‘Communists Did The Right Thing’: Berkshire Hathaway Chief Charlie Munger Praises CCP’s Authoritarianism, Oppression.

[dilbert firestorm]

https://thenationalpulse.com/news/mu...nt-of-jack-ma/

‘Communists Did The Right Thing’: Berkshire Hathaway Chief Charlie Munger Praises CCP’s Authoritarianism, Oppression.

July 1, 2021 Natalie Winters

Charlie Munger – the billionaire investor and Berkshire Hathaway Vice Chairman – insisted the “Communists did the right thing” while talking about the Chinese regime’s oppression of it citizens and businessmen in China.

Following criticism of the Chinese Communist Party’s financial and regulatory system, Ma disappeared for months from the public eye. Many suspected he had been arrested or even killed by the Chinese Communist Party.

While Ma has since been seen in public, Chinese authorities have summoned him for questioning and quashed his forthcoming Ant Group initial public offering (IPO).

To Munger, however, the “Communists did the right thing.”

The establishment Republican billionaire, who claimed Donald Trump wasn’t “morally qualified” to be President, made the claim on a CNBC feature with Becky Quick focused on his relationship with his longtime business partner Warren Buffet.

Speaking about financial regulation in the U.S., Munger asserted that “the communist Chinese behave the way I am talking in favor of, and our own wonderful free enterprise economy is letting all these crazy people go to this gross excess.”

“People who are avoiding it are the communist Chinese. They step in preemptively to stop speculation,” he added.

When the interview interjects to bring up what the Chinese Communists has “done to Jack Ma,” Munger replies, “that amuses me, you know?”

The interview, in full, continues:

QUICK: What about what they’ve done to Jack Ma? He’s kind of disappeared as–

MUNGER: Well, yes, but Jack Ma is one of the swingers. So, they just cut his, they said, “To hell with you.” He basically gave a speech when he said to a, to a one-party state, “Well, you guys are a buncha jerks, don’t know what you’re doing. And I know what I’m doing, and I’m gonna do it better.” And he was gonna wade into banking and no rules and just do whatever he pleased.

QUICK: He also brought–

MUNGER: The Chinese, the Chinese–

QUICK: Banking to a lot of people—

MUNGER: Communists did the right thing. They just called in Jack Ma and say, “You aren’t gonna do it, sonny.” And, and I wish we had a, I don’t want the, all of the Chinese system, but I certainly would like to have the financial part of it in my own country.

Munger also renewed his criticism of the trading platform Robinhood as “beneath contempt,” adding “it’s a gambling parlor masquerading as a respectable business.”

The comments follow him lamenting that the app has “become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year or year and a half.”

Watch:

https://rumble.com/embed/vgojpj/?pub=4


Natalie Winters

Natalie Winters is an Investigative Reporter at the National Pulse and contributor to The National Pulse podcast.

[Tiny]

Munger’s a Republican. He was the chairman of the Santa Clara Republican Party. And on occasion he’s had good things to say about Trump:

https://www.google.com/amp/s/finance...122206033.html

What he’s up in arms about is that Jack Ma was trying to create something like an unregulated bank. He controlled Alipay, which is a lot like Apple Pay. Alipay was offering money market funds and loans to customers. And Munger rightly or wrongly figured they wanted to do this without being subject to the same rules as the banks. He’s got a point. Lehman Brothers and other investment banks and an unregulated derivatives market played a big part in setting off the 2008/2009 financial crisis.

That’s not to say the Chinese weren’t capable of regulating Alipay’s banking activities. Maybe they just didn’t want competition for the state owned banks.

As to the human rights aspect, putting Ma under house arrest or whatever when he said something offensive to the Party,, Munger may be echoing a train of thought that’s existed in the Republican Party since Henry Kissinger and before. Our primary goal should be to promote America’s interests, not human rights. Donald Trump believed in it. When George W. Bush deviated from it in Iraq, things didn’t work out so well.

Hard to say though. It’s not like Munger’s written a book on this. He’s famous for saying a lot in very few words.

[gnadfly]

That's startling. We are being sold out by the same people who sold us out but this time unabashedly.

You can't handle freedom. Economically and mind think.

Just read Tiny's post. Sounds like the Paypal story. When PP was first created they skirted many of the bank/credit card rules in order to exist.

[Tiny]

Originally Posted by gnadfly

That's startling. We are being sold out by the same people who sold us out but this time unabashedly.

You can't handle freedom. Economically and mind think.

Just read Tiny's post. Sounds like the Paypal story. When PP was first created they skirted many of the bank/credit card rules in order to exist.

Fair enough, there shouldn’t be regulations out there that would prevent Alipay or PayPal from competing with the banks.

I don’t have a problem with other people having money in undercapitalized financial institutions and entering into derivative contracts with shaky counterparties. As a taxpayer, I do have problems with having to bail them out. And that’s what always ends up happening.

It make sense to require all institutions that loan money to have assets in excess of liabilities. 10% is a good number, equity should be at least 10% of assets. If you don’t do that and have regulators or trusted private auditors like the bigger accounting firms assuring it’s so, you’re going to have more ponzie schemes out there than you can shake a stick at. Allowing institutions to loan out more money than they have in deposits is not a good idea. And a third party needs to make sure sufficient loans are collectible to ensure the institution is solvent.