China is NOT a global economic hegemon
The BRICS nations You may have seen the news that Britain is going to lend £10 billion to the IMF to prop up the Euro along with a number of other countries to make a total fund of £400 billion (or thereabouts). The two 'abstainers' are the US and Canada. First it is important to realise that the £10 billion is entirely hypothetical. It is simply an entry in a ledger somewhere saying DEBIT IMF loan, CREDIT Creditors, there is no actual money changing hands and no one will have to pay anything it is all just an electronic intangible. Britain once and within my life-time found itself in a position where it was forced to borrow money from the IMF, extract taken from nationalarchives.gov.uk Devaluation of the pound The left wing of the Labour Party defeated the Public Expenditure White Paper in the Commons in March 1976. Subsequently, Harold Wilson resigned and James Callaghan took over as Prime Minister. Around this time, investors became convinced that ...