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NEW YORK ( TheStreet) -- Yet again we see
a Tale of Two Economies
. One economy has a (real) plan. One economy has (real) growth. One economy acts proactively to address its problems.
Then there is the Other economy. It's only "plan" is to lie about how bad things really are. Instead of economic growth, it has substituted much more borrowing -- and handing free money to a banking crime syndicate, as fast as the bankers can shovel it into their vaults. It acts only
reactively, belatedly cobbling together hopelessly inadequate Band-Aids to cover-up gaping (self-inflicted) economic wounds.
Readers should have no problem in identifying China as the first economy. The "other" economy could be the economy of any/every major Western nation. The rate of deterioration is the same in all of them, all that differs is how close to insolvency they were when the banker-plundering began.
The role of the Corporate Media is clearly defined. When its focus is on the West's own economies, rotting with corruption, the cheerleaders are deployed. We get one chorus after another of "don't worry, be happy," as the propaganda machine assures us that our Leaders have the situation under control.
Conversely, when its gaze strays across the Pacific then the Chicken Littles are deployed. "The sky is falling" on China, we're told again and again. We get a prime example of this from the UK's propaganda-mouthpiece,
The Telegraph. In drawing attention to what it claims is 800 billion pounds in total, announced stimulus spending,
The Telegraph leads its article
with the following hyperbole:
One Chinese province after another has stepped forward over the last fortnight to announce their plans, in what appears to be a propaganda effort to reassure the public that the economy is still on track.
When it comes to "propaganda" to "reassure the public that the economy is on the right track," I would suggest to
The Telegraph that it take off its rose-coloured glasses and have a look a little closer to home.
We have the UK government practicing the economic sadism Europe calls "austerity," where the more the UK government cuts spending the worse its deficits get,
as noted on
Businessweek. As a matter of simple logic/arithmetic, there is a 0% probability of this policy fixing the economy and a 100% probability it will lead to bankruptcy (exactly as it did in Greece).