Wall Street, 'The Frog In The Well' Croaks To Trump Against China

October 24, 2017
(Whitehouse Photo)

President Trump leaves in two weeks for an 11-day trip to Asia which includes summits with President Xi of China, Prime Minister Abe of Japan, Presidents Duterte of the Philippines and Moon of South Korea, and, according to the White House Monday, perhaps with President Putin at the APEC meeting.

The attacks against China's Belt and Road Initiative in the U.S. financial and national media have become a sustained roar, as Wall Street's apprehension grows that Trump may discuss cooperative infrastructure projects and financing with Xi, above all; perhaps with Abe; and even with Duterte, who is presently one recipient of substantial, long-needed infrastructure financing and engineering from China. The President could initiate the United States joining the Asian Infrastructure Investment Bank; joining the Belt and Road Initiative, as EIR and LaRouchePAC have been describing since 2014.

Before the President abjured public-private partnerships and called for public financing of his trillion-dollar infrastructure building idea, such as the New York Times would acknowledge that China's publicly-funded national credit issuance for new high-technology infrastructure works well, whereas the famous public-private partnerships do not. But now, to the Wall Street Journal, to Time, and to London's Economist, the Belt and Road has become a geopolitical, virtually "captive nations" scheme and the project credits from China a powerful flood of debt enslaving the nations in it.

What is really involved, is the potential that Trump's very good relationships with Xi, Putin, and Abe may start turning into actual cooperation for the mutual economic and social benefit of their nations, and also many others, fostering in the process the cultural optimism greatly needed in the United States. This cooperation is what the Belt and Road Initiative actually is, per the testimony of leaders in Africa, Central and Southeast Asia, Eastern Europe; and honest journalists from those countries as well.

Against this, the Wall Street frog is croaking out of the well to Trump: "Don't Join!"

But the pressure in the United States to address the so-called "natural disasters" of September is becoming intense. They pulled the nation's citizens together—they also exposed that the United States lacks basic modern economic infrastructure to protect its citizens; its leaders have failed to promote the general welfare, at the cost of many human lives and many hundreds of billions of dollars of productive employment and wealth.

The pressure is keenly felt, but there are no ideas. Though "infrastructure plans" are being promised now from White House and Congress, there is a vacuum of ideas of how to execute them. Where the Philippines is at last getting projects of transportation and flood-control infrastructure with China's credit; where nations in Africa are joining with China to eradicate extreme poverty at last; there is no plan to bring modern power to Puerto Rico.

Lyndon LaRouche's "four new laws to save the nation" of 2014 fill that vacuum — requiring most immediately, the reinstatement of Glass-Steagall Act against Wall Street, and Congressional creation of a national bank to issue large-scale credit for new infrastructure platforms. Joining China's Belt and Road Initiative is the best potential forcing mechanism for those actions. We need the President to ignore Wall Street's terrible croaking, and do it.

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'Serving the people'—an empty promise in many countries, in China, it's the focus

As the 19th CPC Congress discusses a 50-year perspective to create a "beautiful" nation, a new tone is coming from China: confident, on the move, exuberant about the future, inviting the world to join in.

"A new paradigm of economic development and governance was announced.... The world is watching with excitement as China is entering a defining moment in its drive to uphold its past gains while seeking to position itself in a new era of economic growth," Toumert Al, a director of Education at the International School under China Foreign Affairs University, wrote in today's Global Times. "China is now not only a miracle, a rising economic nation. China is a power that reflects a vision of governance, and economic policies, a nation, a civilization that nurtures equality and development, while preserving its core identity."

For Toumert Al, the key is the call issued at the Congress "for giving priority to the real economy," the focus on developing "its capacity to transform its workforce into an original, research-oriented one. Xi said in his speech that people with talent are a strategic resource for China as it endeavors to achieve national rejuvenation and stay ahead in international competition," he wrote.

An unsigned op-ed in the same publication asserted with pride, "in many other countries, serving the people is an empty promise, but in China people are precisely the focus of politics." The government has committed itself to "satisfy[ing] people's ever-growing thirst for a better life," a concept more advanced than the previous "ever-growing material and cultural needs of the people," the author wrote, citing President Xi's "incorporating 'Beautiful China' into the development plan" at the Congress.

So, the lying sewage flowing from Western media about China is dismissed as the West's problem, not China's. "China no longer cares much about Western prejudices" and its "cultural arrogance," well-known author Zhang Weiwei wrote in his Oct. 19 Global Times column. "The West has hardly made a correct political forecast for China over the past 30 years. Almost all predictions they made were wrong, such as China would follow the same path after the collapse of the Soviet Union; Hong Kong's prosperity would be gone forever after its return to the motherland; China would collapse after joining the WTO. In a word, the China collapse theory fell apart.

"In this sense, we must re-educate the Western media to help them know the real China. The more people in the West that know the truth, especially the truth about the rise of China, the more likely they will see their own system's problems," Zhang argued.

A frog in the well is "a Chinese idiom used to deride a mix of parochialism, narrow-mindedness and complacency ... if the West, facing the overall success of the Chinese model, refuses to question its own assumptions about economic and political modernity," he warns, "it simply runs the risk of ending up as the last frog in the well."