What I'm reading: Why China's economy needs reform
By Fareed Zakaria
“China’s ability to postpone a crisis might lead the powers-that-be to prefer the option of adjustment delayed. That could prove a huge mistake,” argues Martin Wolf in the Financial Times. “Growth cannot be sustained by increasing indebtedness indefinitely. Reform and rebalancing are essential. From what I heard at the China Development Forum last month the Chinese authorities understand this. Indeed without these reforms, their plan for liberalizing the capital account could be lethal. China can avoid a financial crisis. That is a boon, though it also risks reducing pressure for reform. Yet reform must come – and the sooner the better.”
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“There are still plenty of diehard anti-Castro figures in Washington. But calling the arguments they marshal threadbare is unkind to threads,” argues The Economist. “Cuba does not threaten American security. It is playing a constructive role in the peace process between Colombia’s government and the FARC guerrillas. Its political system is nasty and undemocratic, but it is buttressed, not undermined, by the embargo. (The reverse is true of the standing of the United States in Latin America.) Waiting for the Castros to die makes no sense when Venezuela’s crisis presents an opportunity now to cement the process of liberalization in Cuba.”
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“You might be living through another mass extinction of species—brought on by us humans, who have been changing climate and fragmenting habitats at an increasing clip—but what you probably don't know is that you might also be living through a mass extinction of human languages—brought on by the magic of the internet,” writes Ben Richmond for Vice’s Motherboard.
@fareedzakaria on Twitter
Lol i said before the internet is more dangerous than guns.
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China = bad. USA = good.
Chinese economy = bubble. USA economy = sustained growth.
Chinese food = yuk. GM Hamburgers = good.
Foreign government = dictatorships. USA = the worlds most perfect democracy.
America is the root of all terror. America has invaded sixty countries since world war 2.
In 1953 America overthrow Iran's democratic government Mohammad Mosaddegh and installed a brutal dictator Shah. America helped Shah of Iran to establish secret police and killed thousands of Iranian people.
During Iran-Iraq war evil America supported Suddam Hossain and killed millions of Iranian people. In 1989, America, is the only country ever, shot down Iran's civilian air plane, killing 290 people.
In 2003,America invaded Iraq and killed 1,000,000+ innocent Iraqi people and 4,000,000+ Iraqi people were displaced.
Now America is a failed state with huge debt. Its debt will be 22 trillion by 2015.
China is definitely on its' way to becoming a major global power. The advances in industry and technology that are prevalent in the country are only growing exponentially with each passing year. I find it interesting that they have found somewhat of a bridge between communism and democracy that actually works. See its really quite brilliant, they are communist in theoretical government but in reality they are capitalist. This allows the country to harness its' massive population to convolve to one party and one unified goal for the country. China is going through its own industrial revolution just like America did a bout century and half ago and I can bet they will have the same results America did after we ushered into a new era. China's future in the next 50 years or so might see as another superpower rivaling that of the United States and the European Union with its' currency, GDP and industry accelerating rapidly. Not to mention the huge debt the USA owes china and I can imagine with the technocrats they got over there, their going to find a way to get their money's worth. America needs to step it up in the future and worry less about going into wars and defense spending and focus more on improving our industry and production rather than consumerism. Because China is rising, at its future as a superpower is already on the horizon.