Thursday, August 8, 2019

Neoliberalism Has Met Its Match in China — Ellen Brown

Spross quoted former bank CEO Richard Vague, chair of The Governor’s Woods Foundation, who explained, “China has committed itself to a high level of growth. And growth, very simply, is contingent on financing.” Beijing will “come in and fix the profitability, fix the capital, fix the bad debt, of the state-owned banks … by any number of means that you and I would not see happen in the United States.”...
This did happen to a degree in the US, when the Fed stepped up to save the financial system, and the  
TBTF institutions, and Congress authorized a nationalization of GM. That's a feature of neoliberalism, too.


hoonose said...

Is it just me, or did she hit the nail right on the head?

Kaivey said...

Link didn't work.

Kaivey said...

This exposes the free market libertarian myth. I put out the Richard Werner documentary here which showed how neoliberal central bankers behind the scenes destroyed Japan's state planned capitalism, creating so much hardship. Were they US puppets?

Neoliberalism is just to make a few elite very rich indeed. Why do the conservatives support it when it creates far less rich people? They've been conned.

Jeff Gates was a supply side economist who helped to bring neoliberalism to Russia, but then he realised he had been conned when he saw the oligarchs grab the lot.

Ellen Brown :

'While the U.S. manufacturing base was being hollowed out under the free-market model, China was systematically building up its own manufacturing base and investing heavily in infrastructure and merging technologies, and it was doing this with credit generated by its state-owned banks.'

Kaivey said...

I have a book somewhere in my Kindle collection which describes how in the 60s the progressive movement was gaining a lot of ground (well, it makes sense), and so the right fought back with their think tanks to destroy the unions and the progressive movement, and this eventually led to election of Reagan.

The book explained in quite a lot of detail the propaganda involved. I think that today many Americans hate communism not because of their unique history, but because of the propaganda.

Millions of people have had the Protestant work ethic installed in them from the day they were born. The idea is to make them subservient to the upper class. Now many people are entirely selfish believing there is no other way.

Ralph Musgrave said...

I don't attach much importance to manufacturing expanding in China while it was being "hollowed out" in the US. Manufacturing initially expands in every country that starts developing: it than tends to decline as relevant countries become even more developed, and service industry jobs displace manufacturing jobs.

Unknown said...

I would love to know author/title of that book.

Kaivey said...

I'm pretty certain this is it.

Winner-Take-All Politics: How Washington Made the Rich Richer–and Turned Its Back on the Middle Class. By Jason Hacker and Paul Pierson.