The President of China is arriving for a meeting with our President Obama. One topic will probably be the state of the U.S. dollar. Previously he said that the dollar is a product of the past.
Because of our debt, we are in a world of hurt. They are coming to shape, to nudge us. They view Western dominance as an error in history. The Western life style is seen as a catalyst for a lot of problems around the globe. They must become the Number 1 economy or there is political unrest coming – and they know it.
Glenn showed a clip from the Financial Times that reported that China wants to “…accelerate the integration of the global economy, but on its own terms.”
We allowed them to buy us. And, with that, comes control. We now owe them more than anyone in history has owed someone else.
Per the Financial Times, “…it (China) is trying to force post-American globalization.” Jan 19th.
- 1.3 billion people.
- 800 million-person work force.
- 2.8% live under the poverty line.
Glenn showed pictures of a Foxconn Chinese high-rise work campus. In this campus, factories are on the bottom level, stores above them and apartments on top. It looked like thousands of people lived there in very crowded conditions. One person wrote that he slept in a dormitory, ate in a mess hall and did as ordered at work.
Glenn discussed that, like the Borg, the Chinese can move “as one”. In contrast, in America that doesn’t happen. People here have to be convinced. But the Left thinks this “move as one” approach is desirable. In the 1930s they loved Mussolini’s country and its ability to move as one. He invited everyone to google Time Magazine and Mussolini and the New York Times and Mussolini.
The Chinese leaders are afraid of instability. He showed quotes from Chinese officials commenting about strikes and that the people were showing no fear.
They have even closed some cities. No one else can come in.
Glenn showed pictures of the Three Gorges Dam in China. It’s output is equal to 10 Hoover Dams, which was a wonder of the world when it was built. Its output is equal to 18 nuclear power plants. So much water will be held there, it will affect the earth’s rotation by a fraction of a second.
Several years ago, they were building two coal-powered power plants each week. And that was still not enough.
The have invested in oil infrastructure and development projects in more than 26 countries. Have we done that?
The annual trade between China and Africa is more than $100 billion.
Glenn then showed a quote from 2009 by a high-ranking Chinese economic official saying he is worried about America and hopes it “…maintains its good credit to honor its promise and to guarantee the safety of China’s assets.”
He went on to say you know how they treat their people, their women and children. Do you think they will treat us any better if we become a deadbeat borrower?
Soon their economy will become self-sufficient. But they will still need the rest of the world’s resources. They must continue development or face revolution. If we default, they will come for our resources in payment.
We gave them a supercomputer back in the 90s. Now their supercomputer is twice as fast as anyone else’s on the planet.
Their stealth fighter has arrived five years early.
Glenn noted that President Obama has ordered a government-wide review of regulations. He is concerned that this is Cass Sunsteen’s territory and wants help monitoring this activity.
He then showed a picture of an old cottonwood tree. He told a story of how that tree was watered and cared for by the family in whose back yard the tree was located. One night a powerful storm came along and uprooted the tree. Because the people had watered it so well, the tree did not need to develop deep roots and they were all just under the surface.
- Is the second most dangerous city in the U.S.
- They just started making layoffs there to reduce the city’s deficit.
- They are laying off 1/6 of all government employees.
- Of them, ½ of the police force and 1/3 of the firefighters.
- They have 2,800 violent crimes per 100,000 residents.
- That is more than five times the national average.
- More than half of the residents live in poverty.
Detroit has a $327 million deficit. They are closing one half their schools. This will increase class sizes to 62 students per class.
Nationwide $2.5 trillion in pensions is owed.
Illinois is raising its business taxes by 60%.
Glenn will lay out his solution to these financial problems tomorrow. He says it is simple, but it will not be easy.