Now suspend your disbelief even further and imagine that out of greed, what such entities were doing were intentionally creating an economic bubble that brought them huge wealth while pulling out the cornerstones of the world’s economy.
Now imagine that I’m talking about China.
The New York Times ran this sobering article on Thursday
The New York TimesDaniel Acker/Bloomberg News
James Chanos made his hedge fund fortune predicting problems at companies and shorting their stock.
As most of the world bets on China to help lift the global economy out of recession, Mr. Chanos is warning that China’s hyperstimulated economy is headed for a crash, rather than the sustained boom that most economists predict. Its surging real estate sector, buoyed by a flood of speculative capital, looks like “Dubai times 1,000 — or worse,” he frets. He even suspects that Beijing is cooking its books, faking, among other things, its eye-popping growth rates of more than 8 percent.
Now, this is one man’s view of China’s economy but what’s worrisome is that it has the “feel” of being very viable, especially in light of what we’ve learned about how corrupt and nihilist the so-called “sharpest” financial minds are in the Western world.
The prevailing short-sightedness, greed and immorality of the corporate mindset represents a far greater threat to the future of our civilization than terrorism.
There is every motivation for them to kill the golden goose, to squeeze every last drop of life out of it if it means more money for them today or this quarter.
The financial world is in fact sociopathic and self-destructive, recent history clearly confirmed this.
So what if this kind of thinking, practiced to one degree or another around the world, also resides in China? What then, if China’s economy collapses and there is no one to keep financing the U.S.’s deficit spending?
It is a frightening thought but not outside of the realm of possibility. That doesn’t mean that we should buy guns, gold and canned beans and cringe in our basements waiting for the Apocalypse. What it does mean is that the U.S. urgently needs to reform its corrupt financial industry and get on top of deficit spending ASAP to insure against being thrown overboard and plunging like an anchor to the bottom of the financial sea.