The US and other Western countries imposed an embargo against China in the 1950s, blocking trade between it and most of the rest of the world except the Soviet Bloc. China then adopted a Soviet Style centrally planned economy, but after 1978, it pursued an open door policy and was transformed from a centrally planned economy back into a market economy. Private Industry is now flourishing in China and privatiziation has been creeping into its banking system as well, but it still has government owned banks that can issue national credit for domestic development. By 2004, China was leading the world in economic productivity, growing at 9% annually. In the first quarter fo 2007, its economic growth was up to a remarkable 11.1%. With retail sales climbing 15.3%. The commonly held explanation for this impressive growth is that Chinese are willing to work for what amounts to slave wages, but the starving poor of Africa, Indonesia, and Latin America are equally willing, yet their economies are languishing. Something else distuingishes China, and one key difference is its banking system. China has a government issued currency and a system of national banks that are actually owned by the nation.
Web of Debt by Ellen Brown
Read that last sentence. It's very important. China has a completely different banking system than the US. They are the only economy in the world that does what they do. Hence why they are so successful right now. National banking i.e. government issuing currency interest free to businesses and keeping their currency pegged to the dollar all the while freeing up their economy. It's actually not only cunning but pure genius. Meanwhile the US is at the behest of a bunch of fucking private banks that charge the American people a shit ton of interest when they "create money out of thin air".
