So ban all bank transactions with the fiat exchanges then.
This is where I really respect China, they actually act. When they have a housing problem, they build more housing. When they have an energy problem, they build hydroelectric dams and nuclear power plants. When they have an electricity demand problem, they ban cryptocurrencies.
It seems the West has just lost the ability to carry out effective action and invest in infrastructure.
Most of China’s “solutions” cause as many new issues as the original problems due to authoritarian implementation. Housing is ludicrously expensive in China and falls apart in areas its needed, and worthless ghost cities (which also fall apart) in areas it was added without demand. The damn system was done without regard for areas affected by massive changes in flood patterns. And the electricity demand problem was one caused by governments subsidizing cryptocurrency miners over local needs in the first place.
The west is over regulated and our infrastructure takes forever to build and maintain. What infrastructure that does get built, however, lasts. China builds more faster, but it’s often ill thought out and falls apart quickly.
The west can and should improve how we handle infrastructure. China is a bad model. We should look to how we were able to create solid infrastructure more quickly in the past.
It's easy to get things done when you answer to no one.
> When they have a housing problem, they build more housing
Often forcing residents to sell their land (which for many is their livelihood) at cut throat rates, and sending gangsters in to 'persuade' them when they refuse. Several have resorted to self-immolation in protest over the years.[1]
> When they have an energy problem, they build hydroelectric dams
Which devastates the local environment and that of neighbouring countries, and increases the chance of earthquakes.[2]
The west could carry out effective action and invest in infrastructure, but our serious unacknowledged issues with corruption prevent effective execution. It's less blatant than in other countries because we have a veneer of the rule of law, but there is still incredible corruption. The real issues hit hyperspeed when the "Citizens' United vs FEC" ruling was made since it codified a lot of the corrupt practices by equating cash to speech, incentivizing a lot of the current grift in politics.
With reference to their housing and energy problems, and solutions, you might want to check in on current events!
With regards to faith in centrally planned interventions: China also had an overpopulation "problem," and they "acted" and now the population of women of child-bearing age is set to diminish by 20% over the next decade.
Outside of the largest megacities, urban populations are shrinking as birthrates have plummeted. China has enough empty housing to house 40 million people and yet real estate prices remain too high -- real estate was relied upon to fuel growth and so there has been massive speculation.
There aren't enough new families being formed to fill the housing.
As far as energy is concerned, China's problem is that the price of coal is going up, mainly because Europe requires more coal as they have reduced domestic capacity at the same time that Russia is reducing NG exports. China runs on coal, mainly.
I feel lucky that we didn't have so much "action" because it's only going to get uglier from here on out for China.
The problem with interventionism is it assumes that brutal, large scale political and economical decisions are the correct ones and that all foreseeable consequences are taken into account.
As witness by countless examples (eg the one child policy), their track record is far from exemplary.
Also: history shows time and again that banning something that is in high actual demand usually only results in the market going underground.
Because in China what one man says goes, and nobody else has any other say.
You can't just railroad legislation through the US government, or any representational democratic republic. That's kind of the whole point!
I guess you have never been to China? China is #1 on coal plants (and still building more) and home to the upcoming biggest housing bubble in the world.
This is where I really respect China, they actually act. When they have a housing problem, they build more housing. When they have an energy problem, they build hydroelectric dams and nuclear power plants. When they have an electricity demand problem, they ban cryptocurrencies.
It seems the West has just lost the ability to carry out effective action and invest in infrastructure.