Tuesday, January 13, 2009

China's economic problems are getting worse, relatively speaking, than we had thought

Even though I wrote on this blog a few days ago that I feared that China could put the squeeze on US debt – and suggested that this could be a major reason why Obama has been suggesting that seniors with means might have to sacrifice some entitlements during the economic stimulus – a story on p A07 of the Tuesday Jan 13 Washington Post indicate that unemployment in China is very serious and may lead to a political crisis. The capitalist “revolution” could quickly unravel and some sort of “moralistic” Maoism – in a country with nukes – could return. The story is by Washington Post Foreign Service writer Ariana Eunjung Cha, and is titled “As China’s Jobless Numbers Mount, Protests Grow Bolder: Economic Woes Shining a Light on Social Issues”, link here.

Perhaps the article would suggest a more libertarian view: a society with “Confucian” social controls of private activity is not necessarily more stable.

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