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Jim Chanos on the China housing bubble
Monday, January 25, 2010
Famed short-seller Jim Chanos talked to CNBC this morning about the Chinese economy and the country's "unprecedented" real estate bubble (related story here).
Favorite line on the broader political/economic issues:
It's an interesting aside and others have made the point before me but, I find it intriguing as we've done our work that it's become apparent that China has embraced capitalism to keep the socialist elites entrenched while, more lately in the West, we've embraced socialism to keep the capitalist elites entrenched. So, opposite sides of the same coin.
4 comments:
RE: Socialism/Capitalism paradigm
Socialism has no pricing mechanism. Socialism must look to Capitalism to determine need and prices. Whether a Socialist system looks to another Capitalist society for pricing mechanisms, or allows some degree of Capitalism to function within its own society is no matter.
I don't agree that China is embracing Capitalism to keep the Socialists entrenched but rather, to help determine need and pricing.
I see America as more embracing Socialism (naively) to protect themselves from Fascism/Corporatocracy <-- not Capitalism.
In either case, eliminating corrupt politicians and embracing Capitalism would be the better choice.
How do you rid the system of corrupt politicians?
Limit their power. Cut programs, cut taxes, repeal Patriot, repeal legal tender, abolish the Fed, ... essentially uphold the Constitution. Bring more planning decisions back to the local level where lawmakers can more easily be held accountable.
Yeah, I go with the more local governance too to help curb political corruption, as well as the other items Anon mentioned. I'm sure there's some kind of reference to Dunbar's number I could make here...
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