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Nov 24, 2006

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Virgil

Wow - this is quite a change in China's foreign policy, especially being aware of the Clinton-China connection which allowed the Chinese to steal the design of every single nuclear warhead in the U.S. arsenal. According to Bill Gertz China also stole the Aegis battle management system from the U.S. on Bill Clinton's watch.

So as you can see, it is quite interesting to see them decry a Democrat win; perhaps Capitalism is getting to them! It wouldn't be the first time economics dictated social policy :)

Michael Kruse

When I visted China in 1999 the students I talked with seemed to hope Bush would win and held Bush #41 in higher regard than Clinton. I suspect that it wasn't the loved Democrats in the '90s but rather that the found Clinton to be a Democrat they could deal with. I think they see the need for rapdily expanding markets and the Democrats appear to them to be a threat to that. From the populist rhetoric I'm no sure their fears are unfounded.

Virgil

Mike, as usual the masses are the best way to read the pulse of a country. If we could only have been able to help with the Tiananmen events, we would have a huge friend in China now. Their people (and North Koreans) are longing and hurting for freedom and openness, and despite what Ted Turner said, they are not slim "because they ride bikes."

And this whole thing with the Democrats is pretty funny actually since the Chinese (at least according to the word on the street) have been a big financial backer of the Clintons in particular and Democrats in general, but apparently even they are now understanding that the anti-market policies of the Democrats are hurting them. I think the future will be quite interesting to study.

Gem Hudson

But at last print money still makes the money more paper. Because the money is exchanged for trade more of somethan for next to nothing. Unearned money buys not much these day and even the supply side of the foreign exchange rate will drop the price of the dollar down. In agenda we trust because the commie have no more answers.

dlw

But we shdn't expect these people to be speaking for most Chinese, but rather the interests of those in power.

It's not a good situation, with the PRoChina having way too many US dollars due to their quite low labor costs...

dlw

Virgil

Gem, again what you are pointing out is a result of federalism and interventionalism...and if I may point out policies largely initiated by Democrats, when the people in Washington realized that income tax is a great way to redistribute income in order to buy votes.

As long as income will continue to be taxed, we will continue to have many of those problems. Neal Boortz had some good ideas with his Fair Tax proposal - did you take a look at it?

Michael Kruse

"It's not a good situation, with the PRoChina having way too many US dollars due to their quite low labor costs..."

I agree. The market becomes distorted when China labor is not able to organize and compete for wages. In some ways it seems to me to have similarities with American slavery except on a global scale. The workers wages are artifically low allowing those who control the labor (Chinese Govt) to reap the benefits. It short circuits the growth of wide spread proserity that leads to demands for accountable government and property rights.

Like one a guy I heard said, it will be a terrible thing if a totalitarian gvmt like China's, smashes its experience with capitalism to keep power. The world economy will suffer greatly. The only thing worse is that such a totalitarian gvmnt suceeds in the market place through such controlled measures.

dlw

China, Russia and Cuba are simply proving that "capitalism" doesn't per se lead to greater individual freedoms.

One cannot simply trust the markets to make things better...

dlw

Michael Kruse

"One cannot simply trust the markets to make things better..."

Precisely. My take is that is an essential part to prosperity and freedom but it only works effectively with a package of other institutions and values.

dlw

Well the bottom line is that there is no such thing as ainstitutional freemarkets, those belong to utopialand or heaven. All markets are products of the institutional framework that embody conflicting values at stake in our economic conflicts.

This is why it is not wise to take unqualified stands against min wages or trade barriers or what-not, while recognizing that there are always two sides that must be carefully delineated side by side to the issues as part of "democracy".

dlw

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