I agree most part of your point of view about China. I believe that after the bust of the current housing bubble and high inflation, there will be much more unrest. The costs to maintain a “stable” social order have exceeded the cost of maintaining the army. Great changes may occur after the Xi Jinpin administration. But democratization will probably make China more socialist, for reasons explained in Hoppe’s Democracy: The God that Failed. There are just too many mobs here. And many social democrats are controlling the media, preaching democracy and equality instead of liberty. Fortunately, some influential media have libertarian-leaning editors or columnists. We also have libertarian and classical liberal university professors. We are trying our best to have a greater influence.
Also, regarding the libertarian perspective on intellectual property and my anti-IP article that he translated, he said:
They [the Chinese libertarians] debated for a while, and now, most libertarians in China are anti-IP.
However its influence is limited since we are just circulating it in our circle, and posting it on websites. Most people in China don’t know what libertarianism is, and they may not capable of catching the idea in the article.
… You know, something nice is that those who control the internet here don’t know what libertarianism and the Austrian School are; thus, most of those sites are not prohibited. The Austrian School does have some influence in academia here, albeit mainly Hayekian.
The song was written in 1971 by Clarence “Gatemouth” Brown, a long-time resident of Slidell, Louisiana.
Live 04/16/83 in Hamburg, Germany: Clarence “Gatemouth” Brown (guitar/vocals), Homer Brown (tenorsax), Bill Samuell (tenorsax), Joe Sunseri (baritonesax), Craig Wroten (piano), Miles Wright (bass), Robert Shipley (drums).
Fortune magazine has an interesting piece summing up some recent trends in the dollar. While there has not been a radical or frantic dumping of the dollar, central banks and private investors continue to distance themselves from the US Dollar. The piece notes that other dollars, namely the Australian and Canadian ones, are gaining in prestige:
A new report from Morgan Stanley analyst Emma Lawson confirms what many had suspected: the dollar is firmly on its way to losing its status as the reserve currency of the world. We already knew that central banks have preferred gold to dollars, and that they’re even selling their gold for cash; now, according to Lawson’s data, it seems that those central banks prefer almost anything to dollars.
The new competition over reserve currency is interesting for more than its economics since it is an important political issue. The nation that can build up its own currency as a reserve currency will expand its ability to inflate and incur debt with less fear of inflation.
The US has benefited from this situation for decades. As the Fed inflates to finance deficit spending and to “stimulate” consumer spending, dollars are eventually absorbed by foreign central banks, put in reserves and out of circulation. The United States has managed to stave off the effects of reckless money printing for decades thanks to the willingness of foreign investors and central banks to sit on dollars as a store of value.
Now the demand for the dollar is fading away slowly. This won’t mean sudden hyperinflation, however, since the economy is still in terrible shape, and even if a boatload of dollars were to return to our shores right now, the lack of lending and spending, as a consequence of deflating portfolios across the land, will keep prices relatively contained, at least in the short- and possibly medium-term.
The good news is that the fall of the dollar will mean that the United States will slowly have to come to the realization that it won’t be able to engage in endless deficit spending and monetization of debt without feeling the consequences of runaway inflation. The empire has been financed by a dollar that was the world’s reserve currency. Those days are coming to an end.