Should China apply to join the EU? What a preposterous thought? The European elite would shudder at that impossible idea. And of course it’s not a serious proposition.
But…… China’s money is perfectly welcome in Europe. Lisbon is reporting that Beijing is going to buy up €5 bn of Portuguese bonds by February.
This may prevent a bond trader attack.
China is also effectively saying it will back Europe by being a lender of last resort to the European Central Bank by buying Greek, Irish and Spanish bonds.
China’s working class is keeping Europe s middle class afloat in 2011 so that millions in Shanghai can sell stuff to millions of credit hard holders from limerick to Lisbon.
China is already a part of the EUs Financial DNA.
We had better adjust our thinking.
Mao died a long time ago. Mammon is the new messiah. Or so it seems.
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Farid Erkizia Bakht