If there’s one thing the Chinese can count on from their government, it’s theft. For millennia the unelected despots of China have robbed their people of their money. The communists are doing it today. There are four state banks in China, and there is no other place that is allowed to take money on deposit.
These banks pay virtually no interest, and no deposit in any bank controlled by communists is safe. If the government needs to, it’ll just take it. All this money is being used right now in service of whatever goal the communists choose. There is no independent business purpose for these banks. They are just agents of the party.
There is a lot of wealth in China right now. For thousands of years the ethnic Han have labored mightily, and to good effect. They are a hard working people, disciplined and smart. They make a lot of money, and they want to get it out of China. And there’s only one place they want to put it — into the safety and security of the US dollar, the world’s currency.
If you think federal reserve chairman Powell is going overboard with his pledge to print as much money as it takes to avoid a depression — think again. He knows exactly what he’s doing, and why. In order to stand strong against the Chinese communists this country must have a strong economy. It’s a question of national security and national sovereignty. Going into debt, under these circumstances, and for national security reasons, is our only way out of the hole Covid-19 put us in. Only once our economy is up and running can we take on the communist government of China.
It is strictly against the law for the people of China to export their money. But these are very clever people, and they’re finding ways to get their money to America. In that they are joined by the nervous rich all over the world, from the countless countries all over the globe where the economy is in big trouble, and the future looks bleak.
These enormous inflows of capital allow us to expand our currency without inflation. And the good people of China are doing their part. They are secure in knowing that their money is safe here in America, if they can ever get here.
It’s time for the people of this country to get ready to accept the influx of residents of Hong Kong that will come once the communists extinguish what little freedom they have. It’s just a matter of time, and it could come any time.
There are 71/2 million people in Hong Kong, and I believe we should be ready to take half of them. They would be the most talented and wealthy political refugees in the world. They are capitalists, and entrepreneurs, and this country will be more wealthy with them.
And like all the refugees who came before them, from German Jews to Hungarian freedom fighters, they will be more patriotic than most of the people born here.
(This post appears in today’sAmerican Thinker.