Saturday, November 20, 2010
If you want to understand just how deluded Australia is strategically then take a look at the above extraordinary chart. Business Insider ran this under the heading "Why China interest rate tightening matters" (h/t The Lorax).
And sure, it does. But that's not what this blogger sees.
In 2004 our exports to the US were on a par with China. By 2008, China was at 3 x US. But since the GFC, with US demand in retrenchment and China stimulating their fixed investment boom, our Chinese export earnings are now 6 x US.
Has there ever been a more dramatic shift in the power relations of a single nation?
We may not yet know it yet, but China owns us: economically, politically, strategically...