Friday, October 7, 2011

Democrats blame China, not Wall Street

The bill that was poised for passage in the US Senate Thursday with bipartisan support, mandating a US currency war with China, is a cynical diversion. Amid a rising tide of protest directed against Wall Street, the Democrats are taking the lead in an effort to provide a foreign scapegoat for the crisis of American capitalism.

The White House, together with much of corporate America, sees the value in using anti-China demagogy to divert popular anger over the economic crisis away from Wall Street and towards a foreign scapegoat.

Finally, even if such legislation were to be adopted, trade war with China would do nothing to reverse the decline of American manufacturing and the living standards of American workers, which is the product of the global crisis of the capitalist system, not the policies of a single country. The shock effects on the world economy would actually destroy jobs, not create them.

Even more dangerously, such an action would be a dramatic step towards outright military conflict with China, a rising military as well as economic power, which represents a threat to the longstanding domination of American imperialism in the Asian-Pacific region.

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