Kudlow: Xi Jinping has issued 'declaration of war' against capitalism

♪. LARRY: HELLO, EVERYONE, WELCOME TO "KUDLOW." I'M LARRY KUDLOW. SO IN CASE YOU DIDN'T SEE IT THIS MORNING THERE'S A BLOCKBUSTER NEWS ARTICLE ON THE FRONT PAGE OF "THE WALL STREET JOURNAL" WRITTEN BY LING WEI. TITLED XI XINPING AIMS TO REIN IN CHINESE CAPITALISM, TO MAO'S SOCIALIST VISION. IN OTHER WORDS, XI IS GOING MAO. PACT BREAKING MARKET REFORMS 40 YEARS AGO BY DENG XIAOPING, MODERNIZED CHINA'S ECONOMY, MADE THEM A MICK COMPETITOR, TO THE U.S., THOSE REFORMS WILL BE REVERSED. MANY WATCHING THIS TREND HAVE SEEN THIS COMING FOR YEARS. RECENTLY X iCRACKED DOWN ON THE STOCK MARKET, WEALTHY ENTREPRENEURS IN CHINA AND HE ROLLED OVER THE FREE MARKET DEMOCRACY IN HONG KONG. I THINK HE IS AIMING AT TAIWAN NEXT. BUT THIS ARTICLE IS THE CLEAREST REPORTING OF XI'S INTENTIONS. WE'LL COVER THIS TONIGHT, FRANKLY IN THE DAYS TO COME, BECAUSE IT'S A MAJOR, MAJOR STORY. XI IS CAMPAIGNING AGAINST PRIVATE ENTERPRISE. CUTTING WAY BACK ON MARKET FORCES IN CHINA INCLUDING A TAX ON PRIVATE CAPITAL INSTITUTING BY THE WAY AT LEAST 100 REGULATORY ACTIONS OVER THE ENTIRE ECONOMY. HE IS GOING AFTER, WENT AFTER ALIBABA, AND THEN HE UPSET PUBLIC OFFERINGS BY TENCENT, DIDI, JACK MA END GROUP AND OTHER STOCK MARKET ISSUES. XI SINGLED OUT THE INTERNET TECHNOLOGY SECTOR BEING TOO RICH, TOO BIG AND TOO POWERFUL. ALL THIS HAS TAKEN ABOUT A TRILLION DOLLARS WORTH OFF THE CHINESE MARKET VALUE. XI WANTS MORE EQUALITY. HE WANTS GREATER DISTRIBUTION OF WEALTH. HE WANTS A GOVERNMENT-RUN ECONOMY. ESSENTIALLY XI ISSUED A DECLARATION OF WAR ON BEHALF OF HIS WORKING CLASS FOLLOWERS AGAINST CAPITALISM. HE WANTS SOME KIND OF PURE SOCIALISM AS HIS GOAL AND THIS CHINESE SOCIALISM WILL BE PUT UNDER THE SOLE CONTROL OF THE CHINESE COMMUNIST PARTY, MAKE NO MISTAKE ABOUT THAT. AND SYMBOLICALLY MAYBE CLINCHING THE DEAL LAST JULY 1, DURING THE CELEBRATION OF THE CHINESE COMMUNIST SEND 10 NARY, XI WORE A MAO SUIT. HAVING SAID THAT I WILL BE TONGUE-IN-CHEEK, MAYBE NOT ENTIRELY, I CAN'T TELL MYSELF REALLY WHAT ARE THE BIG DIFFERENCES BETWEEN XI'S ECONOMIC POLICY AND JOE BIDEN'S ECONOMIC POLICY? AFTER ALL BIDEN IS CAMPAIGNING AGAINST PRIVATE ENTERPRISE. HE DOESN'T BELIEVE IN MARKET FORCES. HE IS ATTEMPTING TO REGULATE EVERY NOOK AND CRANNY ABOUT THE ECONOMY. HE CONSTANTLY TALKS ABOUT THE NEED FOR MORE EQUALITY OR EQUITY. HE FAVORS REDISTRIBUTION OF INCOME AND WEALTH. DOES THIS SOUND FAMILIAR? ONLY TWO MAJOR DIFFERENCES I CAN SEE BETWEEN THE POLICIES OF BIDEN AND XI. FIRST, XI HAS NOT RAISED TAXES AND IF BIDEN GETS HIS WAY THE U.S. WILL HAVE MUCH HIGHER BUSINESS AND INVESTMENT TAXES THAN CHINA. AND SECOND, BIDEN DOESN'T HAVE A MAO SUIT, AT LEAST NOT YET. BIDEN DOESN'T TALK EXPLICITLY ABOUT SOCIALISM BUT I'M WITH NEWT GINGRICH, DESCRIBING BIDEN'S POLICIES AS BIG GOVERNMENT SOCIALISM VERSUS FREE ENTERPRISE CAPITALISM. SERIOUSLY, FOLKS, THE ECONOMIC SIMILARITIES OF THE TWO PRESIDENTS SHOULD GIVE EVERYONE SOME FOOD FOR THOUGHT. NOW LOOK IT, I KNOW AMERICA IS A DEMOCRACY AND IT IS A FREE COUNTRY THANKFULLY, GRATEFULLY. CHINA IS MOST CERTAINLY NOT. NOW I HAVE NO IDEA WHAT XI RETURN TO MAOISM MEANS FOR THE U.S. AND PARTICULARLY THE CHINA PHASE ONE TRADE DEAL. I WILL NOTE THAT THE CHINESE NEGOTIATOR, A GENUINE MARKET REFORMER HE IS ON HIS WAY TO RETIREMENT APPARENTLY. VICE PREMIER LU BECAME A FRIEND OF MINE DURING OUR TRADE NEGOTIATIONS STRETCHING OVER TWO YEARS IN THE TRUMP ADMINISTRATION. BUT WHEN XI PULLED THE DIDI $4.4 BILLION NEW YORK IPO IN LATE JUNE, LEE YU WAS CRITICIZED FOR NOT STEPPING IN EARLIER. HE WAS FORCED TO GO THROUGH WHAT CHINESE CALL, QUOTE, SELF-CRITICISM, TRADITIONALLY USED BY THE COMMUNIST PARTY TO DISCIPLINE ITS MEMBERS. SELF-CRITICISM IS A PRACTICE MAO BORROWED FROM STALIN AND COME BACK INTO FASHION WITH MR. XI'S CHINA. THAT MAY BE THE BIGGEST DIFFERENCE OF ALL BETWEEN BIDEN AND XI. SELF-CRITICISM NOT BIDEN'S STRONG SUIT. BIDEN NEVER MENTIONED XI IN HIS U.N. SPEECH AS FAR AS I KNOW. I DON'T KNOW IF HE WAS AWARE OF THE XI BECOMES MAO "WALL STREET JOURNAL" FRONT PAGE STORY. NOR AM I CONFIDENT THAT HIS TOP AIDES WILL BRIEF HIM ON IT BUT ONE THING IS FOR SURE. CHINA IS MOVING AWAY FROM BEING A COMPETITIVE ADVERSARY AND BECOMING AN OUT RIGHT ENEMY BECAUSE STATE-RUN ECONOMIES UNDER TOTALITARIAN REGIMES IS A NASTY WITCH'S BREW AND THEY ARE NO FRIENDS OF OURS. ALL

Channel: Fox Business

Views: 318,232

Keywords: China, Kudlow China, business news, fbn, fox biz, fox business, fox business channel, fox business kudlow, fox business larry kudlow, fox business network, fox business news, kudlow, kudlow monologue, kudlow monologue tonight, kudlow tonight, larry kudlow, larry kudlow monologue, Xi Jinping, China socialism, China businesses, Kudlow weighs in on China, President Xi, communism in China, Chinese communist party, capitalism in China, war against capitalism, Biden and Xi

Id: N6diJbq3Jh0

Length: 5min 52sec (352 seconds)

Published: Tue Sep 21 2021