Business officials from fascist China are now lecturing America on its bankrupt state and weakening currency. That’s how low things have sunk.
Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken.
“In our opinion, the United States has already been defaulting,” Guan was quoted as saying.
China, however, has long come under criticism for allowing its currency to weaken. This shows how the United States is not in danger of being overtaken by China. The U.S. is in danger of becoming like China. In fact, it already has.
What distinguishes China from the United States as we’ve known it are individual rights. Individual rights have implications for personal as well as economic freedoms. Under the principle of individual rights, people are allowed to express their thoughts and ideas on their property, or in their own newspapers, websites or airwaves; they are likewise allowed to produce and spend their economic wealth as they see fit.
Under China, all of these things — the content of the mind, and the content of one’s economic productivity — belong to the State. The State does with all of these what it sees fit. In China, the government has continued to restrict political and free speech rights as much as they always did under formal Communism, while it has allowed a certain amount of economic expansion to take place. The results of the economic expansion have been dramatic since, after all, the zero-tolerance for any hint of capitalism allowed under the peak of Communist power left them nowhere to go but up.
But none of this changes the fact that China is a state-run economy in which the underlying premise is that all wealth is owned by the government. As a result, the government holds great power over manipulation of the currency. This is why China has been guilty of currency manipulation as much as the United States government since the beginning of the Federal Reserve about a century ago. If the government owns the economy, and all economic wealth created in the economy, then by extension the government owns the currency.
The crucial difference is that in the United States the premise of individual rights and private wealth/private property remained, even as the government began to systematically intervene. The government went from a mostly hands off approach to an approach of intervention in the economy, while still assuming that most private wealth belonged to those who earned it. This was the beginning of the mixed economy, which began in earnest after the turn of the 20th century.
The mixed economy was unsustainable from the beginning. You cannot be a private property based, capitalist economy and a government intervening economy at the same time. Sooner or later, one has to give in to the other. This is because all government interventions are based on the premise that all economic activity is really the responsibility of the government. In a mixed economy, people elect a government to sometimes manage and take control over part of that economy. The minute this starts, the economy is no longer private. Sooner or later, government will either back off completely or take over the economy altogether. Government interventions always result in unintended consequences, which rationalize further government interventions and eventually a takeover. In 2011, the U.S. stands on the verge of that takeover.
By the end of George W. Bush’s and the start of Barack Obama’s presidencies, the socialist-capitalist tension reached a turning point. Government began to essentially take over major sections of private industry. Under Bush, the federal government stated that certain financial companies — some, but not others — were “too big” and too important to fail. Therefore, the government was going to bail them out with billions upon billions of dollars. Bush insisted this was only temporary and claimed it gave government no right to tell these companies what to do. Obama, once in office, continued the policy and extended it to automobile companies — and said the government has every right to tell these companies what to do. While in office, the socialist Obama has extended this principle to other companies who don’t necessarily get government subsidies, such as hospitals and health care providers, and (through the FCC) to the Internet itself, over which he has taken effective control.
Conspiracy theorists worry that there will be some kind of secret turnover of the United States to China. What would this look like, and how would it be implemented? Conspiracy theorists have no answer. But there is no conspiracy here. The United States is becoming China, out in the open for all to see. Under Bush and Obama, the federal government went from an entity that interfered in the private sector to one that essentially declared ownership of it. The Federal Reserve chairman no longer tries to follow the marketplace, but to actually control and be the marketplace. He openly brags about his capacity to alter interest rates any time HE sees it as suitable for the national interest. This sort of power instituted in one man — and a deeply flawed man, at that — in the United States of America? This is not the system of James Madison and Thomas Jefferson; not even close!
Americans have watched and let all this happen — indeed, continue letting all this happen without major opposition. There is no conspiracy. China isn’t taking over the U.S. The American people are handing the U.S. over to China — not to the Chinese government, but to the Chinese system of economic fascism. It’s not through deliberate intention, but by default. By giving government more and more power in the name of “security,” our government has become as fascist as the Chinese government. That’s what put us in the position we’re now in, being lectured at by Chinese business and government officials (one and the same thing, in that country.)
America started out as a land of freedom and capitalism. It became a land of hampered capitalism, and now it has moved to a land of primarily government. We still have the freedom of speech and elections to move drastically in the direction, once again, of freedom and capitalism. If we did so, we’d crush the Chinese in no time flat. There’s nothing stopping this but the majority of the American people. And that’s no conspiracy.