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submitted 9 months ago* (last edited 9 months ago) by SeventyTwoTrillion@hexbear.net to c/news@hexbear.net

Due to American cluster bombing campaigns advised by Kissinger during the Vietnam War to damage supply lines, over 2 million tonnes of ordinance were dropped on Laos over about a decade, averaging a planeload of bombs every 8 minutes. Laos is thus the most bombed country on the planet up to this point. 80 million bombs failed to explode - the cleanup operation is expected to take centuries, and 25,000 people have been killed and injured by bombs in the last 50 years. About 50 people are killed or injured every year to this day.

After the United States withdrew from Laos, the Pathet Lao took power and abolished the monarchy. Kaysone Phomvihane became a dominant figure in Laotian politics, keeping the course on Marxism-Leninism and implementing the first Five Year Plan in 1981. The second Five Year Plan in 1986 was modelled on Lenin's NEP, and this doubled rice production and significantly increased sugar production. After the fall of the USSR, Laos allowed a small capitalist class to exist, with similar control over them as in China. Laos maintains a 48-hour work week with paid sick leave, vacation time, and maternity leave, and workers are well-represented in trade unions. They faired relatively well during coronavirus from a social standpoint due to quick and efficient action to lock down the country, experiencing ~750 deaths out of a population of over 7 million.

There is hope even after utter destruction by genocidal oppressors.


The weekly update is here on the website.

Your Tuesday Briefing is here in the comments and here on the website.
Your Wednesday Briefing is here in the comments and here on the website.
Your Thursday Briefing is here in the comments and here on the website.
Your Friday Briefing is here in the comments and here on the website.


The Country of the Week is Laos! Feel free to chime in with books, essays, longform articles, even stories and anecdotes or rants. More detail here.

The bulletins site is here!
The RSS feed is here.
Last week's thread is here.

Israel-Palestine Conflict

If you have evidence of Israeli crimes and atrocities that you wish to preserve, there is a thread here in which to do so.

Sources on the fighting in Palestine against Israel. In general, CW for footage of battles, explosions, dead people, and so on:

UNRWA daily-ish reports on Israel's destruction and siege of Gaza and the West Bank.

English-language Palestinian Marxist-Leninist twitter account. Alt here.
English-language twitter account that collates news (and has automated posting when the person running it goes to sleep).
Arab-language twitter account with videos and images of fighting.
English-language (with some Arab retweets) Twitter account based in Lebanon. - Telegram is @IbnRiad.
English-language Palestinian Twitter account which reports on news from the Resistance Axis. - Telegram is @EyesOnSouth.
English-language Twitter account in the same group as the previous two. - Telegram here.

English-language PalestineResist telegram channel.
More telegram channels here for those interested.

Various sources that are covering the Ukraine conflict are also covering the one in Palestine, like Rybar.

Russia-Ukraine Conflict

Examples of Ukrainian Nazis and fascists
Examples of racism/euro-centrism during the Russia-Ukraine conflict

Sources:

Defense Politics Asia's youtube channel and their map. Their youtube channel has substantially diminished in quality but the map is still useful. Moon of Alabama, which tends to have interesting analysis. Avoid the comment section.
Understanding War and the Saker: reactionary sources that have occasional insights on the war.
Alexander Mercouris, who does daily videos on the conflict. While he is a reactionary and surrounds himself with likeminded people, his daily update videos are relatively brainworm-free and good if you don't want to follow Russian telegram channels to get news. He also co-hosts The Duran, which is more explicitly conservative, racist, sexist, transphobic, anti-communist, etc when guests are invited on, but is just about tolerable when it's just the two of them if you want a little more analysis.
On the ground: Patrick Lancaster, an independent and very good journalist reporting in the warzone on the separatists' side.

Unedited videos of Russian/Ukrainian press conferences and speeches.

Pro-Russian Telegram Channels:

Again, CW for anti-LGBT and racist, sexist, etc speech, as well as combat footage.

https://t.me/aleksandr_skif ~ DPR's former Defense Minister and Colonel in the DPR's forces. Russian language.
https://t.me/Slavyangrad ~ A few different pro-Russian people gather frequent content for this channel (~100 posts per day), some socialist, but all socially reactionary. If you can only tolerate using one Russian telegram channel, I would recommend this one.
https://t.me/s/levigodman ~ Does daily update posts.
https://t.me/patricklancasternewstoday ~ Patrick Lancaster's telegram channel.
https://t.me/gonzowarr ~ A big Russian commentator.
https://t.me/rybar ~ One of, if not the, biggest Russian telegram channels focussing on the war out there. Actually quite balanced, maybe even pessimistic about Russia. Produces interesting and useful maps.
https://t.me/epoddubny ~ Russian language.
https://t.me/boris_rozhin ~ Russian language.
https://t.me/mod_russia_en ~ Russian Ministry of Defense. Does daily, if rather bland updates on the number of Ukrainians killed, etc. The figures appear to be approximately accurate; if you want, reduce all numbers by 25% as a 'propaganda tax', if you don't believe them. Does not cover everything, for obvious reasons, and virtually never details Russian losses.
https://t.me/UkraineHumanRightsAbuses ~ Pro-Russian, documents abuses that Ukraine commits.

Pro-Ukraine Telegram Channels:

Almost every Western media outlet.
https://discord.gg/projectowl ~ Pro-Ukrainian OSINT Discord.
https://t.me/ice_inii ~ Alleged Ukrainian account with a rather cynical take on the entire thing.


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[-] Alaskaball@hexbear.net 102 points 9 months ago* (last edited 9 months ago)

Some pleasant news from the Ukraine war:

A memorial to the brave men and women of the Red Army who fought in the Great Patriotic War was rebuilt in the Azovstal steel plant in Mariupol

The banner of victory once more flies above the corpses of dead nazis, as it should.

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[-] star_wraith@hexbear.net 87 points 9 months ago* (last edited 9 months ago)

Ex-US ambassador Victor Manuel Rocha charged over spying for Cuba

A former US diplomat who served as ambassador to Bolivia has been charged with working as an agent of the Cuban government for more than 40 years.

Victor Manuel Rocha, 73, is accused of helping Cuba gather intelligence against the US since 1981.

Mr Rocha referred to the US as "the enemy" and claimed his work as a secret agent "strengthened the Revolution", according to court papers.

fidel-salute to our based comrade doing his part to support the revolution. There’s a long history of Americans acting on behalf of Cuba and completely befuddling the US deep state, because they can’t fathom someone risking everything not for money, but for ideals. It only took you assholes over 40 years to figure him out, good job (makes jerking off motion)

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[-] SeventyTwoTrillion@hexbear.net 84 points 9 months ago* (last edited 9 months ago)

Footage of Hamas monitoring "Israeli" soldiers literally right outside their tents.

Unbelievable. This is why tracking above-ground control is meaningless militarily.

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[-] LargePenis@hexbear.net 83 points 9 months ago

I've been quite busy with random annoying life problems recently, so I haven't exactly had time to devote to the beloved cuck n chad power rankings. We're back baby. Russia vs Ukraine still gets the top row out of respect for our god ordained traditions.

Gigachad Chad Neutral Beta (Fe)Male Virgin Cuck
Putin (top spot for the first time, he has taken full control of the situation and slowly heading for the ultimate W) Shoigu (he has redeemed himself, can't deny the Ws anymore) Western media (I respect the audacity of just dumping all your anti-Ukraine material as soon shit turned around) Zaluzhny (he's super cringe sometimes, but he might accidentally collapse the Ukraine state) Zelensky (it's so over for our actor boy)
Hamas, PIJ, Qassam and all resistance groups in Gaza (literally Allah's bravest soliders) Hezbollah (causing a headache for the occupier on the whole northern front) Qatar (horrible track record when it comes to most issues, but they made the ceasefire possible) Israeli "leftists" (bros heading for olympic medals in mental gymnastics) dead IDF soliders (semen extracted?)
The people of Gaza (bravest people ever) Iraqi and Yemeni resistance (ultimate respects for these chads) Venezuela (don't know what's happening and war is bad, but I trust mustache boy Maduro) Saudi Arabia and UAE (as an Arab, I feel a strong urge to spit in the face of every Saudi and Emirati) Iranian diaspora (forever the worst diaspora, but reaching new levels of derangement recently)
Motaz Azaiza (this gigachad has gone through absolute hell and still delivers real journalism) Gustavo Petro (I respect him so much, an average Latin American leader is more based than the best European) Piers Morgan (his thirst for views keeps platforming great pro-Palestine voices) George Santos (took a massive L this week, but this is not the end for our entertaining boy) Olaf Scholz (this man will not stop sucking Israeli dick if there's one Israeli dick left unsucked)
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[-] anonochronomus@hexbear.net 78 points 9 months ago

Earlier today I went out to walk to the corner store to grab some stuff. When I rounded the corner that a busy bus stop is on someone who was waiting for the bus had a seizure and went down HARD, smashed up their face, teeth and glasses. While I and a two of my unhoused neighbors stayed to provide aid, every single other person there (about 15) got on the bus and left her for dead on the sidewalk. She was overweight, the three of us were barely able to move her onto a bench to keep her upright and talking as we waited for an ambulance to come.

The most heart wrenching thing I've ever experienced is someone who just had a seizure, passed out and hit their head, try to tell me, as they can hardly speak, that they can't afford to go to the hospital. I stayed with her until the ambulance came, trying to talk to her to keep her conscious.

I'm a street medic, this isn't the first time I've had to give aid to someone who had a seizure. It is never any less terrifying. The most twisted part is that a lot of people with epilepsy don't need medical assistance afterwards, and it's important not to call an ambulance because we neither have enough to pick up everyone who needs emergency medical care, and the excessive cost of medical care in this county completely ruins people's lives. I hate it here so much. DEATH TO AMERIKKKA

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[-] immuredanchorite@hexbear.net 75 points 9 months ago

idk if anyone has pointed this out yet, but I feel like it can't be a coincidence that the US govt, US media/propagandists, and Israeli propagandists are all talking about sexual violence suddenly, almost 60 days into the genocide... within a week of a poll coming out that showed a double-digit disparity between women in the US and men in the US supporting Israel's military actions (phrased in the most uncharitable way).

Like, idk if this is conspiracy-theory sounding, but it seems like in an effort to temper Biden's complete loss of the electorate, and that they think that generating some kind of me-too controversy over Palestinian resistance will score them a real victory or something. It is just so seemingly manufactured. They saw a demographic that they think typically falls in line during election times (women, especially young women) and they just decided to run with this in the most cynical way possible because SA is something that young women actually care a great deal about.

tbh, it feels the same with the congressional grilling of university presidents a few days after declaring that anti-zionism is anti-semitism. Israel knows that a ton of pro-palestinian organizing is happening on college campuses or by college groups, and the only way to really stop that quickly is to create a climate where college administrators. Things like canary mission are losing their potency as pro-palestinian consciousness has been raised, but college administrators are a (relatively) small group that are typically over-paid and already obsequious towards donors (private schools) or political pressure (for state schools). It seems like the high degree of coordination that existed before oct 7th. I am sickened to think that the US/Israeli propaganda complex is finding its footing, but tbh I think I am also too disconnected from corporate media to see if any of it is even working in the first place.

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[-] TheCaconym@hexbear.net 73 points 9 months ago

Half-asleep bears are wandering around Siberia because it's too hot to hibernate

Bears that are struggling to hibernate due to abnormally warm weather in Russia's Amur region are wandering around in a daze, having suppressed their metabolism in preparation for winter.

Fucking bleak bear-despair

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[-] VILenin@hexbear.net 73 points 9 months ago* (last edited 9 months ago)
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[-] Parzivus@hexbear.net 72 points 9 months ago* (last edited 9 months ago)
[-] AbbysMuscles@hexbear.net 72 points 9 months ago

My brain is so damaged by the internet that I can't see the word shekel as describing a legitimate currency; it only exists in reactionary memes about Jewish bankers

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[-] Awoo@hexbear.net 70 points 9 months ago

Does any other country in the world divide their military structure up into geographical command groups? CENTCOM/AFRICOM/EUCOM/NORTHCOM/INDOPACOM/SOUTHCOM

Like this alone strikes me as a unique and obvious indicator the US is a globe-spanning empire that sees the entire world as belonging to them and has absolutely zero respect for sovereignty anywhere at all. Yet we hardly ever remark on it.

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[-] kleeon@hexbear.net 69 points 9 months ago

western media and governments are in complete meltdown over ukraine right now. Everyone seems to be saying that ukraine is going to lose this war. Wonder if we'll start seeing a proper push for negotiations in near term

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[-] nat_turner_overdrive@hexbear.net 66 points 9 months ago

This was probably posted in a previous news mega, but...

The US blew up a Minuteman III nuclear missile early because it failed a test last month

A test launch from Vandenberg Space Force Base in California went awry "due to an anomaly" early Wednesday morning, according to a press release from the service. The cause of what went wrong with the nuclear-capable missile is still being investigated.

...

The intercontinental ballistic missiles were first put into service in the 1970s, with an original planned lifespan of 10 years. The Minuteman III has been in the service now for more than 50 years. The Air Force is planning to phase it out for the LGM-35A Sentinel, made by Northrop Grumman, and aims to reach the essential operating number of the new missiles sometime in 2030.

You know all the western cope about Russia's nuclear missiles probably not working? Well, Russia's missiles are maintained by a whole-ass branch of the military explicitly tasked with missile defense. Meanwhile, the US is using fifty year old missiles, forty years past their planned service life, maintained by a branch of the military that definitely believes wunderwaffen jets that don't work are cooler places to dump cash than ballistic missiles.

[-] 420stalin69@hexbear.net 62 points 9 months ago

TBF I’d trust a US rocket from the 60s more than I’d trust a US rocket from the 2020s too.

[-] quarrk@hexbear.net 66 points 9 months ago

Due to American cluster bombing campaigns advised by Kissinger during the Vietnam War to damage supply lines, over 2 million tonnes of ordinance were dropped on Laos over about a decade, averaging a planeload of bombs every 8 minutes. Laos is thus the most bombed country on the planet up to this point. 80 million bombs failed to explode - the cleanup operation is expected to take centuries, and 25,000 people have been killed and injured by bombs in the last 50 years. About 50 people are killed or injured every year to this day.

Holy shit.

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[-] SeventyTwoTrillion@hexbear.net 66 points 9 months ago* (last edited 9 months ago)

The F-35 works perfectly fine, unless there happens to be birds in the sky, in which case all bets are off.

The flagship fifth-generation US fighter jet has met its match in South Korea: a bird. The South Korean Air Force has decided to retire an F-35A that was damaged when it hit an eagle last year, because repairs would cost more than the $85 million cost of buying a new one.

The decision was announced on Friday, when the Air Force revealed that an analysis of the damaged jet showed that repairs would cost at least 140 billion won ($108 million) and would take four years to complete. The plane’s maker, US defense contractor Lockheed Martin, assisted in the review, which found that the bird strike had damaged around 300 components, including the engine, navigation system and airframe.

...

The jet was flying at an altitude of 330 meters (1,082 feet) when it reportedly struck an eagle over North Chungcheong province, in central South Korea. The bird was sucked into the plane’s air intake, damaging systems required for navigation and operating landing gear. The pilot made an emergency belly landing at a base in Seosan, about 80km (50 miles) southwest of Seoul.

It takes 4 years and $108 million to fix the damage caused by an eagle being sucked into the airtake. Complete paper tiger.

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[-] bbnh69420@hexbear.net 66 points 9 months ago
[-] Coolkidbozzy@hexbear.net 65 points 9 months ago

Israel has nowhere near the level of popular support ukraine had in the imperial core. I know it doesn't matter, but there's a lot of young people who no longer believe in the democratic party as an entity that does good things

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[-] GVAGUY3@hexbear.net 63 points 9 months ago

My biggest take away with the Guyana thing is of course the British are behind it.

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[-] SeventyTwoTrillion@hexbear.net 63 points 9 months ago
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[-] RyanGosling@hexbear.net 63 points 9 months ago

DOD intelligence reports that 4 Star general Pablo Yanez has been promoted to Commander of the Armed Forces by Nicholas Maduro in preparation of a potential conflict with Guyana

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[-] Awoo@hexbear.net 62 points 9 months ago

Just wanna say I have covid which is why I've been absent.

Love you newsgang.

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[-] Goblinmancer@hexbear.net 62 points 9 months ago

Cant wait until libs invent their own qANON and say Putin, Hamas, Khamenei, Maduro, and Xi Jinping are all in the same discord server coodinating attacks against America.

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[-] DeDollarization@lemmygrad.ml 62 points 9 months ago* (last edited 9 months ago)

Have the US anti-war protests actually accomplished a single thing in the last 30 years? Asking for a friend.

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[-] DeDollarization@lemmygrad.ml 61 points 9 months ago

Good takedown of propaganda that the US and the Zionist Entity are in disagreement and the US is pressuring the entity to play nicer.

The War on Gaza Resumes: Washington Is the Source of the Plague

"Who holds the United States accountable? No one. The United States prevents any [international] accountability of “Israel” as well. The United States prevents any interruption in the war of extermination on Gaza. Washington, which participates in the killing of Gaza’s people, claims from its podiums and some of its directed media outlets to reject the war and make efforts to stop it. But the truth lies elsewhere.

Why does the US administration openly lie?

The answer is it wants to silence domestic United States entities that have begun to voice objections to Washington’s continued support for Israel, especially after the numerous massacres against civilians. According to a memo obtained by the US media outlet Politico and published on November 6th, officials at the State Department believed that Washington should “publicly criticize Israel ’s violations of international norms such as failure to limit offensive operations to legitimate military targets” and it’s “excessive use of force against Palestinians.” The memo revealed that US diplomats believe that the official opinions of Washington “contributes to regional public perceptions that the United States is a biased and dishonest actor, which at best does not advance, and at worst harms, US interests worldwide.”

It can be concluded that Washington decided to publish so-called leaks about the existence of disagreements between the Biden administration and the Netanyahu government, and another [so-called leak] about Washington’s efforts to pressure “Tel Aviv” to be less aggressive in the southern part of the Gaza Strip, in an attempt to pacify Americans who are sympathetic to the Palestinian cause, or those who are no longer able to cover for and justify Israeli crimes. The White House is absolutely insistent on completing its regional project: the normalization between Arab countries and “Israel,” eliminating Hamas and all resistance factions in Gaza, and placing the Palestinian Authority in charge of the Gaza Strip on “Israel’s” behalf.

In this context, it must be emphasized, once again, that Washington directly manages the “Israeli” war on Gaza. All US statements about the necessity of continuing humanitarian ceasefires are nothing but sheer lies. It’s enough to remember that before the start of any new “Israeli” military phase, US Secretary of State Antony Blinken arrives in Tel Aviv to oversee the military plans and participate in setting its political boundaries. Since the beginning of Operation Al-Aqsa Flood Blinken has come to the occupied Palestine three times. The first was at the start of the military campaign when he stated, “I come here as a Jew.” The second was before the start of the ground operation, and the third was on Thursday, November 30th, hours before the ceasefire was broken and the military aggression resumed. In all three instances, Blinken participated in Israeli War Cabinet meetings.

Once again, this should not come as a surprise. The United States of America is waging war on the Palestinian people."

[-] puff@hexbear.net 61 points 9 months ago

I kept begging Xi to open a third front in Taiwan but Maduro saw that he wasn't listening and said "I got you, Comrade"

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[-] Parzivus@hexbear.net 61 points 9 months ago
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[-] SeventyTwoTrillion@hexbear.net 61 points 9 months ago

Al-Qassam:

Yesterday, as enemy soldiers tried to open the door to a booby-trapped tunnel entrance in north Gaza, the device detonated instantly, killing the son of Gadi Eisenkot, former chief of staff and War Minister. A number of other enemy soldiers were also killed & injured.

you'd have thought they'd have stopped falling for this trick the tenth time it happened

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[-] Evilphd666@hexbear.net 60 points 9 months ago
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[-] batsforpeace@hexbear.net 60 points 9 months ago

BelTA - Lukashenko identifies source of funding for resolving all climate problems 01/12/2023

Aleksandr Lukashenko said: “Everyone looks for sources of funding to reduce greenhouse gas emissions into the atmosphere. They are easy to find. First of all, it is necessary to stop wars and conflicts on the planet and everything that goes with it. And we will find about $5 trillion. It is five times as much as what we are trying to find today in order to reduce emissions.”

Speaking about prospects of the establishment of peace in Ukraine, the Belarusian leader referred to the speech of his Brazilian counterpart. In particular, Luiz Inacio Lula da Silva pointed out that $2 trillion spent on weapons last year should have been spent on fighting hunger and climate change instead of wars.

Foreign reporters asked the head of state about his stance on the conflict in Ukraine and pointed out that Vladimir Zelensky had not come to the summit. “Ukraine has been invited. Vladimir Zelensky should have been here. He may still be on the way. The forum is not over yet. He will come,” Aleksandr Lukashenko remarked.

PolandDaily24 - Duda Resigned from Group Photo at COP28 Due to Lukashenko’s Presence 01/12/2023

Polish President Andrzej Duda declined to participate in a group photo at the UN Climate Change Conference (COP28) in Dubai, citing the presence of Belarusian leader Alexander Lukashenko, according to a statement from the President’s Office. In solidarity with President Duda’s stance, Lithuanian President Gitanas Nauseda and Latvian President Edgars Rinkevics also opted not to participate in the group photograph.

DW - Platitudes and accusations: Lavrov at the OSCE 02/12/2023

"I know that in Germany, it's fine for government members to tell journalists what they should write, but we treat our journalists with more respect," Lavrov said. The Russian diplomat also repeatedly criticized the OSCE itself in Skopje, calling it an appendage of NATO and the European Union, and questioning whether it still made sense to revitalize it.

Poland and the Baltic countries refused to attend the gathering.

Euronews - Wind of change: Germany gets serious about plans to make military 'fit for war' 15/11/2023

But with the Ukrainians struggling to push Russia back on their crucial southeastern front, Germany is trying to push things further. And Scholz's defence minister, Boris Pistorius, is now talking about Germany's defence posture in terms unlike anything heard since the country was reunified in 1990.

Writing in newspaper Tagesspiel recently, Pistorius called for "fundamental changes" to the German army, the Bundeswehr, which he said needs major structural reform "to be effective and fit for war in the future".

That phrasing is starkly different from the relatively tentative way German governments have addressed military strength in recent decades – and in his final paragraph, Pistorius wrote in even more strongly unilateral terms that will have made many thinkers and policymakers in Berlin uncomfortable.

"We need a change of mentality not only in the Bundeswehr, but also in politics and society," he declared. "At stake is the security of our country, and thus the foundation for social coexistence, progress and economic growth. As a state and a society, we need to be able to defend ourselves and be resilient so that we can continue to live in peace, freedom and security in the future."

Reuters - German union head: will expand railway strikes after talks failed 24/11/2023

The head of Germany's GDL train drivers' union on Friday said wage negotiations with state-owned railway operator Deutsche Bahn had failed and added that strikes will be expanded.

GDL wants a reduction in working hours with full wage compensation and an extension of the GDL collective agreements to the network and maintenance division of Deutsche Bahn.

Deutsche Bahn has firmly rejected both points, saying that a reduction in working hours would require the hiring of 10,000 new employees, which is impossible in the current job market.

Yahoo News - At protest in Lviv, students demand firing of university professor over her ‘disrespect’ for Russian-speaking soldiers 14/11/2023

The professor sparked a wave of criticism after she responded to the fact that some military brigades of the Azov Regiment and the 3rd Separate Marine Brigade speak Russian, stating that she cannot "accept" to call such fighters Ukrainians, during an interview with Yanina Sokolova on YouTube channel Rendezvous on Nov. 5.

Students from Lviv Polytechnic, Ivan Franko National University of Lviv, and Kyiv National University of Technology and Design, among others, participated in the protest. The protesters brought posters with slogans such as "Farion out", and "Iryna Farion disgraces Ukraine" as seen in a video provided by Suspilne.

Farion herself said that she is supported by "hundreds of people." She called the incident a "regular provocation" organized by Russian propaganda. Lviv Polytechnic University said that it "does not bear responsibility" for Farion's statements and that the university students have contacted law enforcement.

Yahoo News - Politico names Zelenskyy Europe's most influential dreamer 2024 28/11/2023

The American digital newspaper Politico has chosen Volodymyr Zelenskyy, the President of Ukraine, as the most influential person in Europe in the Dreamers category.

:zelensky-pain:

Bonus: The newest installment of lib slop that is the Elon Musk biography clocks in at 688 pages or 20 hours and 27 minutes of audiobook time. :negative:

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[-] Awoo@hexbear.net 60 points 9 months ago

https://www.semafor.com/article/12/07/2023/xi-jinping-tightens-control-over-chinas-finances

This outlet was founded by the former Editor in Chief of Buzzfeed News.

Full article textXi Jinping tightens control over China’s financial system

Dec 7, 2023, 5:04pm GMT

Karina Tsui

In an effort to assert greater dominance over the country, the Chinese Communist Party announced Thursday that financial institutions should move away from “Western financial theory” and abide by Marxist principles.

In a paper published in Qiushi, the party’s official theoretical journal, Communist officials note that a “capitalist ideology and social system” creates “a huge gap between rich and poor” and also “triggers recurring economic and financial crises.”

Officials said that financial institutions should “strike a fine balance between functionality and profitability” but that “functionality always comes first.”

Financial analysts are concerned that, even as Beijing welcomes foreign business, such transactions will be subject to strict government oversight.

Politics will “further dictate China’s finance,” a professor at the University of Hong Kong told the New York Times, “effectively moving China even closer to how it was before the reforms started in 1978.” Since the death of former Chinese leader Mao Zedong, the Chinese Communist Party showed signs of liberalizing society, including in the economy, and financial institutions were encouraged to pursue profits. But as Xi rose to power, he vowed to reverse reform. Thursday’s announcement shows that Xi is working towards formally cementing party ideology in the country’s financial system, though the paper did not address how leadership will tackle its ongoing financial crisis.

“Centralized and unified leadership” over financial affairs is key to solving issues in China’s financial institutions, said Beijing’s central bank governor Pan Gongsheng. In a People’s Daily article, Pan said that enterprises manage financial resources ineffectively and oversight from the party will provide them with “political and institutional advantages.” But in recent comments to bankers in Hong Kong, Pan also warned that China’s economy was embarking on a “long and difficult journey” away from its traditional means of growth — property and infrastructure investment.

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[-] bbnh69420@hexbear.net 59 points 9 months ago
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this post was submitted on 04 Dec 2023
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