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Paper Tiger Bites
When It Is Made of U.S. Money Notes (1)

21 March 2010

In the beginning of the Golden Tiger Year (February 14, 2011 – February 2, 2011) - characterized with the open conflict between Metal and Wood, finance and culture, and the West and the East - YST, a celebrated online political commentator from Taiwan Province with his true identity unknown to public, posted his review and forecast of the world economy, which has drawn wide response both in the mainland and on the island, as his posts always did. The following are the excerpts from the post and the English translation:

On the cover of the Time Magazine issued in February 1999, there are images of three economic giants:Alan Greenspan, the Chairman of the Federal Reserve of the United States from 1987 to 2006; Robert Rubin, the Clinton-era Treasury Secretary and noted champion of deregulation; and Lawrence Summers, the Director of the White House's National Economic Council for President Barack Obama. The trio are attributed by the magazine for leading the world out of the global financial and economic crisis of the time, for which they are praised as the Committee to Save the World.

To be honest, I’m unable to recall that the world was in an economic crisis during that time. If there was indeed any, it was the so-called Asian Financial Meltdown which was in fact created by no one but American investment banks. However, it did not spread out globally; therefore, the tale of the three American marketers saving the world economy is nothing but a lie.

Now let’s look at this event more closely.

To start with, it was a financial crisis initiated by Americans single handedly, with the purpose to suppress the development of the new economies in Asia, in particular that of Japan and China.

Once American banks collected quick profits, they left a big mess behind in Thailand, South Korea, Indonesia, Malaysia and Hong Kong.

Then they came to offer a rescue package through the International Monetary Fund with the unfair conditions that helped them to further scrape the remaining profits in the collapsed economies. By doing so, the team of the three from the United States somehow become the saver of the world in the eye of the American media.

Don’t you see what Americans did? They robbed you with their left hand, then restored you to your feet with their right hand, and ended up being promoted as heroes by their own journalists on their own magazines. The myth of America leading the world economy has thus been fabricated.

When commenting on the Asian Financial Meltdown, Lawrence Summers criticised the affected region for lacking what America is supposedly abundant, namely adequate capital funds, an effective monitoring system for financial institutions, and reliable and transparent business accounting practice. But that is totally crap. The fundamental economic structures in the region, especially in Hong Kong, are rather sound, and the crisis was entirely caused by American investment banks that channeled a huge amount of hot money into the region for financial manipulation. The United States, of course, has never been short of capital, since it has the exclusive power to print the dominant global reserve currency – dollar bills.

The culprit condemns the victim for being unable to defend himself when facing the attack. Such is typical of the United States. What a worthy world leader that the humanity has got!

As a matter of fact, China was the first to discover the key to resolve the dilemma caused by an American Jew’s crazy currency trade practice and thus saved Hong Kong from financial collapse; further, by refusing to follow the example of Japan to depreciate the yuan, China stabilised the Asian financial order at the cost of the massive reduction of its own export earnings.

But America’s Time Magazine was silent over China’s sacrifice and contribution, while credited the driving force behind the crisis, the American marketers, as the Messiah for the global finance recovery.

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Excerpt of the post in Chinese:



YST 不记得1999年有什么世界性的金融危机,要有也不过是1998年由美国投资银行所制造的亚洲金融危机,这个危机的程度、范围与影响远远没有达到世界性的规模,“拯救世界的团队”完全是没有事实基础的吹嘘,【时代】杂志号称没有这“三剑客”全球经济就会融化更是无稽之谈。









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