Who would you rather run our country, electable officials who are nominally accountable to the American people or corporate executives who are definitely not?
The Chinese government’s pandemic recovery plan demonstrates why they have gone from a developing nation to economic peer of America in such a short period of time. Their command economy is unstoppable and makes the pencil necked Jew economists that invented neoliberalism look like fools. The People’s Bank of China, which is run by the state, is giving underlings $79 billion in stimulus money at a higher interest rate than the fed, but on the condition that they loan it to small and medium enterprises and forgive their late payments so that economic damage is reversed and production can recover quickly. Federal reserve stimulus money, in contrast, has no strings attached, and in 2009 banks used their money to compensate CEOs and shareholderswho helped create the economic crisis while they retrenched on loaning to firms struggling to get by. There are numerous problems on all sides in this equation, but the fed could at least try and fight abuses by recipient banks who burn through their capital by paying shareholders more than they earnings justify through a countercycle capital buffer. It won’t.
The problem with unrestrained capitalism is that each company must act in its own interest as if it were a sovereign state. It has no loyalty to a government nor nation of people. In China, their companies serve the government, which is held accountable by the people. In the United States, the government serves the largest companies, which are held accountable by stock holders.