Book Excerpt: "The Coming China Wars" Introduction
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Introduction
News Release, October 25, 2012
U.S.-China Chill Melts Down World Markets
NEW YORK―Global stock exchanges were devastated this week by the worst
collapse in history as a wave of panic selling followed the sun from
Asia through Europe and back to Wall Street. The pandemonium was
triggered by a Chinese government announcement that it would no longer
finance the mounting budget and trade deficits of a "profligate United
States" that "refuses to live within its means" and that "insists on
scapegoating China for its own internal economic problems." Nor would
China continue to try to prop up "an increasingly worthless dollar."
As the Chinese began dumping U.S. assets on Wall Street, both stock and
bond prices plummeted. The panic soon spread to other exchanges around
the world as gold soared to more than $1,000 an ounce and fear of a
global depression deepened.
