Chinese rulers and the US elites partnered to enslave US workers and consumers. As a result, the US became a vassal state of China, a huge population which props up the buck so that it can sell us junk via Wal-Mart.
These deals were all worked out with China by Bush Sr et al in the years following Nixon's infamous visit to the forbidden city. In these talks, US leaders, primarily the right wing/GOP, the US consumer and laborer was sold out. The US would become a vassal state, a slave state, a consumer society whose raison d'etre was to buy Chinese junk. The big losers are US workers and consumers.
I work at Wal-Mart (I'm involved in the UFCW's effort to organize W-M). One day, right after I was hired, I went around on my lunch break and just sort of randomly looked at where a whole bunch of products were made.The US used to make some of the products --appliances, electronic gear et al --that are now dumped on the US via an economic blight called Wal-Mart! The US ruling elite resented the high wages paid to unionized workers in affluent America. Nixon, Reagan et al solved the US labor 'problem'!
I think I found a blender that had been made in Malaysia. EVERYTHING else had been made in China.
I wonder how the typical US consumer would feel about Wal-Mart if it were named, say, US Corporate Capital & Chinese Slave Labor Coooperative?
--John Carter, on Facebook
The solution: EXPORT US JOBS TO CHINA!
China pays slave wages and dumps the resulting cheap product on a US which produces very little these days. Concurrently, there are fewer futures, fewer opportunities, declining hope, rising despair --all the result of some thirty or forty years of right wing bullshit, lies, crookery and outright fraud. The GOP, for example, is not a political party. It is a crime syndicate and a kooky cult to boot!
The tragic truth can be found in black and white at the CIA's World Fact Book which lists the US at the bottom of the list with the world's largest negative current account balance, formerly called the balance of trade deficit.
While the US was spending time, resources and personnel in running 'elections' for its corrupt clients in Afghanistan and Iraq, and participating in pointless mediations between its intransigent Israeli partner and its impotent Palestinian client, the South Korean government backed a consortium headed by the Korea Electric Power Corporation in its successful bid on the $20.4 billion dollar nuclear power deal, opening the way for other billion-dollar contracts in the region (FT - page 13).The US right wing robbed the US population with "trickle down theory" and other nonsense utterly unsupported with fact or evidence:
In contrast, the US is a declining world power with a deteriorating society resulting from its military-driven empire building and its financial-speculative centered economy:
- Washington pursues minor military clients in Asia; while China expands its trading and investment agreements with major economic partners - Russia, Japan, South Korea and elsewhere.Washington drains the domestic economy to finance overseas wars. China extracts minerals and energy resources to create its domestic job market in manufacturing.
- The US invests in military technology to target local insurgents challenging US client regimes; China invests in civilian technology to create competitive exports.
- China begins to restructure its economy toward developing the country's interior and allocates greater social spending to redress its gross imbalances and inequalities while the US rescues and reinforces the parasitical financial sector, which plundered industries (strips assets via mergers and acquisitions) and speculates on financial objectives with no impact on employment, productivity or competitiveness.
- The US multiplies wars and troop build-ups in the Middle East, South Asia, the Horn of Africa and Caribbean; China provides investments and loans of over $25 billion dollars in building infrastructure, mineral extraction, energy production and assembly plants in Africa.
- China signs multi-billion dollar trade and investment agreements with Iran, Venezuela, Brazil, Argentina, Chile, Peru and Bolivia, securing access to strategic energy, mineral and agricultural resources; Washington provides $6 billion in military aid to Colombia, secures seven military bases from President Uribe (to threaten Venezuela), backs a military coup in tiny Honduras and denounces Brazil and Bolivia for diversifying its economic ties with Iran.
- China increases economic relations with dynamic Latin American economies, incorporating over 80% of the continent's population; the US partners with the failed state of Mexico, which has the worst economic performance in the hemisphere and where powerful drug cartels control wide regions and penetrate deep into the state apparatus. --Information Clearing House, The US and China: One Side is Losing, the Other is Winning, James Petras
In the late 1970s, the top one percent of the US population held 13 percent of the wealth; in 1995 it held 38 percent. [Source: Source: Levy, Frank. The New Dollars and Dreams ].
- The top ten percent of the US population owns 81.8 percent of the real estate, 81.2 percent of the stock, and 88 percent of the bonds. [Source: Federal Reserve Bank data in Left Business Observer, No. 72, Apr. 3, 1996, p. 5].
- One percent of the US population owns sixty percent of the stock and forty percent of the total wealth. [Source: Hawken, Paul, The Ecology of Commerce: A Declaration of Sustainability. New York: Harper Business, 1993].
- The top fifth of households saw their income rise 43 percent between 1977 and 1999, while the bottom fifth saw their income fall 9 percent....
- Since 1973, every group in society except the top 20 percent has seen its share of the national income decline, with the bottom 20 percent losing the most. They have just 3.6 percent of national income, down from 4.4 percent a quarter century ago.
- Indeed, the top fifth now makes more than the rest of the nation combined...Rebecca Blank, who recently left the President's Council of Economic Advisors, pointed out, ‘We've gone back to levels of income and wealth inequality that this country hasn't seen since the teens and 1920s.’" [Source: Merrill Goozner, Crash of '99?, Salon.com, Oct. 1, 1999; addendum: since 1999, the date the source was published, the situation is much, much worse. Today --just ONE PERCENT own more than 95 percent of the rest of us combined. GOP incompetence and criminality moves so fast these days, it's hard to keep up!].
The top one percent of Americans receive more income than the bottom 40 percent. [Source: Korten, David. When Corporations Rule the World, p. 108].
Federal Reserve median family net worth by percentile for 1992, 1995, 1998, 2001 (Federal Reserve Bulletin January 2003, pp. 1-36). Note the small gains for the bottom 75% of the population and larger gains for the upper 25% and that the 1998 to 2001 gains were largest.
--US Wealth Distributions 1989-2001