Saturday, April 06, 2024

American Capitalism Cries Unfair to Chinese Capitalism


The American Treasury Secretary Janet Yellen is in China. She is not happy that Chinese capitalism is bullying American capitalism by not playing fair.

It isn’t known if she has threatened to take her ball in a la Violet Elizabeth Bott.

She is reported as telling (warning?) the Chinese, not a communist state, that they should reduce ‘excess industrial capacity that is pressuring other economies.’ (Yahoo!Finance 5 April)

She thinks that China is producing more commodities than it can sell in its home market and that this is more than ‘the global market can bear.’

Yellen said that commodities like electric vehicles (EVs), batteries and solar energy products, were undercutting competing workers and business in the U.S., Mexico and India.

Someone should give Yellen a copy of Karl Marx’s Capital to read.

For someone holding her position she seems remarkably unenlightened as to the purpose of capitalism and how capitalism functions.

The Socialist Party would be happy to further Janet Yellen’s education and explain also that the solution to these ‘problems’ and many more is Socialism.

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