NATIONAL AFFAIRS: China’s Rio bid: Australia’s independence at stake*

The Commonwealth future fund should take a $20 billion stake in Rio Tinto mining to protect Australia’s independence from Beijing’s strategy of controlling key world mineral supplies and pulling Australia into China’s orbit, writes Patrick J. Byrne.Australia is currently borrowing $500 million per week from Beijing. If the worsening economic crisis causes Australia to become dependent on China for the refinancing of our nation’s $658 billion net foreign debt (about 60 per cent of our GDP), then …

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