Category Archives: Economy

American Leaders, Political and Corporate, Outsourced Life To China

China, Donald Trump, Economy, Ethics, Foreign Policy, Healthcare, Homeland Security, Labor, libertarianism, Outsourcing, Trade

Unless major shifts are taken by the West to stop outsourcing life to China—it is Western leaders who must be considered traitors to their people. China is just being China. Ultimate retributive action against China must come from our leaders. Ire must be directed at our leaders if they continue to outsource life to China, which includes manufacturing as well as energetically replacing American workers with Chinese workers.

It’s not enough to agonize “aloud, about how [the West] found [itself] so dependent on a country like China.

Via The Economist’s Chaguan column:

“On March 29th the Mail on Sunday, a British newspaper, quoted government ministers blaming Chinese secrecy over covid-19 for ruining the world economy. How could Britain [and the U.S.] not now review Sino-British [and Sino-American] ties?”

Easily, unless the people hold their leaders responsible for reckless endangerment …

European and American elites “were [so] confident of ‘change through trade’; that commerce with China will nudge that country towards openness and democracy.”

a propaganda campaign [is] under way inside China to stress that most new infections involve cases imported from abroad. Though almost all of these involve Chinese nationals, curbs on foreigners are tightening. The border has been shut to most of them. On March 27th the government shocked embassies in Beijing by declaring a halt to the issuing of new identity cards for most grades of diplomat. This was apparently in response to the flouting of virus controls by a Western envoy. Embassies, in effect, face a ban on staff rotations until at least mid-May.

…during this pandemic, POTUS seems strikingly unmoved by ethical questions about China’s conduct. Asked about Chinese propaganda accusing America of infecting China with covid-19, which his own aides have angrily denounced, Mr Trump shrugged. “Hey, every country does it,” he told Fox News

On April 19, Trump suggested that Chinese culpability for mass murder would depend on the presence of intent: “If it was a mistake, a mistake is a mistake. But if they deliberately carried responsibility for it, that’s what I mean, then there must be consequences.”

I agree with President Trump that the “autocracy called China” is characterized by “ruthless self-interest” that is praise-worthy. More so than America is China likely to act in the interest of its own people.

NEW COLUMN: Pandemic, Plague & Protests: Will Chile Join The Shithole Country Club?

Capitalism, Democracy, Economy, Left-Liberalism And Progressivisim, Socialism, Welfare

NEW COLUMN IS “Pandemic, Plague & Protests: Will Chile Join The Shithole Country Club?” Previously on Quarterly Review, WND.COM  and The Unz Review, read it now on American Greatness  

An excerpt:

Before the coronavirus pandemic and the plague of locusts came the protesters.

From the affluent locales—Chile, France, Britain, Hong King, Catalonia—to the impoverished ones—Algeria, Bolivia, Ecuador, Guinea, Haiti, Honduras, Iraq, Kazakhstan, Lebanon and more; the world was on fire (to borrow from Amy Chua’s brilliant book).

The reasons cited for a world-wide conflagration ranged from the evils of free-market capitalism (says the Left) to the “socialist regimes in Cuba and Venezuela” (says the Right), to “economics, demography, a sense of powerlessness…and social media.”

Some experts spoke of a “youth bulge” of over-educated young people chasing too few jobs. In truth, this was more like ill-educated youngsters with useless degrees, who thought it chic to don a balaclava and lob hard objects at the police and the property it was protecting.

Chile is the jewel of Latin America. In 2014, it even surpassed the United States on the Index of Economic Freedom, ranking seventh to America’s 12th. Since 1990, economic growth in Chile has been as steady as the stability of its institutions. Poverty rates had plummeted and social services had been extended to the needy.

On the right, Pat Buchanan has described Chile as “the country with the highest per capita income and least inequality in all of Latin America.”

On the Left—yet still on the side of a competitive market economy—the Economist agrees. Chile “is the second-richest country in Latin America, thanks in part to its healthy public finances and robust private sector.”

In no-man’s land are the protestors on the streets of Santiago and other cities. What the demonstrators want is unclear. To the extent their inchoate signs and signals can be divined, it would appear that the path the well-to-do Chile will be forced to take is that of less capitalism and more socialism; less of the private sector and more of the state.

Indeed, Chile is beset with protesters determined to bring the elected government to its knees. Many parts of Santiago, the capital, have been boarded up or burned down. The country’s “malcontents” want more state-provided stuff; more health care and more free education and pensions.

It increasingly looks like Sebastián Piñera, Chile’s president, may just be forced “to scrap a system” that appears to have served Chile well.

READ THE REST … NEW COLUMN IS “Pandemic, Plague & Protests: Will Chile Join The Shithole Country Club?” Previously on Quarterly Review, WND.COM and The Unz Review, it’s now on American Greatness.  

* Image is via The Economist

Pandemic Preparedness And America’s Mañana Mentality

COVID-19, Debt, Economy, Free Markets, Healthcare, Political Economy, The State

The dynamics of state regulation and ownership aside, there is no ignoring our American mañana mentality. Consume in the present; worry not at all about tomorrow’s supplies.

Doesn’t that epitomize the state of America’s coronavirus pandemic reserves?

Via the LA Times: “A disaster foretold: Shortages of ventilators and other medical supplies have long been warned about.”

The nation needed larger caches of standby medical supplies and hospitals that were better prepared to handle a surge of infected patients.

A decade later, the coronavirus crisis is exposing many of the same gaps. Inadequate supplies of protective masks, ventilators, intensive care beds and other medical resources are forcing mass closures of schools and businesses and restrictions on everyday activities as public officials rush to slow the virus so America’s medical system isn’t overwhelmed.

the Government Accountability Office … the federal government’s leading internal watchdog, has issued a steady stream of reports about poor pandemic planning. …

The GAO, public health experts and others issued a steady drumbeat of warnings that America would sooner or later face a widespread infectious disease outbreak or a major bioterrorism attack and was woefully unprepared. …

… In both 2018 and 2019, U.S. intelligence agencies issued insistent warnings in their annual Worldwide Threat Assessment.

“We assess that the United States and the world will remain vulnerable to the next flu pandemic or large-scale outbreak of a contagious disease that could lead to massive rates of death and disability, severely affect the world economy, strain international resources, and increase calls on the United States for support,” the 2019 report noted.

AND, “Making the case for investments in material and hospital planning has long been challenging as most people have difficulty envisioning a major disaster, acknowledged Dr. Eric Toner of Johns Hopkins University, an authority on pandemic preparedness.”

Hospitals also are under pressure to keep margins thin and eliminate spending on staff and supplies that aren’t used all the time.

And, in government-regulated hospitals, which are the majority in the US,

The budget crunch represents a particular challenge for so-called safety-net hospitals, institutions that serve many uninsured patients and those covered by Medicaid, and consequently collect less revenue. These same hospitals are now expecting a large surge in coronavirus patients but have limited resources to ramp up staffing and add intensive care beds if needed.

“Cash is very limited,” said Charlie Shields, chief executive of Truman Medical Centers in Kansas City. Shields said the finances are under even more stress since the hospital canceled elective procedures and shut down its dental services to prepare for the pandemic, moves that reduce hospital revenue.

In case you imagine the US has a free-market in medicine, here are a few statistics that’ll shock you, via The Economist:

The country has over 6,000 hospitals. Only 1,300 or so are private for-profit institutions; the rest are non-profit or government-run. The lack of an overt profit motive has done little to rein in prices …

In any event, the defining characteristic of the Unites States is debt—public and private, macro and micro. America is a debtor nation. A natural shift must take place in the economy from a credit-fueled, consumption-based economy, to one founded on savings, investment and production.

There Is More Cronyism Than Capitalism In Corporate America (Boeing? Oink, Oink)

America, Business, Capitalism, Economy, Free Markets, Globalism, Labor, Trade

In “Why Tax Breaks Won’t Stop High-Tech, H-1B Human Trafficking,” I explained how, “The H-1B visa racket,” like so much of the rent-seeking global, corporate America does, “is … a taxpayer-subsidized, grant of government privilege. Duly, profits remain private property. The costs of accommodating an annual human influx are socialized, borne by the bewildered [American] community.”

the corporations that hog H-1Bs act like incorrigibly corrupt rent seekers. Not only do they get to replace the American worker, but they get to do so at his expense.

Here’s how:

Globally, a series of sordid liaisons ensures that American workers are left high and dry. Through the programs of the International Trade Administration, the Export-Import Bank, the Overseas Private Investment Corporation, the International Monetary Fund, and other oink-operations, the taxpaying American worker is forced to subsidize and underwrite the investment risks of the very corporations that have given him the boot.

Domestically, the fascistic partnership with the State amounts to a subsidy to business at the expense of the taxpayer. See, corporations in our democratic welfare state externalize their employment costs onto the taxpayers.

MORE in “Why Tax Breaks Won’t Stop High-Tech, H-1B Human Trafficking.

Now, via Washington Examiner’s “When foreign airlines go under, US taxpayers could be stuck with the bill” comes quite a positive description of the sordid liaisons and transactions on the backs of American taxpayers:

Subsidizing Boeing jets has generally been the Ex-Im Bank’s main activity. Typically, about 40% of all its financing supports Boeing exports. That’s why the agency has earned the nickname “Boeing’s Bank.”
As a result, airlines in China, Turkey, Bangladesh, Canada, Mexico, and all over the world have benefited from U.S. taxpayer-backed financing to buy Boeing jets in recent years. Many of them still owe their lenders, meaning the U.S. taxpayer is still exposed via the Ex-Im Bank. There’s a decent chance some of those foreign airlines will default on some debt payments. That could result in the Ex-Im Bank having to make the creditors whole.

There is more cronyism than Capitalism in the operation of the giants of corporate America.

UPDATE:  Just desserts.