Introduction:
Asian capitalism, notably China and South Korea are competing with the US for global power. Asian global power is driven by dynamic economic growth, while the US pursues a strategy of military-driven empire building.
One Day’s Read of the Financial Times
Even a cursory read of a single issue of the Financial Times (December 28, 2009) illustrates the divergent strategies toward empire building. On page one, the lead article on the US is on its expanding military conflicts and its ‘war on terror’, entitled “Obama Demands Review of Terror List”. In contrast, there are two page-one articles on China, which describe China’s launching of the world’s fastest long-distance passenger train service and China’s decision to maintain its currency pegged to the US dollar as a mechanism to promote its robust export sector. While Obama turns the US focus on a fourth battle front (Yemen) in the ‘war on terror’ (after Iraq, Afghanistan and Pakistan), the Financial Times reports on the same page that a South Korean consortium has won a $20.4 billion dollar contract to develop civilian nuclear power plants for the United Arab Emirates, beating its US and European competitors.
On page two of the FT there is a longer article elaborating on the new Chinese rail system, highlighting its superiority over the US rail service: The Chinese ultra-modern train takes passengers between two major cities, 1,100 kilometers, in less than 3 hours whereas the US Amtrack ‘Express’ takes 3 ½ hours to cover 300 kilometers between Boston and New York. While the US passenger rail system deteriorates from lack of investment and maintenance, China has spent $17 billion dollars constructing its express line. China plans to construct 18,000 kilometers of new track for its ultra-modern system by 2012, while the US will spend an equivalent amount in financing its ‘military surge’ in Afghanistan and Pakistan, as well as opening a new war front in Yemen.
China builds a transport system linking producers and labor markets from the interior provinces with the manufacturing centers and ports on the coast, while on page 4 the Financial Times describes how the US is welded to its policy of confronting the ‘Islamist threat’ with an endless ‘war on terror’. The decades-long wars and occupations of Moslem countries have diverted hundreds of billions of dollars of public funds to a militarist policy with no benefit to the US, while China modernizes its civilian economy. While the White House and Congress subsidize and pander to the militarist-colonial state of Israel with its insignificant resource base and market, alienating 1.5 billion Moslems (Financial Times – page 7), China’s gross domestic product (GDP) grew 10 fold over the past 26 years (FT – page 9). While the US allocated over $1.4 trillion dollars to Wall Street and the military, increasing the fiscal and current account deficits, doubling unemployment and perpetuating the recession (FT – page 12), the Chinese government releases a stimulus package directed at its domestic manufacturing and construction sectors, leading to an 8% growth in GDP, a significant reduction of unemployment and ‘re-igniting linked economies’ in Asia, Latin America and Africa (also on page 12).
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).
While the US was spending over $60 billion dollars on internal policing and multiplying the number and size of its ‘homeland’ security agencies in pursuit of potential ‘terrorists’, China was investing $25 billion dollars in ‘cementing its energy trading relations’ with Russia (FT – page 3).
The story told by the articles and headlines in a single day’s issue of the Financial Times reflects a deeper reality, one that illustrates the great divide in the world today. The Asian countries, led by China, are reaching world power status on the basis of their massive domestic and foreign investments in manufacturing, transportation, technology and mining and mineral processing. 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:
part 2 coming
Asian capitalism, notably China and South Korea are competing with the US for global power. Asian global power is driven by dynamic economic growth, while the US pursues a strategy of military-driven empire building.
One Day’s Read of the Financial Times
Even a cursory read of a single issue of the Financial Times (December 28, 2009) illustrates the divergent strategies toward empire building. On page one, the lead article on the US is on its expanding military conflicts and its ‘war on terror’, entitled “Obama Demands Review of Terror List”. In contrast, there are two page-one articles on China, which describe China’s launching of the world’s fastest long-distance passenger train service and China’s decision to maintain its currency pegged to the US dollar as a mechanism to promote its robust export sector. While Obama turns the US focus on a fourth battle front (Yemen) in the ‘war on terror’ (after Iraq, Afghanistan and Pakistan), the Financial Times reports on the same page that a South Korean consortium has won a $20.4 billion dollar contract to develop civilian nuclear power plants for the United Arab Emirates, beating its US and European competitors.
On page two of the FT there is a longer article elaborating on the new Chinese rail system, highlighting its superiority over the US rail service: The Chinese ultra-modern train takes passengers between two major cities, 1,100 kilometers, in less than 3 hours whereas the US Amtrack ‘Express’ takes 3 ½ hours to cover 300 kilometers between Boston and New York. While the US passenger rail system deteriorates from lack of investment and maintenance, China has spent $17 billion dollars constructing its express line. China plans to construct 18,000 kilometers of new track for its ultra-modern system by 2012, while the US will spend an equivalent amount in financing its ‘military surge’ in Afghanistan and Pakistan, as well as opening a new war front in Yemen.
China builds a transport system linking producers and labor markets from the interior provinces with the manufacturing centers and ports on the coast, while on page 4 the Financial Times describes how the US is welded to its policy of confronting the ‘Islamist threat’ with an endless ‘war on terror’. The decades-long wars and occupations of Moslem countries have diverted hundreds of billions of dollars of public funds to a militarist policy with no benefit to the US, while China modernizes its civilian economy. While the White House and Congress subsidize and pander to the militarist-colonial state of Israel with its insignificant resource base and market, alienating 1.5 billion Moslems (Financial Times – page 7), China’s gross domestic product (GDP) grew 10 fold over the past 26 years (FT – page 9). While the US allocated over $1.4 trillion dollars to Wall Street and the military, increasing the fiscal and current account deficits, doubling unemployment and perpetuating the recession (FT – page 12), the Chinese government releases a stimulus package directed at its domestic manufacturing and construction sectors, leading to an 8% growth in GDP, a significant reduction of unemployment and ‘re-igniting linked economies’ in Asia, Latin America and Africa (also on page 12).
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).
While the US was spending over $60 billion dollars on internal policing and multiplying the number and size of its ‘homeland’ security agencies in pursuit of potential ‘terrorists’, China was investing $25 billion dollars in ‘cementing its energy trading relations’ with Russia (FT – page 3).
The story told by the articles and headlines in a single day’s issue of the Financial Times reflects a deeper reality, one that illustrates the great divide in the world today. The Asian countries, led by China, are reaching world power status on the basis of their massive domestic and foreign investments in manufacturing, transportation, technology and mining and mineral processing. 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:
part 2 coming
