Creating people's geographies
One interesting indicator of the financial shift eastward and the rise of China is indicated in the first two graphs, just over the fold (hat-tip: Syd Walker). As Michael Hudson points out in The Toll Booth Economy, China’s central bank is now the largest holder of U.S. government and other dollar securities.
As such, China is the major subsidizer of the U.S. payments deficit, and because half of the US federal budget’s discretionary spending in the US military-industrial-media complex is on the military, this places China in the curious position of effectively subsidizing, nay underwriting, US military misadventurism. See also China Is Now in Firm Control of U.S. Debt Markets.
As the US is a ZOG moreover, more than one of these military disasters has been at the behest of a certain belligerent entity.
Above: Top 20 financial institutions by market capitalization in 1999 and 2009 (USD billions)
- Source: Financial Times, 05/2009 (Global Europe Anticipation Bulletin)