November 15, 2004
HISTORY'S END KNOCKS:
China faces up to growing unrest: More than 58,000 major incidents of social unrest took place in China last year, up 15% from 2002. The surge could be explained by the freer flow of information on the Internet and by media and activists contacting foreign reporters. Analysts say there's no critical mass or organization of discontent - yet. (Paul Mooney, 11/15/04, Asia Times)
Making matters worse for the government, China's "new media" appear to be reaching a critical mass. While news of unrest is usually blacked out of the Chinese media, word is now spreading quickly via the widespread use of modern communications, including mobile phones, faxes, instant messages and the Internet, reaching Chinese nationwide. Activists in China have also become more adept at communicating with the foreign media. Within the past year, for example, dissatisfied Chinese citizens have begun to contact foreign journalists directly using mobile phones, short messages, faxes and e-mail.
[...]And, Gladney told Asia Times Online, bottling up these channels of communication won't be as easy. "This is clearly of concern to the leadership, but I'm not sure the government can prevent it," he said. "We're dealing with the cell-phone generation where people are in communication more than before. You can't turn back the clock on that."
Enver Can, vice president of the World Uyghur Congress based in Germany, agreed. "The communist government ultimately will not be able to change the tide of globalization and keep its people immune from the free flow of information," said Can. "The Chinese Communist Party will misjudge the situation if it still believes that its key weapon is the control of information."
Can, an ethnic Uighur from Xinjiang, told Asia Times online the situation is spinning out of control. "I have expected such disturbances for years," he said, adding that the government has up until now maintained stability through a "hardline" policy. Can said the rising gap between the new rich and poor, regional economic disparities, the crackdown against minorities and religious groups and the migrant-worker problem all spell continued trouble for the Communist Party.
"I would say that the government will face more and more unrest in the coming years," he predicted. "The string of recent protests might very well be the beginning of nationwide civil unrest."
The Renminbi is a junk bond. Posted by Orrin Judd at November 15, 2004 8:28 AM
Unrest, Shmunrest. Their economy is still growing. It doesn't matter who ends up running the place, the economy is on the ascendant. It is the dollar that deserves junk status. If our nation were a corporation, we would be junk grade.
Posted by: Robert Duquette at November 15, 2004 5:57 PMRobert:
You've got it bad. Where do you think we'll be relative to the rest of the world ten, twenty, fifty, a hundred years from now?
Posted by: oj at November 15, 2004 7:31 PMMost junk bonds have been great investments since about 1985.
That will not be true for the next few years, at least.
Posted by: ratbert at November 15, 2004 11:33 PMRobert:
If you truly believe that, then use your life savings to buy Euros.
What could possibly go wrong ?
In ten years it'll be four dollars for each Euro, right ?
It's in U.S. stocks. Euros are like confederate dollars.
Posted by: oj at November 16, 2004 7:06 AMGold is the real currency. Fiat currencies are toast. The Europeans will be forced to devalue the Euro to remain competitive.
And Michael, a large portion of my savings are in gold equities.
Posted by: Robert Duquette at November 16, 2004 1:17 PMOJ,
Impossible to tell. I'm investing for the next ten years, not 100.
I'll take it a decade at a time.
Posted by: Robert Duquette at November 16, 2004 8:30 PM