(lChinese President Xi Jinping U.S. President Donald Trump at Mar-a-Lago state in Palm Beach, Florida, U.S., April 6, 2017. REUTERS/Carlos Barria/File Photo
American politicians like to blame others for their own problems, and China has emerged as America’s favorite scapegoat, said American economist Stephen Roach.
Stephen Roach, a senior fellow of the Jackson Institute of Global Affairs under Yale University, made the statement in an interview with China Central Television (CCTV) in New York on July 13.
In his book “Unbalanced: The Codependency of America and China”, Roach discussed what caused the trade deficit of the U.S. to China, and argued that the “low-saving” culture and the “enjoy-now-pay-later” lifestyle of the U.S. are the main reasons behind the trade deficit.
“When you don’t save but you want a growth, you must import surplus savings from abroad, and to do that, you run a big balance of payments deficit, and trade deficits with many countries to attract foreign capital. Last year, we had trade deficits with 102 individual countries. That’s an outgrowth of our saving-investment imbalance, not a reflection of China doing damage to us through currencies, unfair trade practices or industrial policy as the Trump Administration is trying to convince the Americans to believe,” said Roach.
Roach had worked in the American investment bank Morgan Stanley for over three decades and cooperated with many Chinese companies. He has his own experience of working with China Construction Bank to establish China International Capital Corporation Limited when he was at Morgan Stanley as an example to refute the so-called “forced-technology transfer”.
“We worked together. Of course, we shared people, we shared systems, we shared solutions, we shared strategies. It was nothing forced about that. We wanted to build a successful business. That’s what joint ventures are all about,” said Roach.
Roach continued to say that China has emerged as America’s favorite scapegoat, and it was fundamentally because of the U.S. political system.
“Why is it that we need to blame others for our problems? I think it goes back to the value proposition behind our political system. We have a very short-term political horizon. We have our House of Representatives gets reelected every two years, senators every six years, the president every four years. None of them can admit that they may have made a mistake in governing, passing laws. And rather than admit that they make mistakes, they find it very convenient to blame others for issues that arise in the United States with respect to income inequality, jobs, real wages,” said Roach. — Reuters
Penny Marshall, ‘Big’ director and TV’s ‘Laverne,’ dead at 75
FILE PHOTO: Actress and Director Penny Marshall | REUTERS
Penny Marshall, who played an endearingly graceless character with a thick Bronx accent in U.S. television’s “Laverne & Shirley” before becoming a pioneering film director with hits including “Big” and “A League of Their Own,” has died at 75, her publicist said on Tuesday (December 18).
Marshall died of complications of diabetes on Monday (December 17) at her home in Hollywood Hills, California, her publicist, Michelle Bega said in a phone interview.
Among the people paying tribute to Marshall were her ex-husband, actor and director Rob Reiner, who tweeted: “So sad about Penny. I loved Penny. I grew up with her. She was born with a great gift. She was born with a funnybone and the instinct of how to use it. I was very lucky to have lived with her and her funnybone. I will miss her.”
Marshall played the unrefined but lovable Laverne DeFazio on “Laverne & Shirley,” a situation comedy that ran on the ABC network from 1976 to 1983, following the lives of two single women and their nutty friends in 1950s and ’60s Milwaukee.
She turned to directing after her series ended. Her first film was the underwhelming 1986 Whoopi Goldberg comedy “Jumpin’ Jack Flash,” but that was followed by the charming 1988 hit “Big,” starring fellow former TV sitcom star Tom Hanks. — Reuters
DOLE issues regulation on Filipino English teachers for China
MANILA, Philippines — Recruitment and deployment of Filipino teachers for tertiary educational institutions in China is now open after the Department of Labor and Employment (DOLE) released its guidelines on the matter.
Applicants, as stated on the regulation, should have worked in a private higher education institution in the Philippines to be qualified.
The applicant must have a Bachelor’s Degree in Education or in English Language from a Philippine educational institution accredited by the Ministry of Education of the People’s Republic of China.
The applicant must also have a valid certificate of registration above the intermediate level and a professional license from the Philippine Board of Licensure Examination for Professional Teachers.
Aside from these, the applicant must never been charged or convicted of criminal or administrative offense or has not committed any violation of the law; must be in good health; no mental issues; and no drug and alcohol addiction.
The Philippine embassy and the Chinese Consulate will serve as the contact window to heed and resolve the concerns on their employment particularly on the recruitment and the deployment of teachers, and other issues on their workplace.
The Philippine Overseas Employment Administration (POEA) meanwhile, will focus on recruitment, orientation, processing, and documentation of Filipino teachers-applicants. — UNTV News & Rescue
China marks 81st Nanjing Massacre anniversary
Students standing in tribute in Nanjing, Jiangsu Province in China | CCTV via Reuters
China marked the 81st anniversary of the Nanjing Massacre in eastern Nanjing City on Thursday (December 13), an event which still plays a key role in defining the country’s relationship with Japan.
China and Japan have long sparred over their painful history. China consistently reminds its people of the 1937 massacre in which it says Japanese troops killed 300,000 people in Nanjing.
A postwar Allied tribunal put the death toll in the eastern city of Nanjing at 142,000, but some conservative Japanese politicians and scholars deny a massacre took place at all.
Sino-Japanese relations have been tense in recent years due to a feud over East China Sea islands, and suspicion in China about efforts by Japanese Prime Minister Shinzo Abe to amend Japan’s pacifist constitution. But in October this year, Abe and Chinese President Xi Jinping signed a broad range of agreements and pledged to forge closer ties at the first full-scale Sino-Japanese summit since 2011. — Reuters