Thursday, July 7, 2011

China Econ 101 Smackdown of Australia

Striking tone is right.

China right now is the drunken gambler who has been rolling well for an hour and thinks he can't lose. They bailed out their entire system just back in 1998/9. That special banking facility, after an entire decade, couldn't offload more than 20% of the junk they had to acquire to prop up their banking system. So, here they are, flush from yet another bailout from daddy, staggering from the casino tables, lecturing Australia on opening their markets.

China slaps 'limited' economy
''Australia's infrastructure bottleneck and shortage of skilled labour are hampering Australia's economic and trade development, and also limiting China's investment in Australia."

Chinese investment in Australia has been especially contentious, with the Senate yesterday launching an inquiry into foreign investment in agricultural land.

A Chinese state-owned mining company investment in Shenhua Watermark Coal in NSW is the latest concern, following the 2009 saga over Chinalco's failed bid to take over mining giant Rio Tinto. Mr Ouyang said Australia would benefit from more competition in its market, either from home or abroad.

Well, on the upside, satire was already dead anyway.

No comments: