Larry Hsien Ping Lang: new imperialism eroding China's economy
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Larry Hsien Ping Lang, a renowned economics professor at the Chinese University of Hong Kong, shared his opinions about the Greek financial crisis and China's market at a press conference for his book, New Imperialism in China II.
Lang believes Greece's debt is a conspiracy produced by Goldman Sachs.
"It began when Greece joined the European Union and erased 1 billion Euros of debt with the help of the investment bank. Goldman Sachs knew the money couldn't be repaid and sold the debt to Germany. If Greece couldn't pay the check, Germany would have to. After Germany became involved, the financial crisis broke out. A direct cause of the Greece debt crisis is that George Soros and John Paulson short-sold Euros," Lang said.
In Lang's book, he uses the term "new imperialism" to explain the current problems of China's economy. In Lang's opinion, China is facing erosion from new imperialistic countries like the U.S., although most people haven't realized it yet. Lang thinks recent pressure from the U.S. to push the appreciation of the RMB is a conspiracy. The aim is to force China to open its financial market, which is the last step of the three tools for financial "war." The first two are margin trading and stock index futures.
"The U.S. successfully produced the Japanese Yen crisis in the 1980s and the Asian financial crisis in 1997. Besides reducing China's exports, the real reason for manipulating the RMB's exchange rate is to open our financial market to complete the last step of financial war, repeating what they did to Japan 30 years ago. It's almost finished now," Lang said.
Lang suggests the central government should loosen its economic policy during the ongoing Greek financial crisis. "The crisis is not as terrible as the ignorance and underestimation behind the crisis. We have to reflect on the reasons behind the financial crisis," Lang said.
As a controversial scholar, Lang claims that all of his research is based on analysis of original economic data. "What I've predicted since 2001 happened at last," Lang said.
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