Many of our readers might remember the late 80s. There were hundreds of movies, songs and books about the inevitable Japanese economic invasion. The ones of you that did not live that period can see that it did not happen.
Source: Why We Should Worry About China
More accurately, why we should worry about any government.
Not only are growth targets inevitably subject to gross political misrepresentation and are inherently unreliable, they misconstrue true economic value …which is purchasing power. When everyone’s purchasing power is increasing, then so is our collective wealth. This is the only standard any one needs to know. People will always need stuff, so jobs will ebb and flow with demand.
Then think about why the purchasing power of the USD is worth ~5% of what it was a little over 100 years ago – just prior to the dawn of the Federal Reserve Bank and its never-ending tendency to dilute the value of your earnings.
Its actions result in counterfeiting and all counterfeiting is theft. You may believe that since it is committed by government it is ok; that it is for the greater good; that the majority rules, etc.
But if you recognize that government is nearly always wrong, wasteful and corrupt; that people, even in government are naturally self-interested first relative to the good of society; and, that majoritarian rule is equivalent to sanctioned mob rule, then you can see that a more just society cannot exist until we relieve ourselves of these fictions and commit to the deconstruction of government and the inequitable class structure it creates.
Market-based governance founded on a single rule of law, equally applicable to all, is the most just and sustainable solution to better solving virtually every problem that affects society.
So, if you want a better economy, government will never be the answer. They are mutually exclusive.
Note: The views expressed are solely the opinion of the author.
Conceptual and title source: Mises Wire Why We Should Worry About China by Daniel Lacalle
Media source: Mises Wire