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Saturday, November 21, 2009

The stupidities of David Pilling on China

The other day Lionel Barber, the editor of Financial Times, disclosed that his main job was to stimulate talent and manage large egos. Since ages ago I was (almost) in the same position as Barber I hereby dare extend an unwarranted advice in a form of a purely facultative suggestion.

Mr Barber might begin downsizing those egos of his columnists by enticing them to read my blog dedicated to quartering FT content. Take for example David Pilling. This guy says:

" If China were to continue to prosper, the dead hand of government would have to be loosened in order to give private enterprise the space to create wealth.

This is a laughable statement.

1. Mr Pilling admits that the People's Republic of China does prosper now. Most of the observers agree with that. This confirms that China has been prospering with the dead hand of the government clenched on the society and the economy. The 1,3 billion citizen have been markedly growing better off and that is not the case with the populations of the countries of the liberal capitalism.

2. Mr Pilling does not explain why it will be impossible to continue prospering with the same dead hand gripping.

3. Mr Pilling suggests that the government in Beijing should give space to private enterprise to create wealth. That is absolute rubbish because the dead hand already and continually creates prosperity and wealth. When the private enterprise gets free hand then wealth disappears in thousands of billions of dollars and other currencies. People are evicted from houses. Millions go unemployed. Pension systems are depleted. The world sinks in chaos and only the traders of Goldman Sachs get rich sucking taxpayers money.

Mr Pilling should have a miniscule ego if he reads, with my modest self next to him, his article once again. Here is another nonsense.

"State owned banks (in the People's Republic of China) which now have foreign shareholders, have suddenly decided that this is the time to lend. This year, they have increased credit in local currency by more than 160 per cent. No one can imagine this is the choice of free agents responding to market signals.

In the US nearly $2,000 billion were (also very suddenly and also in local currency) extended by the Federal Reserve and others to save some big financial institutions while letting other sink. Those hand-outs were actually an unprecedented intervention by the dead hand of the US and other governments, money lent on a long list of conditions. Every single batch of state funds was administrative and totally flawed purchase into the ownership of the banks and insurance companies. In other words the US had nationalized the banks to save them from private enterprise and collapse.

No one imagined that those acts were the choice of free agents responding to market signals. The US market tumbled.

Everybody knew that the Big Money had persuaded the Big Politics to suck the taxpayers' money in order to save the society from chaos by forcing debt to present and future generations.

At a session of the Joint Economic Committee held this week, Republicans escalated their attacks on Treasury Secretary Timothy F. Geithner, including a call for his resignation. Rep. Michael C. Burgess (R-Tex.) revealed the attitude of the House and the American people about the handling of the crisis. "I don't think that you should be fired," he told Geithner. "I thought you should have never been hired."

That is how inflated egos and plain incompetence are handled dear Mr. Lionel Barber of the Financial Times. Learn something from the communists. They, among other methods regularly applied a system of "friendly critic" and publicly expressed "self-critic" after visible blunders of individuals with inflated egos.

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