An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Sunday, October 25, 2020
The Chinese Uyghur Dark Legend and Washington’s Campaign to Counter Chinese Economic Rivalry — Stephen Gowans
Longish and detailed. Not mostly about the Uyghurs.
Do you know, this is the exactly the same argument I have made here, and on twitter. After 500 years of the slave trade and imperialism, the Western elite are out on top, and now can use 'free and open markets' to buy up the world.
Democracy and open markets are demanded so that the Western elite can go in and buy up the lot. Plus, they can also borrow money from banks, who create the money out of thin air, to buy up even more. I have no problem with banks creating fiat money, but there are downsides too.
The Western elite have the credit rating to borrowing enormous amounts of cheap money, and then buy what they like, using the profits from the companies they bought to pay off the loans. It's no different to a game of Monopoly. Once you're out front, there is no stopping you.
Then many on the right cheer capitalism, because they believe the wealthy got rich through hard work, and although there is some of that, most of the money they make is in their sleep.
You can't buy up the world when it is divided into nation-states. Globalists will have to learn this lesson the hard way. As for empire builders, that lesson is learned on the battlefield.
You can't do that when the country enforces its sovereignty. To do business in country X, ye must follow the rules set by X. The objective of globalism is to persuade/coerce/force countries to relinquish their sovereignty. That era is hopefully coming to an end.
Do you know, this is the exactly the same argument I have made here, and on twitter. After 500 years of the slave trade and imperialism, the Western elite are out on top, and now can use 'free and open markets' to buy up the world.
ReplyDeleteDemocracy and open markets are demanded so that the Western elite can go in and buy up the lot. Plus, they can also borrow money from banks, who create the money out of thin air, to buy up even more. I have no problem with banks creating fiat money, but there are downsides too.
The Western elite have the credit rating to borrowing enormous amounts of cheap money, and then buy what they like, using the profits from the companies they bought to pay off the loans. It's no different to a game of Monopoly. Once you're out front, there is no stopping you.
Then many on the right cheer capitalism, because they believe the wealthy got rich through hard work, and although there is some of that, most of the money they make is in their sleep.
DeleteYou can't buy up the world when it is divided into nation-states. Globalists will have to learn this lesson the hard way. As for empire builders, that lesson is learned on the battlefield.
ReplyDeleteI wasn't very clear, I meant buy up other countries companies and resources.
DeleteYou can't do that when the country enforces its sovereignty. To do business in country X, ye must follow the rules set by X. The objective of globalism is to persuade/coerce/force countries to relinquish their sovereignty. That era is hopefully coming to an end.
ReplyDelete