[Marxism] China's holdings of US Debt

[S. Artesian]

Don't remember hims saying that.  Don't doubt it for a second-- that he said 
that.

I think the issue is, however:

-- prior to the collapse of Lehman Bros., prior to the collapse of Bear 
Stearns, prior even to the 2007 folding of the 2 Bear Stearns hedge funds 
that marked, more or less, the return of the chickens coming home to die, 
the argument was that China, as a creditor to the US and as a center of  FDI 
and industrial production, was going to surpass the US, replace the US as 
the linchpin of the world economy, that the imbalances in trade would lead 
to a shift in the economic center of gravity.

I guess that's still the issue-- does anything that has happened since March 
2007 confirm that "shift"?   Is such a shift in global capitalism even 
possible without the usual way such "transfers" are made--  world wars?  Can 
China assume any of that role given its overall uneven of development, and 
unproductive agricultural sector, lack of a freely convertible currency?  Do 
its debt instrument holdings give it a leg up that ladder?


----- Original Message ----- 
From: "Michael Perelman" <michael at ecst.csuchico.edu>
To: <sartesian at earthlink.net>
Sent: Tuesday, March 03, 2009 9:30 PM
Subject: Re: [Marxism] China's holdings of US Debt