Beginning in 1992, in the aftermath of the Tiananmen Square massacre in 1989, the U.S., under the influence of globalist philosophy and led by the Clinton and Bush clans, decided that China needed to be welcomed into the club of nations.
China’s physical size and one billion-plus citizens made it impossible to ignore. Yet, its communist leadership made it a threat to Western values. The globalist solution was to help convert China to capitalism. It was recognized that this process would take decades, but the payoff could be huge if China gradually converted from communism to capitalism and began to be “just like us.”
The globalists poured direct foreign investment into China. We bought Chinese goods by the billions of dollars. China was welcomed into the World Trade Organization (WTO) in 2001, the IMFs SDR currency basket in 2016, and other multi-lateral institutions.
China’s growth was enormous and the globalists’ plan seemed to be working fine. But, it was all an illusion.
China promised to reduce subsidies to its companies under WTO rules, but they lied. They promised to maintain an open capital account under the IMF rules, but they lied. In fact, China has lied and reneged on every promise of openness and responsible behavior they have ever made.
Today, the globalist’s fantasy outcome for China lies in ruins. China is shown to be the same aesthetic, totalitarian, brutal society it has been since 1949. This is revealed in its organ harvesting program (from still living dissidents), suppression of religious groups and widespread use of concentration camps.
China has just signed a new trade deal with the U.S. There’s no reason to believe that the promise made in that trade deal will be honored any more than all of the other broken promises.
At least Trump has left tariffs on $250 billion of Chinese imports in place and can add more if China does not live up to the deal. Meanwhile, as reported in this article, China is on trial for breaking other promises before the ink is even dry on the new trade deal.
China has refused to provide information concerning efforts of its banks to evade sanctions on North Korea. China may be a world-class economic liar, but at least they’re consistent.
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