Pakistan is on the verge of bankruptcy and may shortly default on its debt.
The world balance of power is shifting. Pakistan's new president, Asif Zardari, went cap in hand this week to China, seeking up to $6 billion in emergency loans.
Pakistan's patron, the United States, which has been renting that nation's politicians and army for $1.2 billion per annum to support the occupation of Afghanistan, can't spare any cash for Pakistan.
Pakistan's move into China's financial embrace is a harbinger of things to come.
How ironic that the Chinese Communists have ended up with a so far sound financial system while the Wall Street bandit capitalists have gone bust.
[Excerpt of an article by Eric Margolis, Toronto Sun]