Source: Joe Hoft
For years China was able to do what it wanted with the US. This was due to politicians like ‘China Joe’ Biden who made millions from China, and his son made a BILLION, while he approved policies and trade deals that saw American jobs go overseas.
Then came President Trump.
Last night Senator Kamala Harris in a debate with Vice President Mike Pence pushed a bogus and unsubstantiated estimate that the US lost 300,000 manufacturing jobs to China due to President Trump’s trade deal with the ChiComs.
This was a massive lie:
We previously reported over the past two years how China’s economy is collapsing.
You could see it and there were many signs of China’s pending economic collapse.
The BBC reported in January before the China coronavirus spread around the world that official China figures were scary:
China’s economy grew last year at the slowest pace in almost three decades.
Official figures show that the world’s second largest economy expanded by 6.1% in 2019 from the year before – the worst figure in 29 years.
The country has faced weak domestic demand and the impact of the bitter trade war with the US.
The government has been rolling out measures over the past two years in an attempt to boost growth.
It comes after almost two years of trade tensions with the US – although hopes of a better relationship with America have seen improvements in manufacturing and business confidence data.
We’ve reported for months that President Trump had the US in the position that it could only win in a deal with China. The US economy was on fire – more Americans were working than ever before, unemployment was at 50 year lows, wages were way up and the stock market was at record highs. But China was moving in the opposite direction.
The problem for China was that its economy helped the CCP regime stay in power and it was collapsing. China needed a deal with the US. China had invested millions in deals around the world and it had overbuilt at home. Then President Trump came and slowly moved business from China to other countries through various actions including tariffs.
China’s GDP was reduced to almost half of that of the US and it was in real economic trouble.
As we reported in a post in August 2019, President Trump recognized that China was in an all out war with the US in regards to information and economics. For years Western leaders did nothing but negotiate into weak positions, never standing up to the Communist Chinese regime. Former US Presidents treated China like they did Russia 50 years ago, as their superior, always giving them what they wanted and never standing up to their abuse and criminal acts.
President Trump knew that China needed the US but the US didn’t need China.
President Trump preached manufacturing in the USA and trade deals that made sense.
We posted a video from former Trump Chief Strategist Steve Bannon regarding China. He discussed how China was in an economic war with the US. He said America was losing until President Trump. Then he added this:
Well here’s the game and right now we are converging on a point and they understand this. We could take the whole thing down. We can take, the whole thing’s built on a house of sand…
If they [China] devalue their currency they are just going to flood more out. They got $3 trillion of reserves and trust me, in a New York second that thing would flood out in a second. That’s what their own people think about their economy. We’ve allowed these guys to push us around. We’ve allowed these guys to take the South China Sea…
This trade war is going to end in victory and what you’re going to see is a reorientation of the entire supply chain out of China…
Bannon was right. He said that China was at war with the US. He said this war had been going on for 20 years and had three fronts: informational, economic and kenetic (i.e. guns).
We reported in May 2019 that just like the US in 2008, a perfect storm was building in China. The excessive and extravagant construction projects, cash-flow challenges and lack of demand in China all could combine for a major financial disaster.
A financial meltdown was in the works in China.
Over the past few decades, China opened its borders and corporations around the world fled to China due to its cheap capital and meager payroll costs.
The Chinese were relentless in their efforts to obtain Western technology and grow their economy. They set up trade barriers and manipulated their currency in ways that helped China. The US was at a disadvantage in trade resulting in massive deficits in the billions.
Along came the Trump Administration, the first administration to address China’s unfair trade advantage. The timing of Trump’s tariffs was not good for China as there were more pressing issues that had to be addressed.
The more pressing issues for China surround real estate, in a manner similar to the US in 2008. As China grew, it invested in its infrastructure and in addition, it invested in large housing projects throughout the country. These efforts helped bolster China’s already fast growing economy.