Can we just note for a second what a catastrophic move the Clinton and Bush strategy on China was and continues to be? Much of our industrial base is now in the hands of a hostile authoritarian and shifting slightly to totalitarian regime.
Just want to say thanks Larry Summers and Robert Rubin for this one. You guys did great. And a shout-out to Rahm Emanuel. Just wonderful call, perhaps one of the worst in American history.
Scary stuff. And the whole Davos crew cheering on Xi Jinping as the protector of an open global trading regime after Trump's election, well, good luck with that.
Meanwhile, Goldman's Gary Cohn continues to fight within the White House for more global integration of our economy with China. This. Is. Lunacy. We are setting ourselves up to lose a major war to a very scary authoritarian.
Progressives don't like to talk about foreign policy. But most of the 'foreign policy community' is virtually silent on the chaos Wall Street and Bill Clinton unleashed in the 1990s with our awful strategy on China (and Bush and Obama and so far Trump continued)...
Just use the pre-1995 model of globalization. No country can monopolize a supply chain. Less concentration, more redundancy and resiliency.
The tragedy of the Clinton strategy on China is that China *could* have become a democracy but our Wall Street first model ended up supporting the Chinese Communist Party's nationalistic strategy.
