Archive for the ‘Aussies’ Category

Aussies joke – and hope – that China can save capitalism

October 9, 2008

SYDNEY (AFP) – A cartoon on the front page of Australia’s national newspaper Thursday neatly illustrates an irony admitted by the government: communist China could save capitalism.

File photo shows the Chinese and Australian flags in Sydney. ... 
File photo shows the Chinese and Australian flags in Sydney. A newspaper in Australia has used a cartoon to illustrate the fact that the powerful communist Asian nation could save Australian capitalism from the global credit crisis currently afflicting markets.(AFP/Torsten Blackwood)

The illustration shows a Chinese man in a Superman outfit telling exactly this to a bankrupt, cigar-smoking Wall Street tycoon covering his nakedness in a barrel.

“Oh, you’re just loving this, aren’t you,” the fallen high-flyer replies in the cartoon in The Australian.

Amid turmoil in the world financial sector, the International Monetary Fund predicted Wednesday that China’s economy would grow at more than 9.0 percent next year while much of the West faces recession.

That’s good news for Australia, whose own economic boom has been driven for years by China‘s insatiable demand for mineral resources such as iron ore for steelmaking and coal to fire up its industries.

“China is now a major influence in the world economy and it’s significant that the IMF doesn’t downgrade its growth prospects,” Finance Minister Lindsay Tanner told national radio Thursday.

“So we are well positioned to continue to sell an awful lot of exports to China and we believe that that’s one of the important factors that’s protecting Australia, to some extent, from the influences of the US financial crisis,” he said.

Read the rest:
http://news.yahoo.com/s/afp/20081009/od_afp/financebank
ingaustraliachinaoffbeat_081009161249