappings of American life. I agreed of course they do, but my point to him is that China must compete for these this higher standards of living just as ordinary Americans must. And in this rat race, I am an American, and as such I advocate standards and practices that benefit my own nation's general welfare first.
So, let us as Americans pull together in friendly competition to clean up this mess. Retract. Stop the immigration chaos. Look inward in rebuilding our collapsing infrastructure. Reinstall American cultural pride. Name the Islamic jihadist enemy properly, and prepare to fight the menace that threatens ALL civilization. Welcome to the rip-roaring 21st Century.
Read it all
November's exports fell 2.2 percent from the year-earlier period, the first decline in seven years, the government reported. That was down sharply from October's export growth of 19.1 percent and well below analysts' forecasts of a 13 to 15 percent rise. Imports fell by 17.9 percent, pushing China's trade surplus to a new high of $40.1 billion.
The decline adds to mounting signs that China's downturn is worsening in areas from manufacturing to real estate to auto sales. Beijing has launched a massive stimulus package to boost growth, but it could be months before the effects are felt and its impact is unclear.
"The economy has almost ground to a halt. Job losses will be very significant, and the risk of social unrest is rising," said JP Morgan economist Frank F.X. Gong. "They urgently need to stimulate growth to generate jobs and keep society stable."
This is, of course, NOT good news for Americans. While many of our antagonistic trading partners, such as Russia and Iran, look to bluster and blame the United States, and yes, much blame is warranted, for the recent financial crisis, the short fact is this: the United States has too often shared its prosperity and economic protocols with the rest of the world much to its own disadvantage. Trade surpluses with its partners, specifically the US, have boosted China as it races to gain financial superiority in pursuit of its own century of global power. While China collects billions of dollars in surplus trade while micromanaging the relative value of its own currency, only to lend the bankrupt US those same dollars earned on trade imbalances, the newest economic power of Asia has participated in many of the same practices of explosive greed that occasionally stymie the Western powers.
So with this newest downturn in consumption of Chinese goods, even the Chinese are feeling the pinch of the global systems of checks and balances. This is a good thing, especially in light of the dumping of inferior quality exports in exchange for Western technologies and know-how. This means the Chinese have lots of stuff they just produced, but not enough money in the pockets of people to buy them, even though their trade surplus which our politicians have failed to curtail, has increased even more. But a Chinese slowdown is good for America at this moment because Americans are also hurting.
The global slowdown, while painful in many ways to many populations, can only be considered a necessary correction to the slingshot growth that has been reeling on far too long. A bevy of Middle Eastern sheiks have also been hit hard. And oil prices are expected to remain flat, even though the ME cartel oscillates between threatens of cutting back production and increasing it. Even the more aggressive trends of our friends in Venezuela and Russia are tottering as a result of this global slowdown.
We consider this a godsend. It's no secret. Americans must wean itself off oil dependency. Do we need higher gas taxes the Democrats insist we need to keep us honest, or can we simply retool our mindsets, and use less, stay closer to home, re-invent our cities to more properly engage public transportation opportunities in the work-shop-sleep matrix, perhaps one of the few gems of the socialist dhimmitudinal European model? Let's hope someone we trust can sort this out, since it's obvious the average voter has little power in this country as politician after politician fails us.
I had a discussion with a fellow of decidedly leftist leanings who informed me quite churlishly that China has a right to oil, cars, ACs, better food, bigger houses, any and all the trappings of American life. I agreed of course they do, but my point to him is that China must compete for these this higher standards of living just as ordinary Americans must. And in this rat race, I am an American, and as such I advocate standards and practices that benefit my own nation's general welfare first.
So, let us as Americans pull together in friendly competition to clean up this mess. Retract. Stop the immigration chaos. Look inward in rebuilding our collapsing infrastructure. Reinstall American cultural pride. Name the Islamic jihadist enemy properly, and prepare to fight the menace that threatens ALL civilization. Welcome to the rip-roaring 21st Century.
Read it all
Labels: Beijing, China, financial crisis, trade surplus, unemployment
posted by Gabriel Thy at 6:12 AM
0 Comments:
Post a Comment
<< Home