08.20.09
The Secret of China’s Miracle Economy
RG mail
The Government Owns the Banks Rather Than the Reverse
by Ellen Brown
webofdebt.com (August 17 2009)
“The banks – hard to believe in a time when we’re facing a banking crisis
that many of the banks created – are still the most powerful lobby on
Capitol Hill. They frankly own the place.”
– US Senator Dick Durbin, Democratic Party Whip, April 30, 2009
While the US spends trillions of dollars to bail out its banking system,
leaving its economy to languish, China is being called a “miracle economy”
that has decoupled from the rest of the world. As the rest of the world
sinks into the worst recession since the 1930s, China has maintained a
phenomenal eight percent annual growth rate. Those are the reports, but
commentators are dubious. They ask how that growth is possible, when other
countries relying heavily on exports have suffered major downturns and
remain in the doldrums. Economist Richard Wolff {1} skeptically observes:
http://www.webofdebt.com/articles/secret_of_china.php