Monday, September 14, 2009

China Says We Are Becoming Less Capitalist -- As They Are Becoming More

Et tu, Mao?

By Clifford F. Thies

First it was Russia calling us down for socialism. Now it’s China.

Responding to the Obama administration’s enactment of prohibitive tariffs on Chinese-made tires, the Chinese Ministry of Commerce expressed strong opposition, calling it “a serious act of trade protectionism.” China, said the Ministry, “reserves the right to make further response.”

And, responding to the continued roar of the money-printing press here, a top Chinese official said his country was dismayed. "We hope there will be a change in monetary policy as soon as they have positive growth again," said this official. "If they keep printing money to buy [U.S. Treasury] bonds it will lead to inflation, and after a year or two the dollar will fall hard."

It all brings to mind the words of Bob Dylan:

The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is
Rapidly fadin'.
And the first one now
Will later be last
For the times they are a-changin'
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