Should we be afraid of China?

ATTENTION: this breakfast will take place at the Ladurée boutique at 21, rue BONAPARTE, 75006 PARIS.

"There are two ways to enslave and conquer a nation: one is by the sword, the other by debt", said John Adams (1735 - 1826), who was the first President of the United States to reside in the White House.

In a world where everyone believes that nations are outdated and borders have disappeared, Jean-Michel Quatrepoint uses this quotation to remind us that war is simply the continuation of politics, albeit by different means. If we look at the latest economic and financial crisis with the benefit of historical hindsight, global diplomacy today seems to be returning to the age of conflict.

China - or rather, the Chinese Communist Party - is demonstrating its desire for power, both in monetary terms, by maintaining the yuan at a level that favours its economic competitiveness, and through the development of its industrial and agricultural investments throughout the world. With $3,000 billion in foreign exchange reserves, China is meticulously advancing its position on all five continents. For example, it holds a monopoly on rare earths, indispensable for new technologies, and tightly controls its "internet" network, even though it is suspected of supporting parallel teams of scientists.Finally, it is asserting its territorial hegemony by creating open tensions in Asia...

The United States, and above all Europe, would have the means to wage a peaceful economic battle with this new giant. But they are disarmed by an incredible alliance between their large corporations, now multinationals, and China. Over the past twenty years, their leaders have opted for offshoring and speculation to the detriment of their ties with their home countries. Ford sold more cars if it paid its workers well. Wall Mart, on the other hand, chose to sell products made by Chinese "slaves" to penniless Americans. For this and other reasons, Jean-Michel Quatrepoint writes that, just as at the beginning of the 20th century, this unbridled globalization could lead to war.

Jean-Michel Quatrepoint, economic journalist and essayist, worked at "Le Monde" newspaper for eleven years, then headed the editorial teams of "Agefi", "La Tribune" and "Le Nouvel Économiste" before running "La Lettre A" for fifteen years. Today, he writes regular columns for the Xerfi Institute. His publications include "La crise globale" (2008), "La dernière bulle" (2009) and "Mourir pour le yuan" (2011).