Doug French

While the pols in Europe endlessly consider how they will paper over their financial crisis, "ring fence" Greece and the other PIIGS pass austerity programs, and still get reelected, some speculate that perhaps China will step forward to bail out the eurozone.

In recent years a number of investment gurus have touted China as the new financial powerhouse, while at the same time the country serves as punching bag for both sitting and would-be American politicians. Senator Charles Schumer claims the Chinese are manipulating the yuan, causing millions to lose their jobs in America. "More than any single stimulus program we could pass into law, forcing China to revalue its currency is the biggest step we could take to protect American jobs," Schumer said. "This is not about China-bashing. This is about defending the United States."

Donald Trump unleashed this tirade on Wolf Blitzer's CNN Situation Room:

They're manipulating their currency. Intellectual property rights and everything else are a joke over there. They're making stuff that you see being sold all the time on Fifth Avenue, copying various, you know, whether it's Chanel or whatever it may be, the brands, and just selling it ad — ad nauseum. I mean this is a country that is ripping off the United States like nobody other than OPEC has ever done before.

But is China the capitalist powerhouse everyone thinks they are? This China-is-taking-over-the-world talk makes a person wonder if members of the Politburo of the Communist Party of China pored over Human Action, implementing a better Misesian capitalist mousetrap.


Doug French

Doug French is is president of the Mises Institute and author of Early Speculative Bubbles & Increases in the Money Supply and Walk Away: The Rise and Fall of the Home-Ownership Myth

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