An Economic Lesson for China and Russia / 給中俄上的一課經濟學

by Dr. Paul Craig Roberts

出處﹕Institute for Political Economy

 

Is there anyone in Trump’s government who is not an imbecile?

After years of endless military threats against Russia — remember CIA deputy director Mike Morell saying on TV (Charlie Rose show) that the US should start killing Russians to give them a message, and Army Chief of Staff Mark Milley threatening “We’ll beat you harder than you have ever been beaten before” — now the US Treasury Secretary Steven Mnuchin threatens China. If China doesn’t abide by Washington’s new sanctions on North Korea, Mnuchin said the US “will put additional sanctions on them [China] and prevent them from accessing the US and international dollar system.” https://www.rt.com/usa/403118-usa-china-sanctions-north-korea/

 

 

Here is the broke US government $20 trillion in public debt, having to print money with which to buy its own bonds, threatening the second largest economy in the world, an economy on purchasing power parity terms that is larger than the US economy.

Take a moment to think about Mnuchin’s threat to China. How many US firms are located in China? It is not only Apple and Nike. Would sanctions on China mean that the US firms could not sell their Chinese made products in the US or anywhere outside China? Do you think the global US corporations would stand for this?

What if China responded by nationalizing all US factories and all Western owned banks in China and Hong Kong?

Mnuchin is like the imbecile Nikki Haley. He doesn’t know who he is threatening.

 

 

Consider Mnuchin’s threat to exclude China from the international dollar system. Nothing could do more harm to the US and more good to China. A huge amount of economic transactions would simply exit the dollar system, reducing its scope and importance. Most importantly, it would finally dawn on the Chinese and Russian governments that being a part of the dollar system is a massive liability with no benefits. Russia and China should years ago have created their own system. Being part of Washington’s system simply lets Washington make threats and impose sanctions.

The reason Russia and China are blind to this is that they foolishly sent students to the US to study economics. These students returned completely brainwashed with neoliberal economics, “junk economics” in Michael Hudson’s term. This American economics makes Russian and Chinese economists de facto American stooges. They support policies that serve Washington instead of their own countries. (編語﹕Paul Craig Roberts 的這個觀察切中要害。當中國學生紛紛以選讀經濟學為「錢途」,而中國大學經濟學科的學生和教授紛紛赴美「學習」,後果是顯而易見的,除非中國學子具有足夠的國際視野和知識背景﹔但在今日資訊仍然封閉的中國社會,赴美「學習」的中國學子幾乎不可能具備足夠的國際視野和知識背景。結果當然如 P. C. Roberts 所說,被新自由主義經濟學洗腦,而新自由主義經濟學當然是為美國服務的經濟學,於是畢業於哈佛﹑耶魯的中國經濟學學家都在中國搞新自由主義經濟學了。看一下中國民工的境況便了解國家政策如何地傾斜﹗)

If China and Russia want to be sovereign countries, they must pray that the imbecile Mnuchin does cut them off from the dollar system that exploits them. Then Russia and China will have to put in place their own system and learn real economics instead of propaganda posing as economics that serves Washington’s interest.

 

 

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