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A Chinese Official’s View on America

Posted by Larry Doyle on March 14, 2012 6:55 AM |

A regular reader of Sense on Cents recently returned from three weeks in the People’s Republic of China. I hold this individual in very high regard for his understanding of our economy, markets, and national psyche.

We exchanged messages recently in reaction to a commentary I had run. With his permission, I welcome sharing what he defines as:

An Obituary for the Declaration of Independence and the Constitution.

When Washington houses the worst offenders, where are the people to turn?

I just returned from three weeks in China.  The citizens there are proud of their country and proud to be a citizen of the PRC.  While their confidence level in their own form of government is not 100 % (no country rates itself that high) it is certainly far higher than in the US, where “honest politician” and “public servant” have become oxymorons.

Which banks can you trust?  Which securities firms warrant your funds?  Which regulator cannot be bought-off with the promise of promotion or compensation?  Whose vote in Congress cannot be bought?

A highly respected Chinese official said to me, “Americans have tolerated this decline since 1950.  While China has been rushing toward capitalism and freedom, America has been embracing socialism and cronyism.  With Obama and his team, you are reaping the seeds you have sown.  The issue is – When you strike bottom, can you recover?  We think so; we hope so; but we are hedging our position….”

Standard cynicism and/or political posturing? Perhaps a whiff of that, but not totally.

China is certainly not an ethical beacon of corporate and political rectitude. However, I find this outsider’s perspective of our nation very interesting. Why so? Every individual, company, and nation runs the risk of becoming unable to smell the stench of their own laundry, so to speak. Hearing what others think and say about us should be taken with an open mind.

We may actually learn something. What are the prerequisites?

We must be brutally honest with ourselves. We must learn and expose what is really going on in our country. We must demand the same honesty and transparency from those running our businesses and nation at large. What are the consequences of not pursuing the truth and promoting transparency?

The stench of moral and ethical decline will continue to erode our national fiber, our capitalist system, and ultimately our way of life. You don’t think this is already happening? Please read the commentary below regarding Wall Street’s Kangaroo Court.

Real capitalism should never be taken for granted.

Where are our statesmen?

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.

Larry Doyle

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