“The power under the constitution will always be in the people. It is entrusted for certain defined purposes, and for a certain limited period, to representatives of their own choosing; and whenever it is executed contrary to their interest, or not agreeable to their wishes, their servants can and undoubtedly will, be recalled.”
~ George Washington (1787)
Friday, October 28, 2011
The Coming Chinese Storm?
This is a fascinating video report (from Australia) about the Chinese economy, and it's own housing bubble. Bottom line, economic woes for China loom on the horizon, possibly worse than we face here in America. But on thing is absolutely clear: don't believe a word when the media praises the Chinese economy. It's a "command economy", directed by the Beijig government, a recipe for certain disaster.
For so long we have heard nothing but how the Chinese were doing things right. Hundred of millions rising up out of poverty. News cars replacing bicycles on the streets of Beijing. An economy that could not be stopped, which grew year after year after year by 10%+. But there is trouble brewing.
