China is discovering that under capitalism, what goes up must come down. The impending collapse of property developer Evergrande, as it struggles with more than $300bn debts, is reminiscent of the subprime mortgage crisis. The Chinese government is facing the same dilemmas as the US over a decade ago, as it stares into the abyss of capitalist crisis.
Continue reading Evergrande Crisis: Capitalism with Chinese characteristicsCategory: China & East Asia
Afghanistan: The Cynical Betrayal of US Imperialism
America’s longest war has ended in abject shame and humiliation for US imperialism. Twenty years after the invasion of Afghanistan, the most powerful military force the world has ever known has been dealt total defeat at the hands of a band of primitive religious zealots.
Continue reading Afghanistan: The Cynical Betrayal of US ImperialismChina: SOE bond defaults show turbulent days ahead
A string of bond defaults by hitherto top–rated Chinese state owned companies in November has cast a shadow over China’s relatively firm economic recovery from the downturn set off by the COVID–19 pandemic. This shows that the Chinese state is fundamentally unable to avoid the organic crisis of the capitalist system.
Continue reading China: SOE bond defaults show turbulent days aheadChinese students struggling against “formalist lockdown”
In the past week, university students all over China have been openly struggling against their school administrations for effectively confining them on campus in the name of complying with the government’s coronavirus safety instructions. These protests have been spreading like wildfire, from the capital Beijing to Fujian in the south, to Inner Mongolia in the north and beyond, engulfing thousands of campuses.
Continue reading Chinese students struggling against “formalist lockdown”