China Hoardes resources- where are the environmental outcries?

http://www.bloomberg.com/apps/news?pid=20601081&sid=aocYBBweTtuc&refer=australia“China, the world’s biggest steelmaker, risks exacerbating an iron ore surplus this year after imports exceeded demand, an official from the China Iron & Steel Association said.”

“The risk of over-importing is building,” Luo Bingsheng, vice chairman of the association, said at a conference in Shanghai today. Iron ore imports in the first four months exceeded actual demand by 27 million metric tons, he said. The global iron ore surplus may be between 200 million tons and 300 million tons this year, he said.”

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Does China sound more and more like the US used to sound?   Or is there another reason for China’s hoarding of resources?  Either way, the story here is about China’s conversion of cash to resources.  They hold so much of our currency that they have the power by themselves to trigger inflation over here just by spending the money they hoarded from us, with our complicity.

Paul Collier

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This entry was posted on 3. June 2009 at 13:48 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.