Sunday, December 11, 2011

World Economy: Rise of China - Fall of Europe ?

Today, the People's Republic of China is celebrating its 10th anniversary of China's membership in the World Trade Organization WTO. [People's Daily Online / People's Network and Al-Jazeera TV, Dec.11, 2011]

As China's gross national product GNP soared to $ 4,393 per head by 2010, in comparison to $ 1,042 in 2001, the People's Republic can now be considered as the world's second largest economy, following the United States of America.

President Hu Jin Tao joined the celebrations.

As Chinese folks are known to be superstitious, nature seems to have provided a "heavenly sign" for them which did not occur for ten years: A lunar eclipse on December 10, accompanied by the temporary observation of a "Red Moon" if that has anything to mean at all. - At least, the colour "red" is a traditional sign of good luck and prosperity in China's society.


U.S. general warns of political unrest in the frame of latent economic difficulties that are just expressing themselves in the actual crisis of the European currency system. [Source: Al-Jazeera, Dec.10, 2011]

Chairman of the Joint Chiefs of Staff, General Martin Dempsey, has said that he believes the eurozone is at great risk and warned that any breakup of the bloc could have consequences for the Pentagon, even threatening its top weapons programme and which is partly relying on its European allies in Britain and Italy.

Dempsey made his comment at an event hosted by the Atlantic Council, a Washington-based think tank. Even though, Dempsey is no recognized expert in economics, his evaluation of the eurozone crisis might represent the way of thinking within parts of the military and political community at Washingon D.C..

As the U.S.military has still more than 80,000 troops and 20,000 civilian workers in Europe, many of them based in Germany, any worsening of the European crisis could affect U.S. military plannings as well, namely the F-35 Joint Strike Fighter programme which is considered to be the Pentagon's costlies weapons programme and is partly relying on their European partners.

Now some remarks about economic stability in Germany. It's a fact that heavenly signs were not in favour of Germany since we met with the "Black Sun" of a solar eclipse under the Schröder administration in 1999, a time when worst mistakes had been made that are still showing their after-effect in 2011 Germany. Nevertheless, our economy has remained its vigour and even more recovered after the devastating global financial crisis. As to the eurozone crisis, Germany and France finally succeeded in finding a temporary solution that is settling the European market for a certain time while the European currency remains a stable competitor to the U.S.$. So what's all that fuzz about ?

Above: Headlines of the satirical magazine "Titanic" on the occasion of a total solar eclipse in 1999. - "Schröder is getting the Black Sun to Germany." - "That's what they have money for."

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