Growing up in a rural, slate-roofed village deep in the countryside of southeast China, the only English books my Chinese wife had to read back then were a brittle copy of Tess of the d’Urbervilles and a set of Harlequin novels.
Yes, I’m talking about Harlequin, those pulpy paperbacks found on revolving wire racks at supermarket checkout aisles across North America and the UK. Their enticing cover art – usually, nay, always featuring shirtless, square-jawed men hovering millimeters away from the glistening-red lips of a damsel in distress – and formulaic flirt/fight/fall-in-love storylines mercilessly targeted housewives and secretaries longing for a 200-page escape from the dirty diapers and pot-bellied husbands of their mid-life realities.
As it turns out, it was by reading books like “Stormy Voyage” by Sally Wentworth and Roberta Leigh’s “Two-Timing Man” (bought used for 7 RMB out of a sidewalk vendor’s book cart), amongst other Harlequin classics, that my wife managed to teach herself English (which explains her tendency to throw her head back dramatically whenever we kiss).
Curious how Harlequin, the forbidden fruit of literature, could be found anywhere in a Communist republic that has the world’s most strict state-sponsored vetting process for publications, I was surprised to learn that in 1995 (about when my fiancée found her copies) Harlequin received official, red star-stamped permission to place half a million copies of twenty titles in Mandarin and a quarter-million copies of ten English versions on the shelves of Xinhua.
Harlequin’s stated goal: “to bring romance to millions of Chinese Women.”
A China.org article on the increasing popularity of romance books in the P.R.C. concurred with Harlequin’s audacious move: “Chinese women today have new demands for their Prince Charming: first, he must be powerful and distinguished…next, he must have unlimited financial resources.”
Wosai! No wonder China has become home to the world’s highest surplus of single men!
Harlequin, which puts out 1,500 new titles annually in over 100 international markets, has yet to think up a romance set in present-day China (Possible storyline: wealthy, second-generation Beijing businessman seduces sexy xiaojie with his shiny black Audie, pleather man-purse and a thick stack of redbacks; he agrees to save her Anhui village from being bulldozed by corrupt cadres if she will become his kept woman.).
Until that day, we will have to entertain ourselves with stories set in China’s olden times starring princesses and concubines.
Over at CNN World, Stephen S. Roach wrote a post about America’s renminbi fixation. Many of the comments that responded to the post were obviously from Internet Trolls that lack the skills for an intellectually reasoned response. Instead, the trolls resort to logical fallacies to divert attention away from Roach’s message (I left a comment and a few replies too).
While many in the West have predicted for about three decades that China is going to have a hard landing after an economic bubble of some sort bursts, it hasn’t happened yet.
I Reblogged Roach’s piece and you may reach it by scrolling down or clicking on this iLook China link.
To research this post I Googled “financial crisis in China since 1980” and found no results that answered what I was looking for.
However, I found this at Princeton.edu, which said, “It is now just over twenty years after China initiated its economic reform in 1978. Since then the average rate of growth of GDP has been a phenomenal 9.5 percent per year. This essay reviews the reform process, discusses the impact of the current Asian financial crisis and attempts to assess the prospects of China’s economy in the future…
“In summary China’s reform process has been an experimental and gradual process. It was to be continued before the Asian financial crisis (1997). State-enterprise reform, financial reform and the opening of the Chinese economy have all been affected by the crisis, but there is no question that as soon as conditions allow the reform process will continue, incorporating the lessons learned from the crisis…
“In conclusion, economic reforms in China are likely to continue in the manner and directions as described above. Because of the strong fundamentals of China’s economy as demonstrated by its good performance during the financial crisis substantial growth will continue perhaps for another decade after the current crisis.”
The Harvard study said, “As the first paper employing this data, our aim is to illustrate some of the broad insights that can be gleaned from such a sweeping historical database. We find that serial default is a nearly universal phenomenon as countries struggle to transform themselves from emerging markets to advanced economies. Major default episodes are typically spaced some years (or decades) apart, creating an illusion that “this time is different” among policymakers and investors. A recent example of the “this time is different” syndrome is the false belief that domestic debt is a novel feature of the modern financial landscape. We also confirm that crises frequently emanate from the financial centers with transmission through interest rate shocks and commodity price collapses…
“The ability of governments and investors to delude themselves, giving rise to periodic bouts of euphoria that usually end in tears, seems to have remained a constant.”
Since not much time has passed since China’s economic reforms in 1978, we will look at the United States for examples.
The current total US deficit (national debt) as of today is more than $15.5 trillion and the average credit card debt per household based on 609.8 million credit cards held by US consumers is almost $16,000.
However, “Chinese households save a large share of their disposable incomes and their average saving rate has increased over the last decade and a half. This pattern is particularly pronounced for urban households, which account for about two-thirds of national income. After remaining relatively flat during the early 1990s, the average saving rate of urban households relative to their disposable incomes rose from 18% in 1995 to nearly 29% in 2009.”
In addition, if we study “Panics, Depressions and Economic Crisis Prior to 1930 in the United States”, we discover that “Those most disastrous have usually followed general injudicious speculation in lands or inflated securities. The crisis of 1816-1819 in the United States, it is claimed was due to the speculation and disorder following the War of 1812. The next occurred in 1825. A very memorable panic was that of 1837.” Source: The History Box.com
Akorra.com lists the Top 10 Worst Financial Crisis in U.S. History starting with the Crash of 1929/Great Depression; our current and continuing Mortgage Crisis of 2007; the Panic of 1893; The Banker’s Panic of 1907; the Panic of 1873; the Panic of 1819; the 2001-2002 Recession (known as the dotcom bubble that wiped out $5 trillion in market value of technology companies); the Kennedy Slide in 1962 which caused a 22.5% drop in the S&P 500; the Panic of 1837, and The Oil Crises of 1973.
In addition, there have also been recessions in 1937, which followed the Great Depression (1929 – 1933); 1945, 1949, 1953, 1958, 1960-61, 1969-70, and 1973-75.
As for China, the predictions of an economic crises/crash keep coming as if they were being manufactured on an assembly line — but one hasn’t arrived yet and it has been 34 years since China’s 1978 economic reforms, while for the same period in the US there have been several economic recessions running from January – July 1980; July 1981 – November 1982; July 1990 – 1991; March -November 2001, and December 2007 – June 2009.
When an economic crises does appear in China (the odds favor that it will), it may be part of a global universal phenomenon as the Princeton and Harvard studies reveal, so it is a good bet that sooner or later China’s economic critics will be able to step up on their soap boxes and crow, “I told you so (a hundred times over the last several decades that it would happen one day)!”
I suggest watching the two videos with this post to learn about manufactured financial panics in the United States, which leads to a question: Is the American fixation on China’s currency manufactured too?
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Lloyd Lofthouse is the award-winning author of The Concubine Saga. When you love a Chinese woman, you marry her family and culture too. This is the love story Sir Robert Hart did not want the world to discover.
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Interesting partnership in education worth sharing. I wonder how this will work out in the long run.
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Lloyd Lofthouse is the award-winning author of The Concubine Saga. When you love a Chinese woman, you marry her family and culture too. This is the love story Sir Robert Hart did not want the world to discover. http://www.theconcubinesaga.com/
In an effort to provide increased learning opportunities and success for all students, the Houston Independent School District and the Consulate General of the People’s Republic of China in Houston have committed to work together in good faith to explore ways in which the two organizations can bring a variety of resources, expertise and learning opportunities to HISD students. An official signing ceremony will be held on Thursday, April 26 at 9 a.m. at the Chinese Consulate, 3417 Montrose Blvd.
“Now, more than ever, children need to learn another language so that they can compete in the global marketplace and become more informed citizens in our diverse society. We are committed to expanding our global partnerships and the opportunities we are affording our students in HISD,” said HISD Superintendent Terry Grier. “This partnership with the Chinese Consulate of the People’s Republic of China in Houston is a key step…
Stephen S. Roach writing for CNN.com says, “America’s trade deficit is multilateral: the US ran deficits with 88 nations in 2010. A multilateral imbalance – especially one that it is traceable to a saving shortfall – cannot be fixed by putting pressure on a bilateral exchange rate. Indeed, America’s major threat is from within. Blaming China merely impedes the heavy lifting that must be done at home – namely, boosting saving by cutting budget deficits and encouraging households to save income rather than rely on asset bubbles.”
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Amazing, logic and truth for a refreshing change instead of demonizing China with more political/media propaganda, which is norm during the run up to a national election in the US.
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Lloyd Lofthouse is the award-winning author of The Concubine Saga. When you love a Chinese woman, you marry her family and culture too. This is the love story Sir Robert Hart did not want the world to discover.
In March 2012, I attended a lecture by Adam Johnson, the author of “The Orphan Master’s Son“. Johnson gave us a glimpse into the mysterious Hermit Kingdom of North Korea. Although many call North Korea’s government a dictatorship, it appears to be more of a monarchy since the leadership has passed from father to son twice.
“No one has written a literary novel in 60 years… No one has read a book that’s not propaganda for 60 years,” Johnson said of North Korea.
Johnson spent six years reading everything he could find on North Korea. In addition, he interviewed a number of people that once lived there or had visited. He also watched every YouTube video on North Korea he could find. Then he traveled there as sort of a tourist in 2007. It wasn’t easy gaining permission.
While in North Korea, Johnson saw a country that was hungry for food, power and money. The trucks and cars he saw on the roads were coming out of the same factories that were manufacturing the same models in the 1950s with no changes. In addition, appliances manufactured in North Korea were the same models that were made six decades ago. North Korea is a country trapped in a time warp.
In an interview with Sheila Himmel of the Stanford Magazine, Johnson said there was daily loudspeaker propaganda. “If you’re caught tampering with your loudspeaker (everyone has one in their home and workplace), that’s something that could send you to a prison mine.”
Himmel wrote, “Johnson knew he had to visit North Korea to put flesh on the bones of his research. After being turned down twice for a visa as a visiting scholar, Johnson met a Korean War orphan whose NGO planted apple orchards in North Korea. As the orchardist’s assistant, he got a tourist visa.
“I would walk the streets and people would not even look up at me. They were Afraid to,” Johnson said.
Johnson stayed in the Yanggak Island hotel, staffed by Chinese, “So we didn’t even get to meet a North Korean citizen at breakfast,” Johnson said.
More than an hour with Adam Johnson – Live from the library.
The hotel was located on an island and was only open two weeks a year for the Airirang festival celebrating the birth of Kim Il Sung, North Korea’s founding autocrat (emperor/king as far as I’m concerned). Even then, only two floors were occupied out of forty-nine and the only lights that were on were on those two floors. The other 47 floors were dark and abandoned.
While Johnson was in North Korea, he was told that the DPRK was the most democratic nation in the world. “They’d say to Johnson, ‘How many people turned out to your last election?’ About 60 percent. ‘We’re 100 percent. We’re more democratic!’ ”
However, being a democratic country, which North Korea isn’t (it’s also not a republic), may not be all that desirable. After all, America’s Founding Fathers created a republic in the United States, because they hated democracy believing it morphed into mob rule and eventually a dictatorship, and George Washington, in his farewell letter to the people as he left the presidency, warned Americans against multiple political parties competing with each other because that led to divisiveness and rancor.
Lloyd Lofthouse is the award-winning author of The Concubine Saga. When you love a Chinese woman, you marry her family and culture too. This is the love story Sir Robert Hart did not want the world to discover.
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