[Marxism] China's growth accelerates in Q2

[S. Artesian]

Really, China has replaced the US as the lender of last result?  How many 
currency swap lines does the PBoC maintain with foreign central banks?

Your confidence in Chinese capitalism is heartwarming I'm sure to the 
Chinese leadership, probably not so heartwarming to the laid off migrant 
workers.

I don't believe I ever announced China was dead, and the dead cat bounce was 
just the appropriation of a Wall Street term.  But I have always thought 
this notion of China supplanting the US was so much fantasy.  Maybe in the 
Fantasy Finance League or Rotisserie Bankers,  China can, but not in the 
real world-- not without a world war.

What I do think is clear, and what I have argued, is that China is at the 
limits of growth based on its cheap labor, FDI, export model AND that it 
cannot create a domestic market to replace the export markets without a 
fundamental reorganization of agriculture.  And it can't do that without 
unleashing the class struggle.

I wonder, what makes China so unique, so different that its economy that 
some think China can defy the global downturn?  What makes China's economy 
so unique that so many think that it can continue accumulation without 
encountering the same obstacles other economies, both capitalist, and 
"mixed" have encountered?   What is it that compels many to believe that 
China has discovered what bourgeois political economists have dreamed of, 
the "end" to the business cycle.

Certainly nothing in the past year has indicated that China is replacing the 
US as the financial linchpin of the advanced economies of Europe and Asia.

----- Original Message ----- 
From: "Marv Gandall" <marvgandall at videotron.ca>
To: <sartesian at earthlink.net>
Sent: Thursday, July 16, 2009 11:35 AM
Subject: Re: [Marxism] China's growth accelerates in Q2