April 10—A special event at the Moscow Economic Forum featured Sergey Glazyev, Minister for the Integration and Macroeconomics of the Eurasian Economic Commission, addressing directly whether Russia can figure out the secret of China’s economic miracle and apply that method for Russia. The special session appeared to be designed around Glazyev’s new book, Chinese Economic Miracle. Lessons for Russia and the World.
At the core of his calm, measured presentation was the reality that, before money makes its first appearance, governments can deliberate over and choose priorities for the general welfare of their populations. They can design credit generation based upon the necessary production, invention, health and education required to accomplish the priorities. They use markets to encourage entrepreneurship, but regulate the markets to prevent untethered financial schemes and scams. The markets encourage individuals to apply their talents to accomplish the social goals set forth in the chosen priorities. Winners do very well for themselves and for their society. Those who never tamed their lust for super-profits get nowhere.
Glazyev recognized this as what the Chinese call “socialism with Chinese specifics,” but a rose by any other name would smell as sweet. The point is that, at its core, China gave priority to public interests.
The U.S. founding fathers called it the “general welfare principle.” Alexander Hamilton explained this matter of government priorities and the creation of credit in his “Report on Public Credit” and his “On the Subject of Manufactures.” Franklin D. Roosevelt’s TVA program was a clear example of it, one that Chinese communists and non-communists studied and applied. After wiping out extreme poverty amongst 800 million Chinese over the last 30 years, China’s President Xi Jinping decided to export this successful model of wiping out poverty to the rest of the world.
The financial derivatives dynasty of the City of London and their junior partners in Wall Street should worry less about whether China ever decides to send one piece of military equipment to Russia, and save their conniptions for Russia importing China’s economic miracle.
Glazyev identified Russia’s problem—the continued mental enslavement of Russia’s Central Bank to financial manipulations. But why keep playing such too-clever-by-half financial games in a world where your foreign exchange reserves are simply grabbed, where the rules change on a whim? What happens when President Putin, no stranger to making bold decisions when the existence of his nation is at stake, turns his attention to his own Central Bank?
France’s President Macron gives indications this week that he thinks survival may involve breaking from the orders to isolate China, and to tie his economic wagon to trade deals with China. While Macron is certainly given to playing games, he presently looks like a Rock of Gibraltar compared to Germany’s commitment to slavish service for the London-Washington war policy. Even Cyprus had no problem defying the U.S.’s plan to have them ship their missiles to Ukraine, telling Ukraine’s Defense Minister Oleksii Reznikov to go home empty-handed. But Germany goes the extra mile, physically dismantling their world-famous, energy-intensive industrial productivity. Next week, they plan to turn off the last three of their nuclear energy plants. So, countries have clear choices to make.
Mexico’s President López Obrador, in the face of inflation and food shortages, went on the offensive, pulling together the heads of state of his neighbors in a videoconference. Over the next month, they will meet directly in Mexico, with an invite to the rest of Central and South America. In the U.S., former Congressman Dennis Kucinich designed a “how-to” apparatus for the present bungling Congress, to break the war fever and lies. It’s a simple Congressional investigation kit to take the evidence presented by Seymour Hersh, that President Biden and his team planned the bombing of the Nord Stream pipelines, and translate it into a competent congressional investigation. It includes a sample subpoena to the Secretary of the Navy, for starters, for the divers and the explosives that were deployed in the bombing last September. It is sort of a basic wake-up call. With one sane and obvious step, perhaps Congress might take the next step and recognize that what Russia is learning from China’s economic miracle, is something that the U.S. could honestly say, we invented it first.
As you read this, there are some 96 hours left to organize your own social gatherings for the most appropriate followup to the Glazyev event—the Schiller Institute’s April 15-16 forum, “Without the Development of All Nations, There Can Be No Lasting Peace for the Planet.”
