— China Changes Its Currency!!! —
Did you notice it?
I’ve been following the story of what China has been doing with its currency for a very long time. I’ve also been listening to how National Public Radio (NPR) reports on it.
Important Note: Reports from NPR and actual news are two different things.
In the beginning of everyone’s reports on China’s current economic woes and its government’s (laughably futile) attempts to counter them, the Chinese currency was the “yuan,” pronounced: “you-EN.” Now, I speak Chinese — Mandarin, that is — and the pronunciation is actually a bit different from that, but that’ll do for the moment.
Now, however, and as if by magic, the Chinese currency is the “renminbi,” pronounced: “ren-min-BEE”
I just noticed it yesterday. The actual currency is the “yuan renminbi,” but now we’re going to refer to it as the “renminbi,” I guess to avoid awkwardnesses like this: “China devalued the yuan today in order to shore up its economy,” which made it sound as though China was reducing the value of the United Nations in order to help its own economy. Which they, and others, actually have been doing all along anyway.
The whole thing brings to mind several things that we have been saying in these pages for a very long time:
- A bunch of Socialists in China have been running an economy in typical socialistic fashion for a long time. Why are people surprised that it’s failing?
- There has never, ever, not once, not ever been a case where the introduction of Socialism into a country has brought about any of the following:  a stronger economy,  better living, economic or political conditions for the poor,  better living, economic of political conditions for anyone except for a tiny ruling éilte,  a thriving economy,  jobs,  innovation  progress on any front: economic, social, race relations, political — you name it,  a growing economy. Just look at the wreckage that is Europe now.
- Otherwise stated: Every time — no exceptions — you introduce socialistic reforms into a country, the problems it is supposed to solve increase in magnitude. Every time.
- When China’s otherwise awful, poverty-afflicted, non-growing economy received an injection of capitalism, it took off. To watch a bunch of Socialists try to manage that, which was something of which they had no real knowledge, would have been funny if it hadn’t been so tragic for so many tens of millions of Chinese.
Yes, I shamelessly used the change in how NPR refers to the Chinese currency as an excuse to repeat what we’ve said already many times in these pages, but which remains ever so true.