China, the world’s largest iron ore consumer, may ask Rio Tinto Group and rivals to accept an 82 percent price cut for the raw material after steel prices plunged to 1994 levels, an industry official said.
“Iron ore prices should keep pace with steel prices which have fallen to the 1994 level,” Shan Shanghua, secretary in general of the China Iron and Steel Association, said today in a phone interview. “We are asking for a big drop in iron ore prices.”
Whether or not this rather bold move at intimidation will succeed is hard to say. The important point is that it jives pretty well with the CCP's modus operandi - find foreigners to blame, blame them loudly (watch what happens with Rio responds), present yourself as the defender of Ahn Chinese pride, and arrest anyone who disagrees.
It's much easier than admitting to your mistakes; unfortunately, the Soviets already tried it, and we know what happened to them.
Meanwhile, the Korean colonial viceroy is having better luck (One Free Korea), not to be confused with the Korean people, who continue to suffer (Washington Post). Still, all the successes of the satellite state will mean nothing if the CCP falls . . .
. . . and fall it will; it's just a matter of time. The bad news: if "time" is years or decades, many more Chinese and Koreans will die, and many others from around the world may die if the CCP lashes out before it collapses.