Richarddwolff
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The US and China: a Fragile and Dangerous Codependency Relationship - Professor Richard D Wolff
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December 11, 2011
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7:46Now PlayingPUBLISHED ON OCTOBER 16, 2011
Over the last 30 years, the US consumer became dependent on importing relatively inexpensive goods made in China - and US employers could keep real wages from rising and profits soaring because of that. The US government became dependent on China because China used the dollars earned from exporting to the US to buy US Treasury bonds making China the US's largest creditor in the world today. China, in turn, made its industrialization dependent on exporting to the US. It can provide jobs to the many millions streaming off of China's rural countryside only because it could produce and sell exports especially to the US. Without those markets, the social stability of China would be jeopardized. And China holds an estimated $2 trillion of its reserves in dollars that make it dependent on the value of that currency and how the US government shapes that value. Each side distrusts as well as needs the other: a dangerous codependency.
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