News & Analysis
Fascism of Vietnam's 'Modern' Finance Is Just Like the West's ...
Vietnam Stocks Seen Gaining as Interest Rates Fall ... Vietnamese stocks, Asia's biggest losers during the past five years, are rising the most in 2012 as the nation's largest money managers say falling interest rates will reverse the deepest earnings slump in three years. – Bloomberg
Dominant Social Theme: Look at the progress! Vietnam is a modern state now.
Free-Market Analysis: We at the Daily Bell are old enough to remember the rigid Marxism espoused by Vietnam and the fear espoused by America's top politicos that it would eventually be visited on the West.
If we don't stop them there, politicians intoned, we'll have to stop them here. This was merely another verbalization of the domino theory.
Look how Vietnam has grown. And matured. It was inevitable wasn't it? Today Vietnam has a well-capitalized stock market, a central bank, a Treasury apparatus and other accoutrements of the modern global state. Presumably it has inflation, difficulties balancing its budget and a growing consumerist population as well. These are all the ephemera of modern central banking economies.
And we know where monopoly fiat money always ends us, as well. It ends in ruin, bankruptcy, soup-kitchen lines, massive foreclosures, populations dependent on the dole, etc. We read recently that 50 percent of US citizens are at least partially dependent on the state for financial relieve. So much for American exceptionalism.
We are told that capitalism always wins. Free markets triumph. The success of the West has been replicated around the world. That's why Vietnam has adopted Western ways. But we would propose another scenario. To us, the "resurgence" of Vietnam is just more evidence of what we call directed history. The history of the 20th century is a narrative of phony conflicts.
Austrian economist Murray Rothbard was right. Innumerable military convulsions were married to a barrage of fear-based promotions purveyed by a bought-and-paid for mainstream media was to provide justification for world government.
It was all a kind of promotion. A hustle. What we call a dominant social theme.
It almost worked too. They almost got away with it. The power elite. That handful of individuals and their colleagues and enablers that run central banks around the world and have access to tens and even hundreds of trillions.
They use this largesse to fund their drive for global governance. And the conspiracy to create global government was so big, so over-arching, so detailed, so specific, so broad ... that absent the Internet, we'd never have been able to fully internalize it.
Oh, there was the occasional book, forthright reporting, etc. But it is the Internet Reformation that has fully provided us with a look at the texture and fabric of the conspiracy. It is a mechanism, an equation, a formula that is in play. Frighten people – especially the West's middle classes – with war, famine and pestilence and then provide globalist solutions that are controlled by you ... the top elites.
Over and over this formula is applied. Vietnam was part of it.
In the 20th century, first Korea and then Vietnam was a great bugaboo. Vietnam was truly the heart of darkness and some 50,000 American boys (mostly) perished to ensure that the US way of life and freedom would not come under threat. Vietnam, as it turned out, "won" the war. America was defeated. There were all sorts of excuses made by the US right wing, but the North conquered the South, united Vietnam and set about establishing a Marxist paradise.
Only a funny thing happened on the way to that socio-political Nirvana. All the grim predictions made in the West never came true.
•Vietnam never took over the rest of Asia.
•Resurgent Marxism never swept through other "dominoes."
•China, Vietnam and North Korea never combined to form a rump Communist super-state.
•The US was never attacked by a triumphant Vietnam – and no other country was either.
•The Soviet Union's virtuous strength was not enhanced by Vietnam's victory
•Communism itself was not empowered as a socio-political philosophy.
•Other countries did not become communist because of Vietnam's example.
What happened after Vietnam's great victory? Did the world convulse? No. That's because – in hindsight – we can see it was all a kind of promotion, a fear-based meme aimed at the West and especially at America. Marxism itself was likely a meme, as were all the "isms" ... bought and paid for by the same power elite that actuated them over the past 300 years.
We're not supposed to remember the great arguments that convulsed the West during the 20th century. We're not supposed to recall the fear and the millions of tons of nonsensical newsprint that was devoted to the "Red Menace" etc.
It's all been tossed down the memory hole. Millions of dissertations, articles, political speeches, Nobel prizes ... all nothing more than promotional elements of a larger elite that used the "Red Scare" to scare Western middle classes into accepting the specially prepared facilities of globalism.
Here's some more from the Bloomberg article:
Vietnam is cutting borrowing costs from a three-year high after inflation fell to 8.3 percent this month from 23 percent in August, economic growth slowed to the weakest pace since 2009 and VN Index profits sank 12 percent in the first quarter.
The stimulus has spurred Samsung Asset Management to invest in the country's $40 billion equity market for the first time, while Vietnam mutual funds tracked by EPFR Global lured inflows for 20 straight weeks, the longest stretch for any developing nation.
"The stock market is discounting improving economic and corporate fundamentals ahead," said Alan Richardson, who helps oversee about $87 billion as a money manager at Samsung Asset in Singapore. His Samsung ASEAN Securities Master Investment Trust has gained about 26 percent annually during the past three years, topping 92 percent of rivals, data compiled by Bloomberg show.
The Ho Chi Minh City Stock Exchange's VN Index (VNINDEX) dropped 1.2 percent to 430.13 as of the 11:30 a.m. break, heading for the lowest close since May 24 ...
Vietnam's stock exchange in Ho Chi Minh City started trading in 2000 with shares of four companies that began as state-controlled businesses. The first private company was listed four years later and a second bourse in Hanoi opened in 2005. The two exchanges now have about 700 stocks. The ruling Communist Party has plans for 254 government-run businesses to sell stakes this year, according to the State Capital Investment Corporation's website.
Vietnam's bond market is also signaling higher confidence that policy makers have tamed Asia's fastest inflation rate.
Vietnam's stocks and bonds retreated in 2011 as the central bank raised interest rates by 6 percentage points to restore confidence in the dong, reduce inflation and curb a 28 percent surge in credit growth. The policy helped slow the economy's expansion to 4 percent in the first quarter of this year from 6.8 percent at the end of 2010, government data show.
You see what's going on folks? Is there anything in this Bloomberg article that sounds different to you? The authors could have been describing any one of a 100 countries around the world. Vietnam's economic methodology is little different than any others' at this point.
Coincidence? We don't think so. All the world's nations are seemingly being aligned this way. Rich nations are being brought down and poor ones are being brought up so that world government can be applied equally to all.
We've called the 20th century a "dreamtime" because of the flawed capitalist model that was relentlessly marketed to the West and especially to American baby boomers. Central banking centralization of monopoly money, the rise of the regulatory state, the dominance of corporatism enforced by a corrupt judiciary ... this is apparently the planned model for the future.
Call it fascism or corporatism or plain-old centralization ... it amounts to the same thing.
Authoritarianism. Rule from above. Societies are not being democratized and neither are economies. They are being agglomerated for purposes, apparently, of world government.
Conclusion: It's been a dreamtime in more ways than one. Thanks to the Internet, it may yet avoid becoming a globalist nightmare.