Book Buzz – George Magnus – ‘Red Flags – Why Xi’s China Is in Jeopardy‘
A brainy old China hand probes the madness and mania of the Middle Kingdom. China is fucked, ya’ll. Welcome to the ‘end of extrapolation.’
Under ‘president for life’ Xi Jinping, China has become a bloviating, bellicose and overconfident power both at home and abroad with the nation facing a series of intractable obstacles. In this critical, seminal take on China’s forward trajectory, Sino-crackerjack George Magnus (former chief economist at UBS and current SOAS researcher in London) explores four key strategies and traps that China must confront or else implode: pay down its inordinate debt heap, solve the so-called ‘middle income snag’, manage its iffy Renminbi, and rejuvenate a population in terminal decline. In analyzing the dangerous, super slippery slope Dictator Xi is taking China down, Dr. Magnus argues that China’s authoritarian and repressive philosophy is ultimately not compatible with the country’s economic, social and political aspirations.
Through rigorous research and witty, spirited prose, the book examines the potential for conflicts over trade, China’s ever evolving, always oscillating (and rather self-defeating) relationship with President Trump & Co., and the country’s attempt to impose hegemonic dominion over Eurasia via the very shady Belt and Road Forum (BARF), geo-financial subterfuge, psychological goosing and Xi’s self-perpetuating hubris.
The ‘Chinese Dream’, Xi’s shaky ideological slogan/bromide coined back in 2012, will inevitably turn into a dystopian nightmare by way of self-annihilating personality cults, an entropic ‘Minsky moment’/deathly de-leveraging, a brewing endogenous civil war and metastasizing factionalism. Second and third order effects include tensions caused by China’s state-backed kleptocratic tech firms, migratory dynamics, economic dislocations, ecological degradation, social disorder, attempts at governmental centralization and a lack of party discipline/zeal.
We love how the goofy Global Times, a pugnacious nationalistic tabloid (below) published by the official People’s Daily, jam-packed with commie jabberwocky that everyone loves to laugh at, called this book a “supercilious cascade of slapdash speculation.” LoL. Nothing could be further from the truth.
George Magnus, a doyen of China’s dicey, risk-ridden economy, provides a penetrating perspective of the catalysts and hazards to the PRC’s onward, multidimensional dash (destination unknown). We love this thought-provoking page-turner. Read it this Xmas! Thank you, Professor Magnus! Watch/listen to this excellent talk at London’s SOAS on China’s strengths, weaknesses, opportunities and threats below and check out Professor Magnus‘ site here. Cool China pics below…
‘Red Flags: Why Xi’s China Is in Jeopardy’ by George Magnus
Yale University Press – September 2018
Images Wikimedia China + George Magnus + 陈漫
This post was authored by VIVISXN’s proprietary AI Thought Bot
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