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Paul B. Farrell: World Bank warns: China is a ticking time bomb
World Bank warns: China is a ticking time bomb
Commentary: Will Super Rich in China or U.S. be first to trigger meltdown?
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) Its as if 2008 never happened, warned a BusinessWeek editorial last year. A new crash is certain to complete what the 2008 meltdown started but failed to complete reform Wall Street.
Everybody knows Wall Streets still playing the same speculative games that triggered the 2008 crash: Bankers and politicians never learned historys lessons from the 2008 crash, that our mutant capitalism is eating at Americas soul, handicapping future generations we will repeat them.
Today its even worse: Arab Spring. Occupy Wall Street. And theyre about to kick into high gear for the 2012 elections. EU banks, Europes great nations, the euro, all still in danger. Greece collapsed. Fears its not over. U.S. debts blowing an ever-bigger bubble. Then, last week EU Central Bank President Mario Draghi announced that Europes liberal social net is gone. Thats as gut-wrenching as Obama saying Social Securitys gone.
And just when you though it couldnt get worse: The World Bank warns that China is headed for collapse. Imagine China crashing. The country holding over a trillion of Americas debt. The same China thats running all over the world like a 19th century Wild West robber baron, using reserve dollars they got from years of financing Americas costly wars and cheap toys. ..................(more)
The complete piece is at: http://www.marketwatch.com/story/world-bank-warns-china-is-a-ticking-time-bomb-2012-02-28?link=home_carousel
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Paul B. Farrell: World Bank warns: China is a ticking time bomb (Original Post)
marmar
Feb 2012
OP
xchrom
(108,903 posts)1. Du rec. Nt
snappyturtle
(14,656 posts)2. How depressing and I believe there could be another meltdown.
The reason I believe that is because nothing has been
done, regulations, since 2008. Wall Street will be the
death of us.
CAPHAVOC
(1,138 posts)3. New Tea Party
The only Tea Party that will help you in this Global Alice in Wonderland financial mess is the kind with five leaves. Time to kick back, catch a few Rays and watch the fun. This Rube Goldberg scheme is never ending.
snappyturtle
(14,656 posts)5. Yep. I think you have it right! nt
muriel_volestrangler
(101,359 posts)4. The World Bank report doesn't read like that at all
Here's the summary:
Chinas leaders have recognized that the countrys growth model, which has been so successful for the past 30 years, will need to be changed to accommodate new challenges, said World Bank Group President Robert B. Zoellick.
The case for reform is compelling because China has now reached a turning point in its development path. Managing the transition from a middle income to a high-income country will prove challenging; add to this a global environment that will likely remain uncertain and volatile for the foreseeable future and the need for change assumes even greater importance.
China has an opportunity to avoid the middle-income trap, promote inclusive growth, without further intruding on the environment, and continue its progress towards becoming a responsible stakeholder in the international economy, he said.
The report lays out six strategic directions for Chinas future: completing the transition to a market economy; accelerating the pace of open innovation; going green to transform environmental stresses into green growth as a driver for development; expanding opportunities and services such as health, education and access to jobs for all people; modernizing and strengthening its domestic fiscal system; and seeking mutually beneficial relations with the world by connecting Chinas structural reforms to the changing international economy.
http://www.worldbank.org/en/news/2012/02/27/china-case-for-change-on-road-t-030
The case for reform is compelling because China has now reached a turning point in its development path. Managing the transition from a middle income to a high-income country will prove challenging; add to this a global environment that will likely remain uncertain and volatile for the foreseeable future and the need for change assumes even greater importance.
China has an opportunity to avoid the middle-income trap, promote inclusive growth, without further intruding on the environment, and continue its progress towards becoming a responsible stakeholder in the international economy, he said.
The report lays out six strategic directions for Chinas future: completing the transition to a market economy; accelerating the pace of open innovation; going green to transform environmental stresses into green growth as a driver for development; expanding opportunities and services such as health, education and access to jobs for all people; modernizing and strengthening its domestic fiscal system; and seeking mutually beneficial relations with the world by connecting Chinas structural reforms to the changing international economy.
http://www.worldbank.org/en/news/2012/02/27/china-case-for-change-on-road-t-030