Friday, March 11, 2016

Stockman China- Bashing

Do you get this attitude on the part of David Stockman, of whom I usually have much admiration:
The desperate suzerains of the Red Ponzi are incorrigible. There appears to be no insult to economic rationality that they will not attempt in order to perpetuate their power, privileges and rule.
So now comes the most preposterous gambit yet. Namely, a veritable tsunami of state handouts to foster, yes, capitalist entrepreneurs!That’s right. As described by Bloomberg, Premier Li Keqiang  gave the word, and, presto, nearly $340 billion poured into an instantly confected army of purported venture capital funds run by local government officialdom all over the land.
So the Chinese are out-hustling us in a game we started.  We never had to start the game.  We an get out of it any time.  To complain they are taking to a logical conclusion ahead of us is an odd charge.

We can also avoid the unpleasantness he foresees by simply creating what the Swiss call their WIR, plus resurrect our usury-free bene-credit based economy.  Much work ot be done, but China-bashing is rather otiose.

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