China and America are Idiots When it Comes to Capitalism

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A reader wrote to us yesterday with the following comment:

“Bill Bonner’s comments concerning the Chinese people are nothing short of disgusting. People coming out of a decades-long famine only to find themselves merely dirt-poor tend to be just a bit under-educated, through absolutely no fault of their own (not to mention the lives of millions of them torn apart by Japan’s rape of Manchuria and elsewhere; nothing held against present-day Japan – that was then). Such people tend to grasp at straws and desperately seek even a particle of hope, and they tend to be easily brainwashed through no fault of their own.

“At least at Mao’s death (finally) there began an – altogether too slow – turning away from dumb political theory.

 
“So can you hear that I am certainly no China apologist? Supercilious and repulsive – that’s what your words were, Mr. Bonner. ‘Attaway to give your fellow man a break. Eating dirt and so literally dirt-poor, that’s what millions and millions of “these people” were. Do you get it? Mr. Bonner, I have always given attention to your words, and I am hoping that you will return the favor.”

Allow us a rebuttal: The Chinese are idiots.

But, just to show you that we are equal opportunity bigots – Americans are even bigger idiots.

When it comes to capitalism, the Chinese are poor babes in the woods – making the usual dumb mistakes. But Americans make a more sophisticated, and more damaging error. The Chinese speculate wildly…and over-build. But beneath the mistakes is a very dynamic economy based on savings and production. Americans, meanwhile, run themselves into debt…and lose their ability to compete.

“They sweat, we think.” Remember that self-serving vanity? The idea behind it was that the modern economy now rewards financing and innovation much more than actual manufacturing. So let the Chinese make things; we’ll use our brains on Wall Street.

Well, today’s news brings word that this year marks a milestone. The core requirement for a financial analyst, worldwide, is the Chartered Financial Analyst exam. This year, 45,400 Americans signed up to take the test. But, for the first time ever, more Asians took the test than Americans – 52,900 of them. Soon, Asians will dominate the financial industry too.

Bill Bonner
The Daily Reckoning Australia

Bill Bonner

Bill Bonner

Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
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