Capitalism Is Moving

Capitalism is changing. Traditional capitalist countries, first Western European nations, and recently the United States seem to be running from capitalism toward a more socialist view that attacks "the rich" and take more and more of their money to finance entitlements for "the poor" (I am not sure how the poor are defined by the anti capitalists). It's interesting to see western countries gravitating to a failed economic system in lieu of what has proved to be the best one (capitalism) for the most residents since it was introduced. 

Now comes word that New York City is no longer the home of the super rich. Beijing is the new “Billionaire Capital of the World.” The Chinese capital has overtaken the Big Apple as home to the most billionaires with 100 to 95 for New York.  This news comes courtesy of Hurun, a Shanghai (lots of Billionaires there too) that publishes a monthly magazine and releases yearly rankings and research about the world's richest people and their spending habits. The Hurun study comes months after reports suggested China now has more billionaires than the United States, highlights how China’s elite are continuing to accrue vast wealth despite a bad Chinese stock market and weaker Chinese economy.

Maybe the U.S. should send Berrnie Sanders, that crank old guy who blames all our troubles on what he claims is a "rigged economic system" that enhances the rich and keeps more and more people poor. Ok, Bernie is an out of touch demagogue stooge Presidential candidate that the Democrats allow to "challenge, corrupt and incompetent diva Hillary Clinton for the Democratic party's nominated candidate for the U.S. Presidency. But it would be fun to see the Chinese population run Bernie out of town when he speaks of his fantasy that capitalism is evil. 

Hurun says that China’s new wealth creation is the result of Chinese free market behavior taking over.  Sad to say, capitalism is found in a more pure form in China than it is in any western nation, the United States included. Beijing took the billionaire race lead from New York after adding 32 new billionaires last year, while New York gained four.  Another nation that used to hate capitalism, Moscow, came in third place in total billionaires in the population, with 66 billionaires. Hong Kong and Shanghai came in fourth and fifth with 64 and 50, respectively. Worse for the United States, China had a particularly high proportion of self-made billionaires compared to the United States. The United States has long been known as the place where a person has the best chance to rise from poverty to super rich.

The bus outside leaves for Beijing in 15 minutes. Will you be on it?