I just got back from China.
When they were practicing socialism (or trying), China was a third-world country. Most homes had no indoor plumbing or electricity, average income was around $5/week, and any attempt to start a business to improve your fortunes, was strictly controlled, regulated, and heavily taxed by the government.
In the last 20 years, they have been getting rid of socialism, and practicing capitalism (i.e. a free economy not hindered by government controls) more and more. It's not 100% capitalistic yet, but improving rapidly.
And that's the reason they have all this money to lend. They have gotten rid of most of their socialism. Had they not, they wouldn't be able to lend us a dime.
Yes, we should follow China's example: Let's start getting rid of the socialism that's holding us back so badly, and start increasing capitalism instead. Hopefully the results will be similar to what they are experiencing.
"The social contract exists so that everyone doesn’t have to squat in the dust holding a spear to protect his woman and his meat all day every day. It does not exist so that the government can take your spear, your meat, and your woman because it knows better what to do with them." - Instapundit.com
*Socialism: Is It Working In China?*
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Originally Posted by Kathianne
