Chinese state media warned on Friday that high U.S. inflation caused by President Joe Biden’s policies is threatening the prosperity of the entire world.
China’s state-run Global Times gleefully noted U.S. inflation hit a 31-year high of 6.2 percent in October, chastising American media outlets for trying to change the subject by dwelling on China’s inflation.
“As a matter of fact, many in China and other countries, particularly the U.S.’ neighbors, are concerned about a spill-over effect from flying inflation levels in the world’s largest economy,” the Global Times argued.
The editorial went on to blame Bidenflation for causing some of China’s consumer price increases:
While it is true that China’s production inflation is rising, the main cause leading to rising cost of factories is the meteoric increase in prices of oil, ore, and other basic materials in the world. And, the unprecedented quantitative easing – money printing – by the US Federal Reserve since early 2020 is the culprit to steep price climb of the materials.
[…] If one takes a close look at China’s consumer prices, it’s clear that the country’s price pressure for its consumers is much less concerning than that of other major countries, in particularly the US. China’s consumer price index jumped 1.5 percent in October from a year earlier, quickening from September’s 0.7 percent rise, but remaining at a relatively low level.
By comparison, the elevated US inflationary pressure is a more pressing and disturbing issue for the global economy. Its consumer price index for October rose 6.2 percent from a year ago, the highest since December 1990, while the core rate, excluding food and energy, stood at 4.6 percent, the highest since 1990.
The editorial blamed the U.S. Federal Reserve for being “too generous in injecting hundreds of billions of liquidity into the market,” creating a “spillover effect” that pushed Europe to its own ten-year inflation high of 4.1 percent last month.
“What’s even worse, there seems no good solution to ease inflation in the U.S. If the Fed started raising interest rates to curb inflation, it may cause a sharp slowdown of the country’s economy, and the world’s financial markets, the Wall Street in particular, could be pummeled,” the Global Times concluded.
China’s state Xinhua news service put together a man-on-the-street report about Americans suffering under Biden’s inflation, complaining about the “burden” it places on their families and the “pinching” everyone is doing to get by.
“I think that people are going to have to bring their cash to the store in a wheelbarrow,” one resident of Washington D.C. joked.
Other Americans interviewed by the Chinese state network talked about cutting meat from their diets, stockpiling toilet paper, driving less to conserve expensive gasoline, and scaling back their holiday shopping plans.
“Prices at gas pumps, grocery stores, restaurants, and more are all surging,” Xinhua reported.
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