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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

Commentary Of The Month
June 8, 2016
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By John Rubino

China is the latest in a growing line of “command and control” economies that have risen to prominence, captured the imagination of people who find free markets too messy for comfort, and then blown up when it turns out that dictators have no idea how to allocate capital.

First it was the Soviet Union, which looked during its initial decades like a viable alternative to market-based systems. From journalist Lincoln Steffens’ famous 1919 observation “I have seen the future and it works” to the 1957 launch of Sputnik, an amazingly large number of people assumed that it was possible for a handful of men sitting around a conference table to efficiently organize a modern economy. It eventually became clear that they were wrong.

Then came Japan, which emerged from the rubble of WWII to become a global economic power, largely by grafting its semi-feudal samurai tradition onto factory life – under the direction of its Ministry of International Trade and Industry. That is, guys sitting around a table deciding what gets built where. This resulted in an epic debt and mal-investment binge from which Japan may never recover.

And now comes China’s hybrid Japanese/Soviet model, with various Communist Party organs and shadow banking system entities directing investment from the top down, borrowing immense amounts of money and plucking growth figures out of thin air, which Western media accept at face value. It too seems to be failing, which should come as no surprise but – given the numbers involved – should scare the hell out of anyone with a sense of history.