Toronto NAJC President’s Report – August 2014

July 27, 2014 at 10:51 am

David Fujino. 
“Capitalist China”

By now, readers have surely noticed that I’m no historian and politician. For this, I make no apologies. I do my best to learn from those who know: those who have, for better or worse, educated opinions.

So it should come as no surprise that, like many people today, I frequently have China on my mind.

Journalists and economists and Toronto cab drivers all point to the fact that China’s on top, for China is waging “economic war”, according to a stock broker I spoke to earlier this year. China — as in Beijing — has the U.S. in its pocket because of all the massive loans they’ve made to the U.S.

But let’s not forget the post-War 1950’s when the West scorned all the cheap imports that were ‘Made in Japan’. China’s now the front runner that Japan became in the 1980’s. ‘Made in China’. China has arrived.

In fact, according to the contrarian economist and author, Loretta Napoleoni — and the title of her book, “Maonomics: Why Chinese Communists Make Better Capitalists Than We Do” — the dragon is busy sucking up all the oxygen in the financial room. Further, Napoleoni  says the Chinese “ … look at our kind of democracy and they don’t want it.”

In the West, we’re in a crisis, and we’re afraid to re-think our position, according to Napoleoni, because we really don’t accept the idea that governments should spend money to create jobs — an idea promoted by the notable and unfortunately out-of-fashion economist, John Maynard Keynes, of Keynesian economics.

Why? Because we think it’s socialism. Napoleoni says the Chinese used capitalism to save their country, and we’d do well to adapt that lesson of pragmatism from them.

And just recently, a senior U.S. Senator — or was he an ex- Army man? — made the statement on TV that, just as the Americans made sure to secure the West Indies because of its economic –rich opportunities, so will China be looking to secure the South China Seas.

Within a week, after he made his statement, Chinese ships were found in ‘Japanese waters’ in the South China Seas and Japanese fighter planes flew dangerously close overhead. Days later, there was news of a Vietnamese boat ramming a Chinese boat found in ‘Vietnamese waters’, followed by the Philippines and Malaysia, also challenging Chinese vessels’ right to be in ‘their waters’ in the South China Seas.

Global power is shifting.

Respectfully yours,
David Fujino