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The Ignorance Of Marco Rubio

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I have – once at least – praised Marco Rubio. His Thorium Bill does solve a particular and precise problem. Admittedly, it solves one caused by government in the first place and the solution is only put forward to aid an industry – the phosphates one – in his own electoral state of Florida. But, you know, even if it’s just coincidence that we might gain a good idea from the political system that’s still a good idea.

And then we’ve got this intensive – intense even – display of idiocy from Senator Rubio.

Wall Street Must Stop Enabling Communist China
America’s financial elite is helping to finance America’s prime strategic adversary.

Well, no. This is reification. Wall Street is a market, a marketplace. There is no central direction of what it does. It is a place where willing participants engage in voluntary transactions.

“More fundamentally, Wall Street advances the goals of the CCP with its investment in China, which needs American capital to grow its economy. “

But “Wall Street” doesn’t do anything at all. It’s a convenient phrasing, a fiction, for those marketplaces.

In 2019, the United States became a net investor in China for the first time in history.

No it didn’t. Complete, utter and total claptrap. The United States is, if there’s anything at all which we can call that in terms of economic actors, the US government. We can also call the US the geography that makes it up and all that but that’s obviously not what is meant here.

What did happen – assuming the assertion is correct which I’ve not bothered to check – is that people who are resident in the United States had invested more in – or even the value of their investments had risen by more than – China than residents of China had invested in the US. They owe us – or we own more of their economic assets – more than we owe them.

But it is individuals who have done this. Possibly as part of those voluntary associations called pensions funds, or companies, but it’s not Wall Street and it’s most certainly not the United States which has done so. It is residents of which have.

…the portfolios of American investors have been increasingly invested in Chinese companies.

Yes, quite.

Thankfully, there are legislative solutions that both Republicans and Democrats should be able to support. First of all, we should ban any U.S. investments in Communist Chinese military companies.

If you don’t wish to invest in the Chinese military then don’t. You’re currently wholly and entirely at liberty not to do so. What Rubio wants is to take away your right to make your own decision.

But then, of course, he is a politician, isn’t he?

Similarly, no Chinese company on the U.S. Department of Commerce Entity List or the U.S. Department of Defense list of Communist Chinese military companies should be allowed to access U.S. capital markets—a move that could simply be accomplished by passing my American Financial Markets Integrity and Security Act.

You should not be allowed to put your own money where you wish. Shame on you for even thinking of your own liberty!

Guess who’s making a bid to inherit Trump’s China Bashing constituency?

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3 COMMENTS

  1. Unfortunately US investors may own more in China than vice versa; until suddenly they don’t. See Jack Ma and Jimmy Lai for details.

  2. Yes … but the SEC’s ineptitude has meant that a whole bunch of US investors’ money has been siphoned off by fraudulent Chinese companies listed in the US. The US regulators have simply not applied the listing and accounting regimes that they apply to US and other overseas companies to those Chinese companies that have listed there

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