List China Events Chinese Culture China Watch Chinese Music Land of China Chinese Festival Chinese History Chinese Architecture Chinese Medicine People in China What Chinese Say Martial Arts China Tales World Watch World Beyond Amusing & Musing

Home >> China Events

Paper Tiger Bites
When It Is Made of U.S. Money Notes (3)

27 March 2010

Realistically the U.S. is already bankrupt, since it has no capability to pay back the debt; but technically, the U.S. is not and will not be bankrupt, not for a while, as long as the US dollar is still the dominant international currency, since the U.S. can always print more notes when needed. On the other hand, if this is the case, it will inevitably cause the US dollar to lose its top credit rating hence lose its reserve currency status.

So let’s face it. There are only two credible ways for the US to move out of the current economic dilemma: either to get more money or to spend less money, which means Americans will have to work harder, pay more tax and lower their living standards.

However, if history is any guide, we shall know in no time that it is virtually suicidal for any US administration to increase tax, since American people hate it and will not vote such administration into office again. By the same token, Americans will not re-elect a government that makes them lower their standard of living.

During the election campaign, Barack Obama inspired the Americans with his message that “Time for change has come”, and that “Yes we can do it.”

Yes, the time for Americans to change their way of living has long come. But no, they can’t do it, since they are unwilling to. So the United States is doomed, unless, well, it makes an ultimate change at its roots, which means to change its culture.

Speaking of culture, there is a fundamental difference between the culture of the West, which is the foundation of the American culture, and that of the East, that is represented by China’s Confucianism. The former is based on the crude law of the jungle while the latter is a result of the sophisticated social study and experiment over a period of thousands of years with a vision of an universal humanity.

Since the Western culture worships the idea of "survival of the fittest", the mainstream thinking in the U.S. is that "As long as I can get by, I am doing the right thing". That explains why in their dealing with the West, Chinese are frequently disadvantaged.

[Western historians often lament on the fate of China’s Song Dynasty and attribute its demise to the fact of being over civilized in the world of 11th century when it was surrounded by the early form of Manchurians and the Mongols who were still in a blood-thirsty stone-age hunting culture. So you’ve got the idea.]

To Americans, it is nothing wrong to live a debt-live luxury life. In fact, they are proud of being able to do so, and you should be the one to feel ashamed if you can’t get your money back.

While over 100 million people are still struggling below the poverty line in China, Chinese government spent $700 billion to purchase U.S. treasury debt that has helped to support Americans' first-class lifestyle. Do you think Americans will ever be grateful to Chinese? Not a chance! Americans only consider Chinese government a fool. They are willing to borrow, and you are willing to lend, and business is done. They owe you nothing.

If one day Americans fail to repay the debt, do you think they will ever be troubled by their conscience? Again, not a chance! You offered a bad loan and it’s your problem. And that’s it.

Following this line of reasoning, we know we should not assume Americans will feel embarrassed to ask for more money from China. They will not, never. So long as China keeps lending, they believe it is an evidence that they’ve done a right thing by making a good business proposal.

Credit consumption is a way of life in the U.S. and has bee promoted by American economic gurus as an advanced economic model, which is explained through complicated mathematic computation based on an invalid assumption. The fake model had tricked the whole world, including Chinese, even though this is at odds with their thousands-year old practice, largely due to the undeniable reality of U.S. prosperity.

But the bubble finally burst in 2008. For this, I think year 2008 is a turning point in human civilization.

Over the years, the first task for a new Secretary of the Treasury of the U.S. is to sell U.S. Treasury bond to the world. There was no difference after Timothy Geithner took his portfolio last January. But when he addressed the students at Beijing University during his visit to China, and declared that it is safe to purchase T-Bill, he was greeted by a burst of laugher which rocked the hall.

Americans were very upset over the incident. They did not feel embarrassed for Geithner trying to mislead Chinese, but feel insulted by the students who refused to believe in the lies.

When I heard the news, I was delighted and thrilled. Finally, Americans’ scam has been uncovered by Chinese, and by Chinese students who no longer blindly worship the West and follow the celebrities. China has regained the confidence in their tradition and China has the future.

1 | 2 | 3 | 4

Excerpt of the original post in Chinese written by YST:





















去年一月,盖斯纳 走马上任美国财政部长。依照惯例,他到中国来推销美国政府公债,并且在北京大学发表演说。当盖斯纳说到「购买美国公债非常安全」的时候,整个厅堂爆发哄堂大笑。这件事在美国引起很多评论,美国政府非常不高兴,认为中国人太过自大,暗示美国官员遭到如此羞辱,以后一定会给中国好看,还以颜色。

YST 看到这则新闻非常高兴。美国唬弄人的把戏早被中国人看穿了,还不是大人,是二十岁左右的小毛头。中国的年轻学生已经不会盲目崇拜外国的名人和学者,这是自信的表现。

早些时候,克鲁曼获得诺贝尔经济奖后就四处安排国外的演讲会吹嘘他的理论,另一方面也赚取庞大的演讲费。经济是软科学,诺贝尔经济奖被犹太人把持,这个奖的含金量很少,根本不值钱。YST 对克鲁曼的言论非常不以为然,譬如他说:「我们与中国的贸易总算变得公平与平衡:他们卖给我们有毒玩具和受污染的海产;我们卖给他们诈欺证券」。除此之外,克鲁曼赞成美国与中国展开贸易大战。这些都是非常轻佻的评论,说话有如小儿,没有什么知识性,令人更加看轻诺贝尔经济奖。

1 | 2 | 3 | 4

Prev: Paper Tiger Bites (2)
Next: Paper Tiger Bites (4).


Home List About This Website Contact Us

Copyright © 2008 - 2017