Global News: October 2008 Archives

Why are Asian investors keeping their money in America? According to Asia Times columnist Spengler, it's because of Sarah Palin.

Or rather, it's because of a political culture that allows concerned citizens like Palin to emerge to challenge and expose corruption.

You need to read the whole thing. There are too many quotes worth requoting here. There is so much more to the success of America and the rest of the Anglosphere than the governmental structures that are common to democracies. There are legal and cultural traditions that create a level of trust and self-determination.

A selection of the best quotes:

What does America have that Asia doesn't have? The answer is, Sarah Palin - not Sarah Palin the vice presidential candidate, but Sarah Palin the "hockey mom" turned small-town mayor and reforming Alaska governor. All the PhDs and MBAs in the world can't make a capital market work, but ordinary people like Sarah Palin can. Laws depend on the will of the people to enforce them. It is the initiative of ordinary people that makes America's political system the world's most reliable.

America is the heir to a long tradition of Anglo-Saxon law that began with jury trial and the Magna Carta and continued through the English Revolution of the 17th century and the American Revolution of the 18th. Ordinary people like Palin are the bearers of this tradition....

Palin really did take on the American oil companies and turn the scoundrels out of office. Her predecessor, Frank Murkowski, appointed her to the state oil and gas commission in the apparent belief that a small-town mayor and former beauty queen would rubber-stamp corrupt deals between the state and the Big Oil companies.

Shades of Jimmy Stewart in Mr Smith Goes to Washington, Palin ran against Murkowski and took his job. That does not qualify her to be president, to be sure, but it does show cunning and strength of character. Palin is qualified for high office by temperament if not by education, and is preferable to candidates whose education has made no improvement on their characters....

One doesn't see demonstrations by wronged peasants in the small towns of America. There never were peasants - American farmers always were entrepreneurs - and the locals avenge injury by taking over their local governments, which have sufficient authority to make a difference. At the capillary level, school boards, the Parent Teachers' Association, self-administered religious organizations and volunteer organizations incubate a political class entirely different from anything to be found in Asia. There are tens of thousands of Sarah Palins lurking in the minor leagues of American politics, and they are the guarantors of market probity....

It is true that Asian economies depend on American consumers and an American recession is bad for Asian currencies. But why don't Asians consume what they produce at home? The trouble is that rich Asians don't lend to poor Asians in their own countries. Capital markets don't work in the developing world because it is too easy to steal money. Subprime mortgages in the US have suffered from poor documentation. What kind of documentation does one encounter in countries where everyone from the clerk at the records office to the secretary who hands you a form requires a small bribe? America is litigious to a fault, but its courts are fair and hard to corrupt.

Asians are reluctant to lend money to each other under the circumstances; they would rather lend money in places where a hockey mom can get involved in local politics and, on encountering graft and corruption, run a successful campaign to turn the scoundrels out. You do not need PhDs and MBAs for that. You need ordinary people who care sufficiently about the places in which they live to take control of their own towns and states when required. And, yes, it doesn't hurt if they own guns.

I was also intrigued by this aside (emphasis added):

China's 30 million students of classical piano are one of the two great popular movements in the world today: the other is the House Church movement in Chinese Christianity. Children who play hockey will grow up to get coffee for children who study piano. As a pool of talent, nothing compares with the educated segment of the East Asian population that has embraced and mastered Western culture.

It's a bit startling to these American eyes to see two Chinese trends described as "the two great popular movements in the world today," but as a Christian, I'm gladdened to read that the Chinese House Church is one of those two movements.

(Via Crunchy Con.)