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welcome to Crossroads Chinese medisin are right now spreading a new poll on the lowering quality of life in China and it’s highlighting what they’re now referring to is garbage time now their lives are getting more difficult and some of the luxuries that they used to enjoy well they’re going away and with this they’re also pointing out problems with the ccb’s current economic theory state interventionism now the regime is facing an economic crisis in a recent meeting of top level CCP members to try to fix the whole crisis well they’re not really offering Solutions but at the same time they’re going further into the policies of state interventionism and thus further into the economic policies of an even more authoritarian regime now first let’s talk about what Chinese medicin are saying the guardian said that first there was a century of humiliation in which China was subjugated by Western Powers that’s the ccp’s narrative by the way but they add that then there was the era of reform and opening up where China’s rapid Economic Development paved the way for what was supposed to be the Chinese Century but now according to Social Media users China is in another epic worth name the garbage time of History they say in recent weeks Chinese chat groups and WeChat feeds have been buzzing with discussions of whether China has entered a period of economic stagnation and recession in which failure is all but inevitable called a garbage time of history and know it’s a sentiment can be summed up by a graphic widely shared on social media again in China and since censored on wo and it’s entitled The 2024 misery ranking grand slam it Tes up the number of misery points that a person might have earned in China this year the first star is unemployment for two stars at a mortgage for a full suit of eight Stars you’ll need the first two plus debt child rearing stock trading illness unfinished housing and finally hoarding of maaii a famous brand of BYU that’s a type of liquor they have now the phrase is inspired by it says and has been misattributed to the Austrian free market Economist ludvic Von misus who argued against government intervention in the economy now first of all garbage time technically it refers to that you know lackluster part of a sports game in its final moments when you see that your team basically has no chance of ever coming back from defeat but the idea going around with Chinese netic is they’re not talking about you know Sports they’re talking about the current economic failures in China and something fundamental a failure built into the system itself the economic policies of state interventionism that are doomed for failure and this is the main reference they’re suggesting that these State policies that the state intervention policies again are what has led to this Sports likee garbage time where you just have to watch your team fail and there’s no way out of it now the ludic Von mis’s reference is important the concept of state interventionism is also what used to be described as one of the main problems with mixed socialist systems and notably why their economies tend to fail now he describes it specifically as a kind of third system between true capitalism and full socialism it’s that middle transition phase of so-called State capitalism but as a road notably that just inevitably fails based in terms of how it works it leads either to Total Market collapse and then you have two choices well you can move away from state interventionism or you can go the other way to full State control of business similar to the form of Socialism practiced under Nazi Germany now based on this this is what Mis has said in his book planned chaos he said it is necessary to point out this fact to prevent a confusion of socialism and interventionism he notes that the system of hampered market economy or interventionism differs from socialism by the very fact that it is still market economy you still technically have somewhat of a free market in other words it’s not total socialism he Notes The Authority seeks to influence the market by the intervention of its coercive power power but it does not want to eliminate the market altogether it desires that production and consumption should develop along lines different from those prescribed by the unhindered market true capitalism and it wants to achieve its aim by injecting into the working of the market orders commands and prohibitions for whose enforcement the police power and its apparatus of coercion and compulsion stand ready all the state systems to regulate control and influence the markets but he notes these are isolated interventions their authors assert that they do not plan to combine these measures into a completely integrated system which regulates all prices wages and interest rates and which thus places full control of production and consumption into the hands of the authorities and of course that full control where the government just totally controls everything that would be socialism that’s how he differs it you know said however all the methods of interventionism are doomed to fail failure further any states that if the government wants to make it possible you know one example for poor parents to give more milk to their children it must buy milk at the market price and sell it to those poor people with a loss at a cheaper rate the loss may be covered from the means collected by taxation in other words the government collects taxes from its citizens and then uses some of those taxes to buy the product and then give it to the individual at a cheaper rate right but if the government simply fix fixes the price of milk if they decide that’s the route at a lower rate than the market the results obtained will be contrary to the aims of the government he says the marginal producers will in order to avoid losses go out of the business of producing and selling milk a simple principle right because under normal free market economies prices regulate themselves people who of course get involved in a business typically do because they want to make a living and so as they of course get in the business of milk they’re not doing it out of humanitarian reasons usually they’re doing it because it’s their livelihood they sell milk at the market value based in terms of what they need for their lives their rents what people are willing to pay their competitors and so on and as soon as the government comes in and forces them to lower the prices well that’s their profit that’s their livelihood and why stay in a business that is facing that well they don’t typically and that’s often why these businesses go out of business when you try to implement these policies of course to different extents right but misus notes there will be less milk available for the consumers not more if again the individual engage in the business decides it’s just not worth it anymore you know this outcome is contrary to the government’s interventions the government interfered because it considered milk as a vital necessity it did not want to restricted Supply now the government has to face the alternative either to refrain from any Endeavors to to control prices or to add to its first measure a second one maybe you fix the prices of the factors of production necessary for the production of milk thereby interfering with another industry on top of that industry right you know it’s further in but when this state of all round control of business is achieved once you maybe break the system and you need to go full on with the Socialist system he notes the market economy then has been replaced by a system of planned economy by socialism meaning of course as the system expands you break one thing through State interventionism you have to fix another another part of it and then keep going and going until you’ve basically taken over a whole industry through tight regulation and state interventionism or you’ve gone after the whole Market unless you roll it back this is the inevitable course of State interventionism Now misus notes this is not the Socialist of immediate State Management of every plant by the government as in Russia right under the Soviet Union but instead the socialism of the German or Nazi pattern in other words the type of system that large scale State interventionism creates if you implement it to its full extent is closer to National social socialism uh the type of socialism practiced again in Nazi Germany now of course most so-called capitalist systems these days almost all of them practice some degree of interventionism not total but some degree the world today does not really have any pure forms of capitalism nowhere there’s bits of State interventionism just about everywhere but most countries you know they don’t go all in with it other than you know many of today’s communist regimes like the CCP which is one of the main ones doing this with the Chinese Communist party you know when it was under Deng Xiao ping again the ruler just after madong the one who did the reforms and opening up and TR try to make China into a market economy with socialism influencing it China went from a more full Marxist system under again maong and you know military control of industry and so on to having the mixed economy of State capitalism or the third system of interventionism that has been the policies of the CCP now the CCP System since then you know the whole reform and opening up it has been a mixed system of the two but in a more extreme extent but now the CCP has reached the end of the line on state interventionism I’ll be talking more about this after we come back from a quick break experts agree one of the best ways to protect against Financial uncertainty is to diversify your portfolio learn how physical gold and silver can secure your retirement funds from today’s economic challenges with a gold Ira from American Harford goal you can Safeguard your wealth with no penalties 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Socialist influence of the market system now when the Chinese Communist party was under Deng shaing in the 1980s just after the rule of Mao adong it went from a more more full Marxist system to having the mixed economy of State capitalism or the you know third system of interventionism the CCB System since then the whole reform and opening up it has been a mixed system of interventionism in the more extreme extent but now that the CCP is reaching the end of the line on state interventionism the current economic problems they are forcing it to adopt Market reforms so it’s left of two choices well either you drop the forms of State interventionism you get rid of the Socialist policies and you move towards a more you know free market capitalist system or you go the other way you go back to the days before Deng sha Ping’s reforms to a more direct form of State Control under communism right Marxism and leninism and stuff so what’s the CCB doing well this is what we just saw happen under the recent third plenum of the Communist party’s top leadership they just had the big meeting with the top leaders of the CCP to decide the new direction of China’s economy and its plans to address you know all the problems they’re facing right now the decision they made just announced was not to open things up further and you know have true capitalism as I suggested they probably do the decision they announced of the ccp’s heads was to move towards a more authoritarian economic system Financial Times says this China’s leaders have warned of risks in areas such as the country’s slumping property Market government debt and financial institutions at a top Communist Party meeting and called for tighter social controls to ensure stability more State intervention the party’s Central Committee gave some gave security the same level of importance as economic growth as it warned of geopolitical risks saying China should quote lead Global governance as it concluded the third Plum one of its most important meetings where it sets out medium to long-term policies let me show you the actual announcement from the CCP itself this is the CCP Ministry of Foreign Affairs it says this it was stated we must ensure both development and security to this end we will Implement various measures for for preventing and diffusing risks in real estate local government debt small and medium financial institutions and other key areas they say as well quote we will strengthen the network for preventing and controlling public security risks so as to safeguard social stability we will improve public opinion guidance and effectively deal with risks in the ideological domain so in other words the CCP is going to be playing more of a direct role in things right they’re going to intervene even further it is going to coordinate these issues more directly and notably it says it will increase State propaganda and even internal controls for things like so-called social stability one of the new buzzwords going around in China now like of course the CCP is still being vague on these actual policies and how they plan to actually implement it but here’s what they declare as the basis of the new reforms to the economic system and again this is the CCP M Ministry of Foreign Affairs it says it was stressed that to further deepen reform comprehensively we must stay committed to Marxism leninism maidong thought Deng shiao ping Theory the theory of three represents in the scientific outlook on development and fully Implement XI jingping thought on socialism with Chinese characteristics for a new era now also it says further in it was stated that the overall objectives of further deepening reform com apprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China’s systemic capacity for governance the Declaration also says the CCP plans to have its new socialist market system up and rolling by 2035 10 years from now so seemingly they believe it’s going to be a long road before they see any real Improvement it’s a model for what they’re calling slow growth meaning meaning again they don’t seem to believe they can bounce back from the current problems anytime soon and that of course raises some real questions about what that means for the Chinese economy in the meantime I’ll be talking more about what’s next for the Chinese economy exclusively on Epic tv.com that’s the uncensored streaming platform of The Epic Times so if you’re watching on YouTube Facebook X Rumble there’s a link in the description below click on that you can get access to the rest of this episode and not only that but also my whole library of shows our familyfriendly movies our premium investigative reports and our hard-hitting documentaries on issues that really matter like the Chinese Communist party’s 100-year plan to defeat the United States which I expose in my documentary The Final War the CCP is one of the biggest threats to this country they’re using things like video games entertainment movies culture to subvert and influence the Next Generation this unrestricted war against our country is one of the scariest but least understood issues of our time because it’s not really tangible there’s no tanks or bombs it’s all being done through soft power and ideological subversion now I’ve spent over a decade investigating the CCB subversion and it’s such an important issue that I’ve dedicated my career to warning people about the threats of the CCP so if you want to find out more about what exactly the CP is plotting against this country watch the final war you can find the link in the description below and I’ll show you all the trailer before we go exclusively to epct tv.com for the rest of this episode I’ll see you there the greatest threat facing the United States is the CCP The Epic Times investigation team had studied the CCP for years but what we uncovered was yielding evidence beyond our imagination with chairman M with the Prime Minister our talks have been characterized by frankness the Clinton Administration said so don’t worry about it this will be a poison pill for China China’s strategic goal is to make sure that the US has four enemies and one of them must be a terrorist group we are giving of our life’s blood so that the Chinese Communist Party can survive and thrive
Video Title: The ‘Garbage Time of History’—Why China’s Economic Failure Seems Inevitable
Video Tags: CCP,China,Chinese Communist Party,Chinese netizens,quality of life,“Garbage Time”,difficult,luxuries fading,economic theory,state interventionism,economic crisis,economic policies,authoritarian regime,Crossroads,joshua philipp epoch times,crossroads,news,crossroads with joshua philipp,epoch times,documentary,the epoch times,live joshua philipp,Live Q&A joshua philipp,epochtv news,epoch, #Garbage #Time #HistoryWhy #Chinas #Economic #Failure #Inevitable
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Video Date: 2024-07-22 08:28:06
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