In short, while the US elite wants to go back to huge profitability through the impoverishment of millions and a consequent reduction of the current account deficit, China seeks to restore profits through the buildup of unsustainable manufacturing capacity. These two policies are set on a collision course, but their mutual outcome will be the same: impoverishment of workers in the importing countries, huge unemployment, overcapacity and deepening economic crisis for the exporters.
These processes, developing within a world economy in free fall and alongside drastically rising unemployment, augur social upheavals all over the world.
The World Economy
continues to slide into freefall, and Obama isn't doing much to stop it:
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