April 14, 2009

Disingenuous quotes

According to a report in the NY Times China spent much of the first quarter trying to diminish the risk of it's exposure to US Treasury Bonds (perhaps as part of an effort to destabilize the US further for it's own geo-political advantage, perhaps as an effort to limit it's own risk exposure, or perhaps both).

Asked about the balance of financial power between China and the United States, one of the Chinese government’s top monetary economists, Yu Yongding, replied that “I think it’s mainly in favor of the United States.”

He cited a saying attributed to John Maynard Keynes: “If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.”

Perhaps he's being disingenuous in his quoting of Keynes. After all, China would much rather be in a position of holding American debt than the reverse.

The other question you have to ask yourself, is that if communist China is quoting Keynes, shouldn't you reconsider holding him out as an economic theorist you want to base your own prosperity on? Next thing you know, China will be quoting Paul Krugman.

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