How Hath The Mighty Fallen

Try to imagine. It’s 20 years ago. It’s 1989 and you come across the following headline, a headline that actually appeared on today’s New York Times website: “China Helps Build Huge Texas Wind Farm.”

In 1989 you probably would have laughed, thinking this headline was totally whacky. So whacky that it must really have been picked up from that year’s equivalent of The Onion. But you’re curious about this ridiculous headline so you read the story that goes with it.

Here’s the story. Chinese banks, prodded by a U.S. government seeking investment our country needs from foreign sources like China, managed to land such a deal. A deal that involves windmills manufactured in China. Windmills that will supply energy for Texas.

Think about what this means. Today, China is supplying the money needed for a major energy project in Texas, the energy capital of the United States. This money comes from abroad because our Commerce Department has its hand out for such infusions. And the technology that’s the basis of the project is being supplied by China.

Economically speaking, the huge, decades long, debt-based, economic bubble spawned by Wall Street greed and Washington stupidly, have profoundly transformed our relationship with a nation that in 1989 was an economic gnat compared to our own soaring American eagle. Now China is a vibrant economic power with a glowing future. And we’re a fast sinking and sickly giant that is seeing the false promise of morning in America changing rapidly into mourning in America.

Get used to it. And when that representative from the World Bank comes by to tell us we have to reduce our national consumption still further in order to qualify for additional funding that covers just the interest on our old debt, don’t try to hide the shame. Oh, and don’t be surprised if someone from Goldman Sachs is on hand during that visit to get a commission on the new loan.