Kings of the East (Chuck Missler) DVD

With recent shifts in the economic centers of the world, most notably in the decline of the USA, the Far East is quickly rising to fill the void.

The vast majority of the items we buy off the shelf these days have a little "Made In China" sticker on them. The entire world is straining from of the economic downturn, and many nations are feeling the pinch of massive trade deficits with China.  China benefits from the trade surplus, but it still has an interest in helping ease the world's economic difficulties. China suffers too if the consumers of the world are less able to purchase its products.

The meetings this week will be good for China. At their meeting, European Commission President Jose Manuel Barroso and Chinese Premier Wen Jiabao will sign nine accords in which the EU will agree to give China the equivalent of $79 million for cooperation in student exchanges, in fighting pirated goods and illegal drugs, and in protecting European companies with plants in China from copyright violations.

The balance of trade has clearly been in China's favour for years, and both the US and EU want to address the problem. Aside from housing 1.3 billion people who are willing to work for pennies, China has been accused of undervaluing its currency.  Barroso will urge Wen to increase the value of the yuan because its low value gives Chinese exporters an unfair advantage. In the first 10 months of 2008, the EU's trade deficit with China reached euro138.8 billion ($183 billion). 

In 2007, the US