The new Opium wars

Whilst some good things came of it, specifically the crown colony of Hong Kong - which has massively influence the welcome emergence of China, the Opium Wars were a moral low point for the British Empire. ( A much maligned Empire that we should in many ways be proud of - but its not an unblemished record ).

In short the Chinese were forced to take opium sold by British merchants. When they refused, due to the effects we are all to familiar with today of drugs on your society, we sent in the gun boats and changed their minds.

Well now something of a reverse of this is beginning to emerge. The West, and especially the left wing politicians of the West - though not exclusively, have become addicted to reward today and to hell with tomorrow. This is perhaps a result of the short term rewards our electoral system provides, combined with the mainlining of focus groups and market research - which lets the feckless demand the moon on a stick now. So the West has a debt habit.

Now the East has encouraged that habit, indeed it needs it for the current model of business it employs ( whilst quietly arranging for more and more raw resources to redirected to those businesses ). SO we have representatives of the Chinese govt promising Spain and encouraging Portugal with promises of support for their debt. Alls fine as long as you stay as a customer ....

This continued habit is undermining the long term future of our societies in the west. Like an opium addict we just lack the will power to refuse our next fix, and it looks like the supplies of new credit won't dry up from the East - so no chance of cold turkey sobering us up.

Of course the Chinese run a single party state, with central planning and mostly ex-Engineers at the top. They take a long term view, and as the Chinese showed with Hong Kong they have the patience to allow their strategy to bare fruit. Given their history its hard to blame them.

We just have a habit, and a growing problem and no easy way top break the dependence even though it is going to lead to our ruin.

You could argue this is economic warfare on a par with that Regan and the West used to defeat the Soviet Union, only this time its the West that's heading for defeat and unfortunately with debt enslavement.

Its time the right of centre started to raise this problem more forcefully.

See also Analysis -
China's support for euro a necessity, not a virtue Reuters.
Europe fears motives of Chinese super-creditor Daily Telegraph.

A slightly different analysis reported by Dan Hannan
China's purchase of euro bonds might not be a sign of confidence in Europe, but a prelude to a sell-off