Known for aggressive controversial rhetoric, Donald Trump, feeling sure of not just republican nomination but also becoming the next president of US super power to control the world, has made a major policy statement as he vowed to improve relations with Russia, China if elected US president. This is important as it is the only positive rhetoric he has made during his entire campaign for presidency.
After the bogus terror wars launched following the Sept -11 hoax to destabilize Arab nations and Afghanistan, by republican Bush Sr. and Jr. and accelerated by democratic Barack Obama, targeting Muslim nations, resources therein, Muslims and Islam, now Americans are clearly heading towards another tragedy – the rise of a monstrous Republican presidential aspirant Trump who has declared he would cause more calamities to the humanity if elected to White House.
Donald Trump, who courted global controversy with remarks on “temporarily” banning Muslims from entering the US, today appeared to be slightly softening his hardline stance saying the proposal was “just a suggestion” until the issue is worked out. Trump said he would grant exemption to the Pakistani- origin mayor to come to the US under his presidency though he was critical of Khan who won the Mayoral poll of London u in UK, by defeating the opponents who spread Islamophobia to make the voters hate Khan and Islam. Trump had called for “a total and complete shutdown of Muslims entering the USA. While he says there is Islamic ‘radical terrorism’ all over the world right now, he does not admit the cause of terrorism and who is using the misguided so-called ‘Muslims’ for terror exercises.
Trump had called for “a total and complete shutdown of Muslims entering the United States An interview to CNN, Khan joined the issue with him saying: “My message to Donald Trump and his team is that your views of Islam are ignorant. It is possible to be a Muslim and live in the West. It is possible to be a Muslim and love America”.
Trump’s anti-Muslim rhetoric seems to have worked miracle among the republican voters who see him as a powerful trump card against Islam to save Bush-Obama co from any possible punishments for their cumulative crimes against humanity in Mideast. His persistent calls to bar Muslims from entering the United States are welcome by every fanatic American with anti-Islam mindset. And, the trend clearly shows he is almost at the White House a s per the hidden agenda of imperialist policymakers in Washington wanting the next president also to dutifully continue to advance US global interests by showcasing advanced militarism to advance imperialist-capitalist objectives globally.
Trump seems to be sure of presidential chances as he is in control of poll campaign to emerge as Republican candidate and he is trying to make amendments to his arrogant polemics. . In a major shift in rhetoric, a strong New York billionaire and Republican front-runner Donald Trump vowed to seek better relations with Russia and China if elected president in November and said he would make US allies bear more of the financial burden for their defense. In a major speech, Trump delivered a withering critique of Barack Obama’s foreign policy, saying the Democratic president has let China take advantage of the United States and has failed to defeat Islamic State militants. He pledged to “shake the rust off America’s foreign policy.”
Earlier Donald Trump annoyed all NATO members in Europe with his ‘America first’ slogan. Trump’s first major foreign policy address alarmed American allies, who view the Republican front runner’s repeated invocation of an “America first” agenda as a threat to retreat from the world, leaving Europe to its own fate. While most governments were careful not to comment publicly on a speech by a US presidential candidate, Germany’s foreign minister veered from that protocol to express concern at Trump’s wording. “I can only hope that the election campaign in the USA does not lack the perception of reality,” Frank-Walter Steinmeier said. “The world’s security architecture has changed and it is no longer based on two pillars alone. It cannot be conducted unilaterally,” he said of foreign policy in a post-Cold War world. “No American president can get round this change in the international security architecture…. ‘America first’ is actually no answer to that.”
Carl Bildt, a former Swedish prime minister and foreign minister who served as UN envoy to the Balkans in the aftermath of the Yugoslav wars of the 1990s, said he heard Trump’s speech as “abandoning both democratic allies and even democratic values”. “Trump had not a word against Russian aggression in Ukraine, but plenty against past US support for democracy in Egypt,” Bildt said, referring to lines from Trump’s speech that criticized the Barack Obama administration for withdrawing support for autocrat Hosni Mubarak during a 2011 uprising.
Trump’s speech, uncharacteristically read out from a teleprompter, seemed aimed at showing a more serious side of a politician who has said he intends to act more “presidential” after months of speaking mainly off the cuff. He promised “a disciplined, deliberate and consistent foreign policy” in contrast to the “reckless, rudderless and aimless” policies of Obama and former Secretary of State Hillary Clinton, Trump’s likely Democratic opponent if he secures the Republican nomination. The speech included no dramatic new policy proposals that might generate headlines, such as his past calls to bar Muslims from entering the United States or to build a wall on the frontier with Mexico.
As he is gaining in self confidence, Trump has begun talking some sense for the first time the campaign. He questions the exploitative tactics of attacking the NATO members and also supportive Russia and China- the first time an American leader has done it.
Trump, a real estate magnate, spoke about new relations with Russia and China the day after victories in five Northeastern states that moved him closer to capturing the Republican Party presidential nomination for the Nov. 8 election. With USA-Russia relations strained over numerous issues including Moscow’s support for Syrian President Bashar al-Assad, Trump said an easing of tensions with Russia from a position of strength is possible.
Interestingly, Trump said he would use US economic leverage to persuade China to rein in North Korea’s nuclear program. He says China respects strength and by letting them take advantage of us economically we have lost all their respect and he would call separate summits of NATO and Asian allies to discuss a rebalancing of the US financial commitment to their defense.
Trump also turned against the NATO allies for exploiting their leader USA to their advantage. He was stern in charging that American allies have benefited from a US defense umbrella to protect from any possible Russian aggression but have not paid their fair share. “The countries we defend must pay for the cost of this defense. If not, the USA must be prepared to let these countries defend themselves. We have no choice, we can’t go on feeding them” Trump said.
Trump, also a reality TV star, has never held elected office and has built support – particularly among white working class voters – with a no-nonsense style and populist pledges to “make America great again.” He set aside his rancorous campaign rhetoric for his address on foreign policy. Trump usually speaks in an off-the-cuff manner, but he delivered FP speech with the aid of a teleprompter as he sought to make himself appealing to more Republican voters.
Where he was specific, like rejecting the terms of last year’s nuclear deal with Iran, calling for more investment in missile defense in Europe and accusing the Obama administration of tepid support for Israel, he was firmly within the Republican mainstream.
A major theme — that more NATO allies should spend at least 2 percent of their economic output on defense — is one that has also been taken up by the Obama administration itself, including repeatedly during the president’s visit to Europe last week. Nevertheless, Trump’s rhetoric raised alarm in allied countries that still rely on the superpower for defense, particularly the phrase “America first”, used in the 1930s by isolationists that sought to keep the United States out of World War Two.
Former South Korean Vice Foreign Minister Kim Sung-han, who now teaches at the Korea University in Seoul, said Trump would be “the first isolationist to be US presidential candidate, while in the post-war era all the US presidents have been to varying degrees internationalists.” “Saying the USA will no longer engage in anything that is a burden in terms of its relationships with allies, it would be almost like abandoning those alliances,” he said. “It will inevitably give rise to anti-American sentiment worldwide and the speech suggests Trump would make America’s allies less secure rather than more. He talked about allies being confident but all of his rhetoric suggested that America should be unpredictable and that America’s allies needed to stand up for themselves.
America’s allies are now less secure rather than more. Trump talked about allies being confident but all of his rhetoric suggested that America should be unpredictable and that America’s allies needed to stand up for themselves.
Linking foreign policy with economy
Donald Trump wants to take care of US economy and protect it from being misused for the protection of other countries. In his run for the White House, Trump has threatened to slap tariffs on imports from China, in almost-certain violation of international rules. He has threatened to confiscate money that immigrants from Mexico wire home to their families, in order to force the Mexican government to pay for a border wall. This week, he suggested that, in an economic crisis, the government might repay only some of the money it owes to certain holders of its debt. Those threats reflect an economic philosophy that is at odds with the traditional economic belief that markets cannot function well outside the rule of law. America has built 200 years of prosperity on a foundation of people agreeing to rules in business transactions, and then sticking to them. Trump appears willing to break those rules in the name of cutting better “deals” for American workers.
Trump’s pledge to take extraordinary steps to help left-behind American workers has powered his campaign and made him the presumptive Republican nominee. But he has worried many economists, on the right and the left, who warn that breaking laws and commitments could undermine America’s credibility with trading partners, raise its borrowing costs and potentially spark global financial panic.
The debt issue, which Trump raised repeatedly, but hazily, this week, especially troubles economists. Trump suggested in interviews Thursday that he would be open to a form of renegotiating the bonds issued by the government to fund deficit spending. Bondholders expect to be paid the value promised by the bond they purchased; Trump seemed to indicate that he might attempt to compel bondholders to accept a lower value. The mere suggestion that holders of U.S. Treasury might not be paid in full — a practice sometimes referred to as “haircutting” for bondholders — would be “insane” for Trump to make as president. It would lead to a financial crisis larger than 2008 if they went and haircutted US Treasury, which is supposed to be the safest asset in the world. If one person agrees to buy a pizza from a second person at a set price, the buyer needs assurances that the pizza will arrive. If it doesn’t, and the seller takes her money anyway, the buyer needs to be able to do something to get her money back. The legal system provides those assurances.
Several economists said Trump sees markets differently, more in line with his career in commercial real estate. In that view, transactions are “deals,” typically with a winner on one side and a loser on the other. Trump’s own real estate career suggests the rules that govern those deals are often negotiable; lending terms can be renegotiated when a borrower is close to default, for example.
Nations, though, are not real estate moguls. Countries that default or come close to defaulting on their debt, such as Greece, are punished by lenders with much higher borrowing costs for future loans. Countries that agree to the World Trade Organization’s rules for trade, and then break them, can be penalized harshly. Such would very likely be the case if the United States levies the sort of tariffs Trump has threatened.
Perhaps most importantly, at a time when companies are increasingly able to spread their cash around the world, the rule of law is one of America’s great remaining advantages over rivals such as China and Russia. The consensus of modern growth economics is that property rights, rule of law, good institutions are more important than you might even think to keep growth going. The difference between the United States and a lot of much poorer countries comes down to things like; can you do a zoning change without bribing the guy? Legal limitations give companies faith that they can invest and create jobs in America.
Holtz-Eakin said that, after the fall of communism in Europe a quarter-century ago, the countries that installed credible laws and government institutions were the ones that attracted the most investment and growth. He worried that Trump’s threats could destroy such credibility — and backfire on Trump’s presidency.
Like Trump getting ready to become republican candidate, in the Democratic race, Hillary Clinton, 68, won most of the contests, building a virtually insurmountable lead over rival Bernie Sanders, a 74-year-old US senator from Vermont, who vowed to keep fighting until the July convention.
Trump and Clinton are set to face each other to begin the race for the White house and who will reach the target first would not be known until the elections are held. The highly powerful power brokers will play pivotal role in determining the best choice for the US capitalism, Zionism and imperialism.
It is, however, makes no difference who win the presidential poll because as irrespective of who wins the presidency, the new incumbent at White House would advance only Americo-Israeli joint interest globally that includes shielding the Zionist crimes against humanity as part of defending the crimes committed against humanity jointly by the leaders of USA and Europe, Australia, etc.
If one thinks as a woman with a charming daughter Mrs. Clinton would be kind to humanity and wind down all terror wars and withdraw all forces from foreign soil, they are mistaken. She has already declared USA would stand solid behind fascist Israel and shield all its crimes against humanity.
What Trump has said thus far cannot be taken seriously as he has been only trying get fanatic Americans to support the Republican Party. As real president Trump would different as he will have to follow the ‘traditions’ of US presidency.
Some False Statements Made in the Trump- Impeachment Hearings
In the December 4th statement that was made by Stanford University law professor Pamela Karlan was this:
We have become the shining city on a hill. We have become the nation that leads the world in understanding what democracy is. One of the things we understand most profoundly is it’s not a real democracy, it’s not a mature democracy if the party in power uses the criminal process to go after its enemies. I think you heard testimony, the Intelligence Committee heard testimony about how it isn’t just our national interest in protecting our own elections. It’s not just our national interest in making sure that the Ukraine remains strong and on the front lines so they fight the Russians there and we don’t have to fight them here.
It’s also our national interest in promoting democracy worldwide, and if we look hypocritical about this, if we look like we’re asking other countries to interfere in our election, if we look like we’re asking other countries to engage in criminal investigations of our President’s political opponents, then we’re not doing our job of promoting our national interest in being that shining city on a hill.
She said: “We have become the shining city on a hill.” Here is a list of just a few of the democratically elected presidents and prime ministers in foreign countries whom the U.S. regime overthrew, by coups, in order to install brutal dictatorial regimes there that would do sweetheart deals with America’s international corporations. Also, unsuccessful, merely attempted, U.S. coups are discussed there.
Furthermore, the scientific studies of whether the U.S. Government is controlled by the public (a democracy) or is instead controlled only by its very wealthiest (an aristocracy) are clear: this country is an aristocracy, not a democracy at all, except, perhaps, in the purely formal senses of that term — our great Constitution. Far-right judges have recently been interpreting that Constitution in the most pro-aristocratic, anti-democratic, ways imaginable, and this might have something to do with why the scientific studies are finding that the U.S. is now a dictatorship. And this fact, of America’s now being a dictatorship, was blatantly clear in America’s last Presidential election, which was actually a s‘election’ by Americas’ billionaires — not by the American public.
How, then, can Professor Karlan be respected about anything, if she lives in a dictatorship (by its aristocracy) and is deluded to think that it’s still (which it never was completely) a democracy?
Furthermore: her statements about Ukraine are equally deluded. She is obviously unaware that the Obama Administration started planning its coup against Ukraine in 2011 and started implementing it in the U.S. Embassy in Ukraine on 1 March 2013, and started in June 2013 soliciting bids from U.S. companies to renovate at least one building in Crimea for use by the U.S. Navy to replace Russia’s main naval base — which Russian naval base was and is in Crimea — by a new U.S. naval base to be installed there.
The craziest thing of all about Karlan’s statement, however, is this part: “It’s not just our national interest in making sure that the Ukraine remains strong and on the front lines so they fight the Russians there and we don’t have to fight them here.”
Imagine if someone said, “It’s not just our national interest in making sure that the Mexico remains strong and on the front lines so they fight the Americans there and we [Russians] don’t have to fight them here.”
If a Russian were to assert that, would the statement be any more justifiable than what Karlan said regarding Ukraine? Of course not! Even an idiot can recognize this fact. But Karlan can’t.
On December 5th, the anonymous “Moon of Alabama” blogger, whose opinions and predictions turn out to have been correct at perhaps the highest rate of anyone on the internet, headlined “The Delusions Of The Impeachment Witnesses Point To A Larger Problem” and he not only pointed out the “delusional” beliefs of Professor Karlan (“One must be seriously disturbed to believe such nonsense. How can it be that Karlan is teaching at an academic level when she has such delusions?”), but he noted that:
How is it in U.S. interest to give the Ukraine U.S. taxpayer money to buy U.S. weapons? The sole motive behind that idea was greed and corruption, not national interest:
[U.S. special envoy to Ukraine] Volker started his job at the State Department in 2017 in an unusual part-time arrangement that allowed him to continue consulting at BGR, a powerful lobbying firm that represents Ukraine and the U.S.-based defense firm Raytheon. During his tenure, Volker advocated for the United States to send Raytheon-manufactured antitank Javelin missiles to Ukraine — a decision that made Raytheon millions of dollars.
The missiles are useless in the conflict. They are kept near the western border of Ukraine under U.S. control. The U.S. fears that Russia would hit back elsewhere should the Javelin reach the frontline in the east and get used against the east-Ukrainians. That Trump shortly held back on some of the money that would have allowed the Ukrainians to buy more of those missiles thus surely made no difference.
To claim that it hurt U.S. national interests is nonsense.
It is really no wonder that U.S. foreign policy continuously produces chaos when its practitioners get taught by people like Karlan. …
The Democrats are doing themselves no favor by producing delusional and partisan witnesses who repeat Reaganesque claptrap. They only prove that the whole affair is just an unserious show trial.
In the meantime Trump is eliminating food stamps for some 700,000 recipients and the Democrats are doing nothing about it. Their majority in the House could have used the time it spent on the impeachment circus to prevent that and other obscenities.
Do the Democrats really believe that their voters will not notice this?
(Of course, they do, and they might be right. After all, polls show that Democrats still believe that Barack Obama was a terrific President, just as Republicans believe that George W. Bush was a terrific President. The fact that both — and Trump himself —were/are among the worst in American history eludes the voters in both Parties. But though I disagree with his opinion on that particular matter, he’s just asking a question there, and I hope that his more optimistic take than mine turns out to be right, and that the voters — in both Parties — are coming to recognize that American politics right now is almost 100% a con-game, in both Parties.)
Why do people pay subscription-fees, to Jeff Bezos’s Washington Post, and to the New York Times, and to other media that are controlled by America’s billionaires, when far higher-quality journalism, like that of “Moon of Alabama” (and like the site you’re reading here) is freely available on the internet? Who needs the mainstream ‘news’-media, when it’s filled with such unreliable claptrap, as respects (instead of exposes) what persons such as Karlan say? Jonathan Turley is to be taken seriously, and he is at the very opposite end from Karlan’s opinions in the impeachment hearings (and regarding much else). (And the hearings-transcript in which both law-professors testified is here.) But the exception is Turley, and Karlan is far more the norm in the U.S.-media mainstream. And virtually all Democratic-Party propaganda-organs (‘the liberal press’) are playing up the Karlan claptrap. So: yes, I do think that “the Democrats [referring to the ones in the House of Representatives, of course] really believe that their voters will not notice this.” Most voters are just as “deluded” (misinformed by the ‘news’-media) as Professor Karlan is.
Two Cases, Minor and Major
News stories have Donald Trump being mocked by France’s Macron at a Buckingham Palace reception for the NATO leaders meeting. A nearby open mic caught the incident. Trump’s response was to call Macron two-faced.
Macron returns to a France paralyzed by the biggest strike in years. Teachers and transport workers are alarmed by his plan targeting their traditional pension scheme. They would now have to retire later or accept lower benefits.
Trump returns to face impeachment. Speaker Nancy Pelosi has asked the House to get on with it and draw up the Article of Impeachment. Trump also wants the same. So he said upon his return from Europe. He wants it over so he can get on with running the country, which he says has a bustling economy, the lowest unemployment in recent history and a booming stock market.
The source of Trump’s self confidence: a Republican majority in the senate bound to acquit him. Truth be told, this is an unusual impeachment in that it has not managed to obtain the support of a single member of the president’s own party. Prior impeachments of others had more substantial grounds and always some bilateral support.
This impeachment is also unusual for its triviality. Taking together the partisanship and the weak reasons, some legal scholars warn it sets a bad precedent, and the possibility that future presidents might well face the prospect not as rarely as in the past.
To summarize the issue: it stems from Joe Biden’s son Hunter earning $50,000 per month serving on the board of Burisma, the notoriously corrupt Ukrainian gas enterprise, while lacking any professional expertise in the company’s area of business. The clear implication is that it was due to his father being Vice President of the United States. Trump simply asked for an announcement from the Ukrainian president that they were opening an investigation. So what is worse nepotism or an inquiry into it?
From the relatively trivial to the deadly serious. The International Court of Justice (ICJ) will hear the case against Myanmar for the Rohingyan genocide. Aung San Suu Kyi as tarnished as her Nobel Peace Prize remains obdurate. Her country’s claim the genocide case stems simply from the world”s inability to understand the complexities of the issue.
Forget the BBC film clip of one incident where the perpetrators boasted proudly of their handiwork as smoke from a village they had set alight rose in the background. Killing or stealing livestock, destroying crops to make return impossible was another tactic in the event villagers escaped. Rape, mass murder, people being burnt alive locked in their houses are well documented. Later, the UN Human Rights Council’s fact-finding mission confirmed convincing evidence of genocide.
Aung San Suu Khyi will face a legal team from Gambia. Why? Well it’s a story of happen-chance. Last year Gambia’s Justice Minister Abubacarr Tambadou visited Bangladesh for the Organization of Islamic Cooperation’s annual conference. What he saw and heard there recalled for him painful memories of the Rwandan genocide where he had prosecuted cases.
With the OIC delegation he visited Rohingya refugee camps to hear repeated stories of rape, murder and arson, and on his return he was able to convince the OIC to file a case with the ICJ. It is the first of its kind since the 1990s from the then demised Yugoslavia — the case of Bosnia and Herzegovina versus Serbia and Montenegro charging genocide filed in 1993.
And a timely warning to over-enthused promoters of religious nationalism willing to step over the line of human decency and respect for the other. Look where it leads.
Why finance is at the heart of Chile’s crisis
The outsized role of unfettered finance in Chile has only worsened inequality that led to recent uprisings
In September this year, less than a month before frustrated Chileans took to the streets in Santiago, on Chile Day, former finance Minister Felipe Larrain announced new legislation that, it was hoped, would make Chile into a regional financial center. The new bill would contains regulatory changes to facilitate registration of foreign securities in Chile and eliminate tax differences between locals and foreigners that affected the ability of finance to move seamlessly in the domestic economy. These measures were announced to commemorate ChileDay in London, where Conor Burns, minister in the UK government praised Chile’s macro-economic growth and fiscal management under the Sebastian Pinera government.
After years of trying to make the country into a financial regional center, the new bill concretized the government’s intentions. Larrain explained that the initiative meant to relax existing rules of financial regulations through a number of areas, including reduce paperwork for foreign investors, introduce new international practices in the local fixed income market for investors to access liquidity, simplify tax laws and contracts for short-term finance and make mutual funds more flexible. In this way the government sought to enable growth in profits of financial assets, which are primarily held by wealthy investors and high net worth Chileans. Protestors’ move into the affluent Providencia neighbourhood to up the ante a few days ago – known as Chile’s financial district – ironically represent the apogee of this relationship.
After unease spread about the social conditions in Chile after the increase on metro fares, Minister Felipe Larrain, who retained the position from Pinera’s 2010 administration, was sacked. Larrain’s firing is emblematic for several reasons. Much of the recent analysis while rightly focusing on worsening social conditions for the majority of Chileans, few commentators have pinpointed one, if not the most important culprit, of high inequality since Chile became a democracy ended in 1990. Chile’s embrace of financial globalization has been at the forefront of higher levels of inequality in Chile for over the last 2 decades during both left- and right-wing governments.
The planned growth of the financial sector, while good for investors and those with idle assets, it is not positive for the majority of Chileans. The United Nations Economic Commission for Latin America and the Caribbean shows ownership of financial assets are concentrated in the pocket books of the 1 per cent. In 2017, the net worth of households was extremely distorted. While the poorest 50% of households had an average net worth of US$ 5,000, the sum for the wealthiest 10% averaged US$ 760,000, and the richest 1% owned US$ 3 million. To make matters worse, the richest 10% made a whopping 92.2% of investments in shares and mutual funds, other forms of equity holdings and investment portfolios, and 77.4% of deposits in savings accounts and long-term fixed deposits. In comparison, the lower 50 per cent of the population held just 7.7% of total physical assets like motor vehicles and real estate. As a result, many Chileans are swimming in debt, owing a total of US$116 billion (about 44 percent of gross domestic product) – a significant portion due to mortgages and showing increases by 12 per cent since 2010.
In its 2018 economic survey, the OECD laid out the conditions that have led to the current crisis: as many 30 per cent of Chilean workers engage in informal work or on short-term contracts, with high concentrations among women, youth, low-skilled and indigenous groups, while unemployment benefits are virtually nonexistent. Self-employed workers earn 20% less than a formal waged employee with the same skills and experience. Financial sector employees also make more than twice the average worker and even mining sector workers. Over the years, this wage inequality and labour informalisation have been facilitated by deregulating labour markets whereby workers have less bargaining power of labour unions. Labour unions’ calls to increase their stake in the congress therefore offer some hope for workers to gain more of the share of national wealth. Increases in labour income, as ECLAC shows, have a positive effect on macro-economic growth. Pinera’s obstinacy to these initiatives seem to protect his economic standing rather than promote a resolution in workers’ favour. Government resistance would only encourage further polarization.
Chile’s financial sector has expanded at a rate more than any other economic sector, and realized a significant portion of total income and profits in the country. In terms of asset base as a percentage of GDP, the financial sector (including money bank deposits and of other financial institutions) it has growth from 64% in 1984 to 67% in the late 1990s, surpassing the 100% mark in 2010. In 2016, this ratio reached 117%. After Mexico, Chile has the highest capital penetration of foreign banks in Latin America which has counter intuitively reduced the amount of credit available to small local businesses to finance production in new products and sectors. In the meanwhile, foreign investment has however expanded in areas that do not employ great numbers. Large mining businesses which employ fewer numbers of Chileans also have a disproportionate access to international markets for credit. Chile’s pension system is also privatized and seen as source for financial sharks to make a killing, which fluctuates according to traders’ optimism and can lose as it did in late 2018 when investors lose confidence.
Increased privatization of the state, and narrow industrial policies promoted by agencies like the Inter-American Development Bank bolster the role of finance using a number of instruments and incentives. Compared to years prior to the dictatorship, and for a short period during Pinochet reign after the banking crisis of the 1980s, finance was largely well regulated and credit expanded to sectors that generated a large number of jobs. Now, rather than expanding employment and increasing high-value industrial exports, Chile has since the 2000s suffered becoming more and more specialized in mining. Even as private investment flows increased in copper mining during the 2000s, this has not had a broad effect on re-industrializing the Chilean economy. The opposite is true. In fact, the majority of the country’s lithium is manufactured outside of the country.
While some economists have suggested that that higher inequality was due to the end of the high-price commodity boom in Chile in 2014, the historical record shows that inequality was rampant during Pinochet’s dictatorship and only slightly decreased from the 1990s onwards. Inequality was practically baked into the tax system, as well as the housing and transport policies of successive governments, as Chileans found it hard to seek work opportunities in its capital city Santiago. This has earned Chile the infamy of the most unequal country in Latin America and the OECD as a whole according to certain analyses.
As the world awakens to the reality that the expanding finance do not lift all boats or ‘trickle down’, if there is to be a successful resolution to the current calamity that dates back to the reforms of Pinochet, democratizing finance is critical to return power to the hands of Chileans.
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