[Marxism] Out of bullets | Richard Seymour on Patreon

Louis Proyect lnp3 at panix.com
Tue Sep 18 09:06:21 MDT 2018

This is a trade war that is based on a co-dependent relationship: 
Chinese exports depend on US consumption, and US consumption depended on 
cheap Chinese imports. Not only that but, by becoming a major purchaser 
of dollar assets, China has kept interest rates low and funded US 
financial expansion. The hallmarks of the co-dependent Chimerican 
relationship have been a growing American trade deficit, and an increase 
in the US national debt. China currently owns over $1 trillion of US 
government debt.

But the Trump administration isn't pulling this from nowhere. 
Washington's ambivalent relationship to Beijing has seen dependence and 
cooperation accompanied by attempts at encirclement from the beginning. 
Both liberals and neoconservatives have been suspicious of China's 
persistent statism, and its military expansion. The EU, as much as 
Washington, resents China's use of subsidies and other statist instruments.


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