Paper Tiger Bites

1998 Asian Financial Meltdown

Video with English subtitle: China-US financial war in Hong Kong
by 巫师财经, a Chinese financial advisor 

As it is explicitly explained in the video, Asian Financial Meltdown was a crisis initiated by the U.S. single-handedly, with the purpose to suppress the development of the new economies in Asia, in particular, Japan and China.

When commenting on the Asian Financial Meltdown, The U.S. criticised the affected region for lacking what America is supposedly abundant, namely adequate capital funds, an effective monitoring system for financial institutions, and reliable and transparent business accounting practice.

But that is total crap. The fundamental economic structures in Hong Kong are derived from the US-UK system, and the crisis was entirely caused by American investment banks that channelled a huge amount of hot money into the region for financial manipulation. The United States, of course, has never been short of capital, since it has the exclusive power to print the dominant global reserve currency – dollar bills.

The culprits condemn the victims for being unable to defend themselves when facing the attack.

Further, after the bandits robbed their victims with the left hand, then restored the poor victims to their feet with the right hand, the thugs ended up being promoted as heroes by their own corporate media.

Where is the justice in this?

As a matter of fact, China was the first to discover the key to resolve the dilemma caused by American financiers’ crazy currency trade practice and thus saved Hong Kong from financial collapse; further, by refusing to follow the example of Japan to depreciate RMB, China stabilised the Asian financial order at the cost of the massive reduction of its own export earnings.

But the U.S. corporate media was silent over China’s sacrifice and contribution, while credited the driving force behind the crisis, the American marketers, as the Messiah for the global financial recovery.

2008 Global Financial Crisis

America’s match-fixing practice in the international financial game has finally backfired in 2008.

The minute Euro came into being, the United States decided to break it up, which is not that hard to accomplish after all. Americans only needed to direct the fire of war to Kosovo, the rest would take care of itself.

But the war cost money and lives, and Americans found it is not the best option. So they changed their tactics. Instead of sending troops to Europe, they sent a group of financial consultants from Goldman Sachs to Greece.

GS is the biggest investment bank in America and it has three distinctive features:

a) It’s entirely owned by America;

b) It has a deep connection to the U.S. government with a number of secretaries of treasure having a GS background.

At the time, Greece wished to join the EU but was unable to satisfy the financial entry requirements. So GS approached the Greek government and claimed it could help. It did, by creating a false account to cover up the large deficit through currency exchange program. Greece was then accepted by the EU and GS was then paid a big sum of commission by Greece.

GS then wasted no time to sell the currency exchange bond to other unsuspicious countries in the package named Credit Default Swap. Gary Cohn, GS’s president and chief operation officer, went to China in person to con the Chinese government. Fortunately, he picked a wrong time to market Greek bond as by then Chinese were celebrating Chinese New Year and no one was in the mood of doing business with him.

Soon it was time for Greece to repay the debt with interest. Only by then the Greek government realised GS was not there covering its mess and the unsuspicious buyers found they were tricked and scammed. The Standard & Poor’s, a share and bond rating company controlled by the United States, immediately moved in and downgraded Greece’s credit rating.

The Greek government has gone nuts and the countries involved are in despair. GS has no sympathy for its victims and cruelly branded them as PIGS (for Portuguese, Island, Greece and Spain).

In the wake of the Greek saga, Euro was sliding downward and U.S. dollar held the ground as the only viable international currency, once again.

Soros‘ ideal world is of “dehumanization”, in which only objects exist, therefore to him China’s refusal to give up its sovereign right and socialist practice is intolerable.   

This was how the U.S. digs itself out of the pit of double deficits. When America wanted to destabilize Euro, the US financiers drove Greece into bankruptcy; when America intended to break up the oil & gas group in the Middle East, the US financiers initiated a financial crisis in Dubai. There is no need to earn more and there is no need to spend less – the US only need to destroy the credibility of other currencies, so the world can never turn its back on the US dollar.

2019 Hong Kong Showdown

Of course, the US financiers’ ultimate target is China, as China has accumulated too much U.S. currency and stands in the way to an “open society” in which the financial manipulators like George Soros can be free to exploit the world as a totalitarian ruler on a dehumanised planet.

References:
YST
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