Who owns your economy, stupid

The Black Tuesday stock market slide really shows how big of a hand China has in the U.S. economy.  For starters, how about stop borrowing money from Chinese banks to finance our debt, which my generation will eventually pay interest on.

The slide could have been worse had it not been for those technical glitches near the end of trading.  The glitches led to booing chants by the traders on the floor of the New York Stock Exchange.

Comments

[China Law Blog]

Did it really show China's hand in the US economy, or did it just show that all markets are connected?

[Tony]

I'm not all that educated on all the aspects of our relationship with China, however I do know our appetite for "made in China" products is out of control, as is the money we borrow from them. In my opinion this seems to put us in a predicament. Such as turning away from how the Chinese people are treated by their government. When the government wants a piece of land, they simply go in and tell everyone to get out (this is no big secret and can be searched)

[George]

Why does everyone care about how people of another country are treated by their govt? As long as they're not being physically harmed then we should stay the hell out of their business. You cant right every wrong on earth. You cant even right every wrong in your own country. Not even close.

[Tony]

George,

I can't speak for everyone, but for me it's a "humanity" thing. It bother me when people are brutalized by any government (or by anyone in general) which is happening in China. The Chinese government decides on land they want, then evict (usually within a matter of days) the residents. From a humanitarian aspects, this bothers me. I do not think "we" should go around and "fix" the world, but I do think the "world" should make an attempt at fixing some things. I do however think "charity begins at home". My first comment was more along the lines of how our government is ok with governments that treat their people like shit as long as there's something in it for us.

 

[Administrator: Todd]

"China Law Blog," if the economic shock took place in Japan, South Korea, Russia, or even India, it would not have affected the U.S. economy like yesterday. We owe so much money to Chinese banks it's insane.

As far as the humanity aspect of it goes, I see what George and Tony are saying. I think we can be outraged by it, expect more out of China and speak out -- but that's it. Once we get involved in their affairs, we set an interesting precedent.