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Sixteen years on the streets, living and working with the people of China, Jeff
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This is Jeff J. Brown, China Rising Sinoland and the founder of Seek Truth From Facts Foundation. I hope you love my new banner I put up, that Pepe Escobar gave me a couple of days ago, when he came to have lunch with us here in Cherbourg. He took the train from Paris. It was really a nice gesture. He gave me this incredible flag from the Donbass, I mean, he just got back from there, watching Ukrainian Nazi missiles flying into civilian areas in Donbass, killing innocent people.
The green escutcheons are the symbols of Russian battalions that have adopted Christian saints. Like St. Andrew, St. Paul, St. Peter, St. John, St. Luke, et cetera. Then the symbol in the middle is Jesus Christ. That symbol was on the very first Russian flags, when the Orthodox Church was founded a thousand years ago in Crimea.
Of course, I still have my three Chinese calligraphies and paper cut from two students and my daughter, so I’m proud of those, too. I’m really pleased to have this to show you on the show today.
I want to talk today about China’s financial system. There is all kinds of Western Big Lie Propaganda Machine vomit out there about it. Everybody’s talking about how China’s going to have a real estate bubble and bust. Remember as we talk about this today, I want you to remember that China has not had a recession since 1976, 48 years ago, thanks to communist liberation in 1949! Let that sink in for a moment. China has not had a bust since 1976. I will include a link in the written article about the history of recessions in the United States. Pages and pages and pages of them going back to the 1700s (https://stacker.com/business-economy/every-recession-us-history-and-how-country-responded).
Just in my lifetime, the USA has had recessions in 1953-1954, 1958, 1960-1961, 1969-1970, 1973-1975, 1980, 1981-1982, early 1990s, early 2000s, 2007-2009 and 2020. This is no accident or just bad luck. Wall Street and the City of London create booms and busts, because every time they get richer and we get poorer, as they buy up our losses at 10 cents on the dollar.
And of course, there have been other forced recessions, like in Japan in 1988, the Asian Tigers in 1997, they were harvested by Wall Street and the City of London, because they got too rich for their own good.
How can China have had the least disruptive, continually growing economy going back 50 years?
The banks are publicly owned. The People’s (Central) Bank of China is publicly owned. They print their own money. Of course, in the West, private banks, Wall Street and the City of London print the money and then loan it to the government at interest, which is why they love debt. So basically, central banks in the West are privately owned by trillionaires, whereas in China, the central bank is owned by the people.
All the banks in China, except for about 20 or 30 little private ones that they’re testing, but they don’t really count, 99.9% of the banking sector in China is people owned, publicly owned. The shadow banking sector in China has been almost completely wiped out. They have really worked hard to get rid of it. When we were living in Shenzhen, 2016 to 2019, I’d be walking down the street and people were handing me, of course, in Chinese, but were handing me flyers about shadow bankers and shady hedge funds. Now, they are 95% gone in the first case and tightly controlled in the latter.
Recently, Baba Beijing, the central government warned China’s US$63 trillion financial sector to serve the real economy and enrich the lives of the people. Can you imagine reading something like that or hearing something like that from Rishi Sunak, Emmanuel Macron, Joe Biden, Justin Trudeau and Olaf Scholz? I can’t either. Of course not, because they are owned and operated by the City of London and by Wall Street. They work for the 1% and together, they work to steal our wealth.
Another example of Baba Beijing working hard to maintain economic prosperity and harmony: Chinese regulators are asking large banks to step up support for Vanke, which is a real estate company that’s struggling. The Chinese Housing Minister said that real estate developers in serious trouble should be bankrupted and restructured. Of course, they will be restructured for the benefit of the people. This is what happens when politicians are not bought and paid for by banksters and corporations. They will be restructured, nationalized, instead of going to wealthy plutocrats, getting assets at $0.10 on the dollar, they will go back to the national treasury and be redistributed to state owned companies that will do a good job of taking care of them and making sure the people who paid for their first home are made whole (https://chinarising.puntopress.com/2023/09/16/china-is-going-to-collapse-not-really-heres-why-it-cannot-happen-china-rising-radio-sinoland-230916/).
Just today, Beijing issued unprecedented guidelines, calling for transparency and risk management in the stock market. Can you imagine that in the West? I can’t either. Thus, it’s not just real estate. They are going to make sure that crooks like George Soros, the City of London, Wall Street, and billionaires in China who have gotten too big for their britches and have forgotten why they are billionaires, thanks to the government that they’ve got, the socioeconomic and political systems they’ve got, Baba Beijing is going to make sure that they do not get their vampire squid fangs into the Chinese financial system.
Baba Beijing is going to make sure that people like Larry Fink at Blackrock, State Street Trust and Vanguard – Wall Street and the City of London will be kept a long bamboo pole’s length from the China Securities Regulatory Commission (CSRC). These same psychopaths own the Security and Exchange Commissions in all the Western countries. They tell these supposed regulators what to do and what not to do. The CSRC is like a rabid bulldog, going after criminality, corruption and finding loopholes in the laws.
In 2023, China’s debt was 77% of GDP and America’s was 121%. US public debt per capita is now $101,000 for every man, woman and child in the United States. In China it’s $9,000, eleven times less than in the United States.
Not to mention China produces things, it manufactures things. It’s not a financialized economy. It’s a productive economy that exports things and builds things and creates things. Whereas in the United States, take out the military, take out all the financialization and there’s not a lot there that’s left. China can repay its national debt. The USA, Europe and Japan will leave humanity holding an empty bag, when their economies collapse sooner than later.
It’s not just finance. In the last ten years, Baba Beijing has gone after all of the high-tech companies with a ferocity the West will never see, as Google, Facebook, Instagram, etc. control global societies with propaganda.
Tencent, which has WeChat and is the biggest video gaming company in the world, Alibaba/Alipay and many others are muzzled and on a very short leash. Baba Beijing has a proctoscope up their backsides about as far as they can shove it. DiDi Dache, the car hire company was prevented from signing on new customers for a year and a half and fined billions of equivalent dollars for misusing their customers’ personal data.
China’s high-tech companies can’t pass gas without Baba Beijing knowing who farted. They have got financial and accounting bird dogs inside the company hired by Baba Beijing, to make sure that they are not screwing the people of China. That would never happen in the United States. It just would never happen.
Look what happened to Jack Ma. He got too big for his britches, disappeared for a couple of years, and now he’s finally being seen in the media. Pony Ma, the CEO of Tencent is on notice. Huawei and all big tech companies have to watch what they are doing with their software and people’s data that they collect. China has extremely strict laws that prevent the abuse of personal data, which is the exact opposite in the West. They do whatever the hell they want with our data and we have no control over it.
There are tens of (social) media and web search engine platforms in China, like QQ, Sogu, Sina Weibo, Baidu, Douyin (Chinese TikTok), Zhihu, Douban, Youku, Meituan, Taobao, JD.com and many more are being watched like a hawk by Baba Beijing, to make sure that they’re not abusing the people’s trust. Compare that to Google, Facebook & Co., which are extensions of the FBI and CIA.
My Chinese phone has many more platforms than shown in this visual. China’s social media is much richer than in the West (https://www.hicom-asia.com/chinese-social-media-platforms/).
It’s completely different in Sinoland, you have the President of China telling the banks to serve the people, serve their interests and serve the real economy. Yet, for the last 15 years in the West, they have printed trillions and trillions and trillions of dollars and euros, just photocopied trillions and trillions, euphemistically called quantitative easing, and the puppet governments asking, pretty please, will the banks please use this, to help the people get jobs to build infrastructure and manufacture things?
Hell no. They take that money, buy back their stock, then the CEOs and boards of directors of the corporations get themselves special stock shares, unlisted A-shares with stock options to become even more multimillionaire than they already are. They don’t invest anything, almost nothing, out of all of that money, except in the military.
It is the difference between communism-socialism and colonial capitalism.
In China, the expectation is the banks will serve the interests of the common people. Big business is constantly being scrutinized and reminded that they are not there to rip off the people, but to serve them. As soon as the people start complaining, Baba Beijing comes down on them like a herd of buffalo. Well, we’re in Asia, so a herd of yaks. It’s a completely different mentality. It’s a completely different system. It’s a completely different philosophy. In the West, the government exists to serve the 1% at the expense of the 99%. In China, the government exists to serve the interests of the 99% at the expense of the 1%.
I wouldn’t want to be a billionaire in China. They are constantly being scrutinized. The government is telling them to donate not millions, but billions of equivalent dollars to charities, create charities, do public service, spend billions on public service projects. And they do. They’re constantly being browbeaten to serve the people. This is not like billionaires in New York, Tokyo, London or Paris, where they have zero accountability to the governments and the people. In fact, they buy the levers of government.
This is Jeff J. Brown signing out. Have a good day.
Sources:
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Praise for The China Trilogy:
Why and How China works: With a Mirror to Our Own History
JEFF J. BROWN, Editor, China Rising, and Senior Editor & China Correspondent, Dispatch from Beijing, The Greanville Post
Jeff J. Brown is a geopolitical analyst, journalist, lecturer and the author of The China Trilogy. It consists of 44 Days Backpacking in China – The Middle Kingdom in the 21st Century, with the United States, Europe and the Fate of the World in Its Looking Glass (2013); Punto Press released China Rising – Capitalist Roads, Socialist Destinations (2016); and BIG Red Book on China (2020). As well, he published a textbook, Doctor WriteRead’s Treasure Trove to Great English (2015). Jeff is a Senior Editor & China Correspondent for The Greanville Post, where he keeps a column, Dispatch from Beijing and is a Global Opinion Leader at 21st Century. He also writes a column for The Saker, called the Moscow-Beijing Express. Jeff writes, interviews and podcasts on his own program, China Rising Radio Sinoland, which is also available on YouTube, Stitcher Radio, iTunes, Ivoox and RUvid. Guests have included Ramsey Clark, James Bradley, Moti Nissani, Godfree Roberts, Hiroyuki Hamada, The Saker and many others. [/su_spoiler]
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Thank you, Jeff. This was an informative and helpful report.
Thanks, Cat. I appreciate the pat on the back.
Please share in your circles.
¡VENCEREMOS!
Jeff