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Fri

15

Oct

2010

News For Real: I read the news today, oh boy….
Friday, 15 October 2010 23:01
by Stephen P. Pizzo

It needs to be said. The rescue of the Chilean miners is a smashing victory for free-market capitalism.  (Full Text)

The sound you just heard was Orwell hitting his head on his coffin lid. Jesus H. Christ, talk about unmitigated chutzpah. It was, after all, Chile’s unfettered, under-regulated capitalist mining companies who put those miners half a mile underground in an unsafe mine in the first place. Rescuing them would be more accurately described as mining officials frantically working to avoid being tried on 33-counts of negligent homicide. But to the Wall Street Journal it was proof of that the real gold is not in them-thar-hills, but in the hearts of mining company executives.  Gag me with a drill bit. These people are not worth the misery they cause. I suggest we let “Capitalism to triumph” again. Drop the WSJ executive board, all of them, down into that now empty cavern and let the rescued miners rescue them, when they feel up to it. I’d pay big to watch that show.
 
Next story:

China Foreign-Exchange Reserves Jump to $2.65 Trillion

By Bloomberg News - Oct 13, 2010 3:47 AM PT: China’s foreign-exchange reserves, the world’s largest, surged by a record to $2.65 trillion at the end of September, adding fuel to complaints that the nation’s curbs on gains in the yuan are undermining the global recovery...Currency holdings rose about $194 billion in the third quarter, today’s statement from the People’s Bank of China showed. September exports were the second-highest on record at $145 billion, a separate customs bureau report showed. (Full Text)
Okay, let’s put this into context. Right now China (“Communist China”) has $2.65 trillion rattling around in loose change in its pocket. We, the (Uber Capitalists) currently have a MINUS $13.6 Trillion. Another way of looking at that is China has $16 trillion more than we have while we have -- less than nothing, In fact, to reach the point where we have just nothing, we’d first have to repay $13.6 trillion. Then we’d have nothing.
 
How did this happen? Because the Chinese were smarter than us … or at least their leaders were smarter than ours. They decided to play our game, they learned it well, and beat us at our own game. They beat us to a pulp.
 
The Chinese said, “Ah so, you want free markets? Oh, okay.”  They heard all about how our investment community believed that “greed is good,” so they baited their hooks with cheap labor, and the rest is history. American industrialists took it, hook, line and sinker. Asked recently why China refuses to revalue its currency to better reflect its new status in the world, a Chinese official replied, “Because, it would make our products more expensive, we’d be less competitive and it would put many of our workers out of jobs.” 
 
Yeah, well, DUH. At least the Communist Chinese get it. Which, of course, is why they’ve now got it… our jobs, our money, our future. 
 
Maybe American capitalists can retool and spend the 21st century rescuing miners to prove their worth. They can take a hint from the WSJ Editorial Board and become sort of the world’s St. Bernards’ of industrial rescue operations. Of course in order to finance those heroic acts, American capitalists would have borrow the money to finance them  -- from the “Commies” in China. 
 
Meanwhile, still in China:
 

Chinese elders call for more freedom

By Bloomberg News  |  October 14, 2010: Twenty-three retired Chinese Communist Party officials, led by Mao Zedong’s former secretary, have challenged the government to improve press freedom, just days before meeting to discuss the nation’s new leadership. The group, drawn from the military, state media, and academia, accused “invisible black hands’’ of suppressing a speech last month in which Premier Wen Jiabao called for greater political openness to match the country’s economic gains. The open letter by party elders including Li Rui, Mao’s secretary, was published on the Internet.

“What right does the Central Propaganda Department have to muzzle the speech of the premier?’’ the letter said, referring to a branch of the party that focuses on ideology. “What right does it have to rob the people of our nation of their right to know what the premier said?’’

Other demands in the letter: 

- Our core demand is to abolish the system of censorship in favor of a system of legal responsibility.

- There are no forbidden zones in the Party’s history. Chinese citizens have the right to know about the ruling party’s wrongdoing.

- The Internet is an important platform of exchanging information and opinions. Internet regulators shouldn’t arbitrarily delete online posts and comments, except when it really involves national secrets or infringes on personal privacy.

I only mention this because, the same guys on the WSJ Editorial Board who thought opening China to free markets would be a victory for American capitalism, should pay closer attention. I believe that liberalization of China’s political and social systems will not simply mark another victory for free markets, but will spark a second leap forward, a second explosion in social growth and world influence. Unleashing the full talent and energy of the Chinese people will be something to watch. This is China’s real wealth still being held in reserve. Just wait until they start spending those trillions of dollars they have in reserve on developing their own people, their own institutions and their own 21st-century infrastructure. If you think the Chinese are becoming a world power, just wait.

And, since world influence is not a commodity that can be produced or grown when more is needed, China’s growing influence will be at America’s expense. 

Finally, notice that moves towards liberalization in China come when the US is moving in exactly the opposite direction. As China looks inward and outward, Americans are spending (wasting) our time looking inward, liking what we see there less each day. But rather than fixing it, we engage in schoolyard-level name calling as we allow dimwitted bully-boys and bully-girls call the tune. 

As China moves forward, in orderly and measured ways, Americans can’t seem to wait to get back to the “good ole days” and the “good ole ways.”  China chases tomorrow while we chase yesterday. 

And finally, this from Politico:

Flashback: Obama is becoming McCain

President Barack Obama  and his team have seen this movie before. 

On the wrong side of public opinion, the campaign reaches for something, anything, to steer the debate away from the issue at hand: the voters' desire for a different direction. ..Unable to change the conversation, the mood turns sour. Rival camps start pointing fingers, looking for scapegoats. The man at the top comes out smaller, diminished. 

This time, though, it's Obama who is living the nightmare. (Full Text)

I’ve been getting a lot of flack lately for ragging on Obama’s lack of performance -- to put it mildly. But here we are, and anyone who disputes it is just kidding themselves. I’m done kidding myself. The humor went out of me about 6 months ago. 

I’ve been asked if I’m going to vote this November. Of course I will vote. The only difference is from now on I will no longer vote FOR anyone or anything. Because the bastards never deliver. Instead I will vote AGAINST those candidates and policies I fear the most. It’s the only sane thing to do. By saying “Yes” to a particular candidate or proposition, I am really voting NO against the other choice or choices. It’s the only sane way to participate in our democracy today. I call it “Defensive Voting.”

That’s it for today. Be careful out there.


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