| View previous topic :: View next topic |
| Author |
Message |
mises
Joined: 05 Nov 2007
Location: retired
|
 Posted: Thu Oct 16, 2008 7:47 am Post subject: George Soros Says China To Become New Financial Empire |
 |
|
http://www.investorazzi.com/2008/10/16/george-soros-says-china-to-become-new-global-financial-empire/
| Quote: |
China will be the biggest winner of the current financial crisis, US billionaire and philanthropist George Soros said. The financier gave an interview to Germany�s Die Welt, in which he told of the roots of the crisis and said that the mortgage bubble only triggered the process, which entailed the economic collapse�
The United States and a part of Europe will have nationalized banks and huge debts. China will become the new global financial empire.
�The USA�s influence has already begun to decline. For the past 25 years, we have been running a constant current account deficit. The Chinese and the oil-producing countries have been running a surplus. We have consumed more than we produced. While we have run up debt, they have acquired wealth with their savings. Increasingly, the Chinese will own a lot more of the world because they will be converting their dollar reserves and US government bonds into real assets. The power shift towards Asia will occur as a result of the sins which America committed during the recent 25 years,� Soros said. |
Alright, generally speaking he is correct but his time line is very short. Many of these predictions forget or discount the massive problems in China and the many, many strengths of the United States. China will have to dip massively into her funds to keep the domestic ride from blowing up. But the idea that deficits, current/trade/consumer/government don't matter needs to die now.
And before anybody jumps up my arse.. No. I do not want China to be a financial empire. Not at all. Not 1%. |
|
| Back to top |
|
 |
Kuros
Joined: 27 Apr 2004
|
| Posted: Thu Oct 16, 2008 7:54 am Post subject: |
|
|
| Believe me, I wish it were true. But I doubt it. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Thu Oct 16, 2008 8:01 am Post subject: |
|
|
| You wish it were true that China would be the empire? |
|
| Back to top |
|
|
Kuros
Joined: 27 Apr 2004
|
| Posted: Thu Oct 16, 2008 10:15 am Post subject: |
|
|
| mises wrote: |
| You wish it were true that China would be the empire? |
I wish it were true that China would be the next financial power. I don't see China as a financial empire. George Soros doesn't understand China. But I would like to see a good 1/5th of the world's wealth concentrated in China, b/c, you know, a good 1/5th of the world lives in China. |
|
| Back to top |
|
|
Kuros
Joined: 27 Apr 2004
|
| Posted: Fri Dec 26, 2008 11:05 am Post subject: |
|
|
So far, so not true.
Most Beijing companies I know are experiencing salary decreases and layoffs. Its true that this doesn't impact the financial sector directly, but China has bigger problems. |
|
| Back to top |
|
|
Bigfeet
Joined: 29 May 2008
Location: Grrrrr.....
|
| Posted: Fri Dec 26, 2008 5:01 pm Post subject: |
|
|
| China has too many mouths to feed to become a world financial power or military power. India has the same problem. But China and Japan may come out of this mess on top only because they saved the most money while times were good. But "on top" is relative. They will never even come close to being as powerful as the US was. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
