The New York Times reports that JP Morgan hired the sons and daughters of high level Chinese officials in order to buy access and to generally curry favor in the land of the Red Dragon.
I just can’t believe it. There’s shadiness, outright corruption in the Chinese banking system?
3 key components to wealth which lasts generations are said to be gold, land, and art. The first 2 classes are somewhat obvious, but art is less so. Yet the rich over the centuries have always invested in paintings and sculpture.
And we free market people think we have it tough in the United States. Imagine advocating for liberty and free prices in the Ultimate Crony Capitalist State, China. At least it’s not “off with their heads” as it would have been just a few years ago.
One participant in the Hayek study group detailed in the article even handed out copies of Hayek’s masterpiece The Road to Serfdom. Not so long ago such evangelizing would promptly have been stopped with a well placed bullet. So I suppose progress has been made.
A match made in crony hell.
So long as the dollar retains its “reserve” status we’ll continue to run the world economic show.
He’s right to be worried, and the Federal Reserve is a big part of the problem.
Many of Greenspan’s policies as head of the central bank contributed significantly to the current bloom of crony capitalism. But we have to give him credit for at least identifying the problem publicly.
The GM bailout was really a bailout for the United Auto Workers and their pensioners. A solid pro-Obama constituency the unions were given a colossal gift courtesy of the American taxpayer. A company which made terrible products for decades and which paid its workers much too much, got to live another day because Obama knew he needed to win the northern Midwest in 2012.
China is a land of wonders. The joys of state capitalism abound in the ultimate crony capitalist state. Witness this gem of planning, a lovely condo placed smack dab in the middle of a massive highway. Very nice.
You’ll remember that he was going to make the Fed more “transparent.”
I am no geneticist (just in case you were wondering) and I long did not care particularly about the GMO issue. But I will say that I have come to believe that the GMO skeptics are worth listening to. There are powerful forces which have a lot invested in the technology and want to push GMOs to the point of no return even while the jury is still out.