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Written by Stumo
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Thursday, 07 August 2008 |
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The Beijing Olympics continues the focus on China. This article reveals, in a nutshell, the misinformation or disinformation of those who say our trade deficit with China arises from our failure to "compete".
[China's Communist] party has also clung tenaciously to the most profitable pillar industries and the financial system, and it is not always easy to distinguish the biggest private companies from their state-run counterparts in China’s hybrid economy.
When the government owns, controls, or funds entire industries, I
suggest that you not call it a "free market." When our leaders pretend
that it is a free market, and pre-emptively surrender our policy tools
to respond... we lose.
Other countries can choose their domestic policy, but we need to
retain, and exercise, the right to respond. Otherwise our economy will
tank. Kinda like now.
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In the news
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This is the video for the October 2, 2008 press conference announcing the recipe for "Fixing America's Economy."
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