Where is America’s Desperately Needed Abraham Lincoln Today?

Abraham Lincoln in 1860, New York City

April 14, 2024

Today, we remember and reflect upon the assassination of President Abraham Lincoln. His death was a tragedy for the United States from which we can honestly say, we have never recovered. His unique leadership and disposition saved the Union from being destroyed through division into separate regional entities. He was a towering intellect with extraordinary courage and morality to lead our United Staes through its most perilous period of potential disintegration.

Abraham Lincoln was perhaps our finest president and greatest American.

Once again, the United States is faced with a grave internal crisis. Presently, we have no leaders of President Lincoln’s quality. The American population is not the educated citizenry our Founding Fathers envisioned to maintain our Republic. Actual serious thinking by my fellow citizens has been replaced by group think and political correctness, following three successive generations of being dumbed down by our politicians and culture.

Whence will a leader like Abraham Lincoln come, to save our Union once again from destruction.

Below is a post by my colleague, Nancy Spannaus, creator of the blog: americansystemnow.com, in remembrance of Abraham Lincoln, as told by the great statesman, Fredrick Douglass.

Excerpt from Spannaus:

The assassination of Abraham Lincoln a mere five days after the victory of the Union in the Civil War represents one of the greatest tragedies this nation has ever endured. With that act, we moved from the prospect of Reconstruction and reconciliation led by a man of principle and compassion, as he signaled in his Second Inaugural and final speech, to a bitter and ongoing struggle which ensured that we would remain a nation divided, if not doomed.

Excerpt from Frederick Douglass’ eulogy of Abraham Lincoln:

But what was A. Lincoln to the colored people or they to him? As compared with the long line of his predecessors, many of whom were merely the facile and service instruments of the slave power, Abraham Lincoln, while unsurpassed in his devotion, to the welfare of the white race, was also in a sense hitherto without example, emphatically the black man’s President: the first to show any respect for their rights as men.

Read Spannaus’ entire article

Read my earlier posts:

TPLF Must Be Disarmed In Ethiopia Now! “A House Divided Cannot Stand” Abraham Lincoln

Assassination of President Abraham Lincoln: A Tragedy for the Human Race

Shortly, I will be publishing from lawrencefreeman.substack.com

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is a teacher, writer, public speaker, and consultant on Africa. Mr. Freeman strongly believes that economic development is an essential human right. He is also the creator of the blog:  lawrencefreemanafricaandtheworld.com

Everyone Should Know The Truth About Slavery in America

Engraving of slaves picking cotton on a Louisiana planation in the 19th century. (courtesy of istockphoto.com)

February 20, 2024

This post is my contributions to Black History Month in the U.S.

Nancy Spannaus has made an invaluable contribution to the history of the fight over slavery in the United States, with her new book; Defeating Slavery: Hamilton’s American System Showed the Way. Thoroughly documented, Spannaus exposes the falsehood that America was founded on slavery, or that slavery is in the DNA of Americans. Not only are such untruths historically unfounded, but they are downright folly, and display gross ignorance of the history of the United States. Slavery was a disease, a cancer inside the United States, which sadly is still affecting our society today. However, it is not the basis of the more profound accomplishments of the United States, in its better days.

As anyone who understands real economics would know, it is physically impossible for slavery to begat the creation of the United States as an industrialized power. Slave labor, which dominated a whole section of the southern portion of the United States, is not a driver of economic growth, but rather retards development.

I concur with Spannaus, that if the economic principles of Alexander Hamilton had been fully implemented, the southern slave labor economies would have been driven out of existence. Southern United States, which I know well, still displays the backwardness inherent in its legacy from slavery, which President Lincoln intended to eradicate. Unfortunately, the assassination of President Lincoln, also killed his plans for full  reconstruction of the South.

Bluntly stated, the whole 1619 Project , which erroneously purports that the U.S. was founded on slavery, is a fraudulent attack on the United Staes of America. Our nation is imperfect. Its greatest flaw is an uneducated populace that has been dumb downed over the last half century to submit to popular opinion, rather than investigate the truth  on such critical issues as slavery. Spannaus, in her new book unmasks the actual fight for and against slavery in the U.S. And in so doing, has performed an invaluable service to U.S. and to universal history.

Another valuable benefit to this book is the rich history of the fight for and against the realization of the unique American System of Political Economy, which Spannaus traces from Alexander Hamilton to President Abraham Lincoln

Slavery Has Always Been A Battle

Spannaus boldly states on page one, that contrary to what many uninformed Americans believe, our American Revolution created the first antislavery movement in the world. Do our citizens even know that before the creation of the United States, the colony of Rhode Island banned slavery in 1652, and the colony of Georgia outlawed slavery in 1733? (p. 2) Or that as early as 1688, the Society of Friends in Germantown, Pennsylvania, issued the first petition against slavery? Astonishingly, five decades after 1619, there was only one British colonial territory, South Carolina, which was explicitly founded as a slave economy. (p. 39)

Massachusetts was a leading colony advocating the elimination of slavery. Sam Adams, a leader in the Revolutionary War, in 1766, chaired a town meeting on slavery, which instructed the state’s representatives: that for the total abolishing of slavery among us, you move for a law to prohibit the importation and purchasing of slaves for the future. (p. 63)

Pennsylvania was also a hotbed of the anti-slavery movement. Anthony Benezet, an immigrant, who became a leader and activist in Pennsylvania for the education of black children and the elimination of slavery,  published numerous tracts against slavery. But Benezet did more than write. In 1775 he established a first known organization dedicated to the abolition of slavery anywhere in the world.” (p. 77)

In 1775 , Pennsylvania quakers, under the guidance of Benezet, established the Society for the Relief of Free Negroes Unlawfully Held in Bondage. Years later its second iteration became, the Pennsylvania Society for Promoting Abolition of Slavery and for the Relief of Free Negroes Unlawfully Held in Bondage, commonly called the Pennsylvania Abolition Society. (pp. 77-78)

Alexander Hamilton, one of the nation’s founding fathers, first secretary of treasury, and leader in the fight against slavery. (Courtesy of blogs.shu.edu)

Revolutionary figures John Jay and Alexander Hamilton formed the New York Society for Promoting the Manumission of Slaves, in 1785. The preamble to their association read in part:

The Benevolent Creator, and Father of all  Men; having given to them all equal right to life, liberty, and property, no sovereign power on earth can justly deprive them of either but in conformity to part impartial laws…(p. 134)

Yet slavery spread even with public sentiment against it. To outlaw enslavement of our fellow Americans required our bloody Civil War, at a cost of 750,000 lives. However, after almost 250 years since the founding of our nation, and almost 160 years since the ending of the Civil War, we are still engrossed in fighting the legacy of slavery. Why wasn’t slavery extinguished and how could that have been accomplished?

U.S. Constitution adopted in September 17, 1787, (courtesy of billpetro.medium.com)

Slavery Could Have Been Eliminated

In her book, Spannaus makes a unique contribution to the discussion of the elimination of slavery. She boldly asserts that had Alexander Hamilton’s economic principles been fully executed across the United States, slavery would have been extirpated from American society. While this idea may seem foreign to many, it is actually elementary. It requires people freeing  themselves from the mysterious belief that economic growth is determined by the “invisible hand, or “buy low and sell dear,” or British spawned “free trade.” Once one rejects this deliberate miseducation by our society, and comprehends the principles of physical economy, we understand the following: an uneducated, poorly paid, poorly fed, and over worked labor force is less productive and yields less profit to the economy. A backward slave labor system that squeezes out “profit” from the exploitation of backbreaking manual labor in growing sugar, cotton, and tobacco, cannot compete with the labor force of an industrialized economy.

Alexander Hamilton expressed this concept as early as 1774, two years before the revolution.

Were not the disadvantages of slavery too obvious to stand in need of it, I might enumerate and describe all the tedious train of calamities, inseparable from it. I might shew that it is fatal to religion and morality; that it tends to debase the mind, and corrupt its noblest springs of action. I might shew, that it relaxes the sinews of industry, clips the wings of commerce, and introduces misery and indigence in every shape. (p. 165)

Spannaus summarizes that Hamilton emphasized two concepts that are central to industrial progress: the productive powers of labor and the need to stimulate the creative powers of the human mind. Both are starkly antithetical to the feudal slave labor system. (p. 166)

Hamilton opposed slavery because it debased human beings, and he knew that slave based agriculture system would weaken the United States. The British not only ran the transatlantic slave trade but invested in the southern slave labor economy as a means of breaking apart our Republic, while making huge profits in the process.

Industrialization Required

Henry Charles Carey, chief economic adviser to U.S. President Abraham Lincoln. (courtesy of en.wikipedia.org)

In his Report on Manufacturers,* Hamilton argues the necessity for the United States to become a manufacturing society, but also to exploit, if you will, the capital of the human mind. In the above cited Report, Hamilton writes that manufacturing, unlike slave-labor, serves: to cherish and stimulate the activity of the human mind, by multiplying the objects of enterprise. (pp. 170-171)

As Spannaus underscores throughout her book, industrialization of the United States was the means to eliminate slavery before the Civil War. Having Failed to accomplish that, a comprehensive full-throated reconstruction effort for the defeated Southern slave-economy following the war was required. This is what the well-known followers of Hamilton, and proponents of the American System, such as President Lincoln and Henry Carey, understood.

Henry Carey was a towering intellectual force in the nineteenth century. He was an American System economist, advisor to President Abraham Lincoln, and authored the Slave Trade: Domestic and Foreign, and How It May be Extinguished, (1853). Carey wrote on the negative effects of slavery. Spannaus refers to Carey extensively throughout her book and devotes almost the entirety of chapter sixteen to his thoughts. Typifying the outlook of the advocates of the American System, Carey wrote in 1865:

Had our legislation been of the kind which was needed for giving effect to the Declaration of Independence, that great hill region of the South, one of the richest, if not absolutely the richest in the world, would long since have been filled with furnaces and factories, the labourers in which would have been free men, women, and children, white and black, and the several portions of the Union would have been linked together by hooks of steel that would have set at defiance every effort of the ‘wealthy capitalists’ of England for bringing about a separation. Such, however, and most unhappily, was not the course of our operation. (p. 224)

Frederick Douglas and Abraham Lincoln. Giants in the fight against slavery. (Courtesy of history.com)

Constitution Not Pro-Slavery

Many poorly informed detractors of the U.S. Constitution denounce the framers by selecting a word, a phrase, or a sentence, which they allege  proves the United States is racist nation founded on support for slavery. This conclusion is usually reached without any serious intellectual investigation of the historical and factual context. It has now become popular to attack the Founding Fathers in obeisance to the latest politically correct dogma. The U.S. Constitution was written by mortal human beings with imperfections. However, this noble document, the Preamble in particular, articulated principles that transformed the world. It helped to ignite liberation movements against British colonialism across the globe, including in Africa.

The great American statesman, Frederick Douglas, who was born a slave on a plantation on the Eastern Shore of Maryland, understood this well. Douglas became an informal advisor to President Lincoln despite some  disagreements. He distinguished himself by breaking  from the abolitionists because of their support for the dismemberment of the Union. Americans and non-Americans alike, would benefit from reading Douglas’ writings. In his remarks below, Douglas responds to the provision in the U.S. Constitution that set the date of 1808, for the banning of importation of slaves. Like Dr. Martin Luther King, Douglas recognized the importance of the U.S. Constitution and Declaration of Independence and insisted that the United States deliver on its noble intention. Speaking in 1860, seven decades after the Constitution was ratified and a year before the outbreak if the Civil War, Douglas spoke on the constitutional banning of slavery:

American statesman, in providing for the abolition of the slave trade, thought they were providing for the abolition of the slavery. This view is quite consistent with the history of the times. All regarded slavery as an expiring and doomed system, designed to speedily disappear from the country. But, again, it should be remembered that this  very provision, if made to refer to the American slave trade at all, makes the Constitution anti-slavery rather than for slavery…Thirdly, it [Constitution] is anti-slavery, because it looked to the abolition of slavery rather than its perpetuity. Fourthly, it showed that the intentions of the framers of the Constitution were good not bad. (p. 157)

It will be well worth your time to read Spannaus’ new book.

Defeating Slavery: Hamilton’s American System Showed the Way, by Nancy Spannaus. Defeating-Slavery-Hamiltons-American-System  

*See Chapters on Report on Manufacturers, Spannaus, Bradeen, Hamilton Versus Wall Street: The Core Principles of the American System of Economics, iUniverse, 2019

Read my earlier post: Nations Must Study Alexander Hamilton’s Principles of Political Economy

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is a teacher, writer, public speaker, and consultant on Africa. Mr. Freeman strongly believes that economic development is an essential human right. He is also the creator of the blog:  lawrencefreemanafricaandtheworld.com

“Win-Win Cooperation” Is Our Goal for China-U.S. Relations

Ambassador Xie Feng speaking at the Chinese embassy in Washington, DC. September 27, 2023

September 29. 2023

On Wednesday night, September 27th, I had the pleasure of attending China’s 74th anniversary of the founding of the People’s Republic of China, at the Chinese Embassy in Washington DC. Officials of the US government, policymakers, and think tank analysts should carefully read the presentation-Remarks by Amb Xie Feng-by the new ambassador of China to the United States, Xie Feng.

The most salient portions of his comments are obvious to me and should be understood by all rational people. China desires Win-Win cooperation with the United States. The ambassador is correct in emphasizing that when China’s economy is expanding, it not only helps 1.4 billion Chinese people, but it actually also advances the world economy and benefits all people on our planet. Therefore, those in Washington and elsewhere, who foolishly gloat over the difficulties or temporary declines in the Chinese economy are really not acting in the interest of the United States. Ambassador Feng also emphasized that it is dangerous for the two largest economies armed with nuclear weapons to be involved in a Cold War much less a Hot War, and this has to be avoided at all costs for the sake of humanity.

In fact, there is no objective inherent contradiction between the development of China and the development of the United States. I know this as an expert on African political economy. The needs of the African nations in terms of basic infrastructure; railroads, electricity, roads, hospitals, and schools is so massive that all nations could collaborate together in addressing this serious infrastructure deficit. China and the United States actually share a common interest in the development of humankind. China and the United States could take up jointly the mission of eliminating poverty in Africa.

What is preventing this type of global economic progress, is the dominant U.S. geopolitical mindset that views hegemony in the world as a zero-sum game of winners and losers. This perverted geopolitical outlook prevents the type of superpower cooperation between the U.S. and China, which Ambassador Feng alluded to in his remarks.

Following the presentation by Ambassador Feng there was a 45 minute delightful musical presentation by young musicians from the Juilliard School in New York City. They performed classical Western music and classical Chinese music. This was not only a joy to listen to, but actually made clear to me something very important about Chinese culture. Classical music is the most rigorous form of music that stimulates the human mind and is actually composed for the purpose of nurturing   human creative thinking.

The mini-concert began with a composition from Johannes Brahms that was performed with precision and passion. It was also very interesting for me to sit there and observe an audience of several hundred people quietly, and thoughtfully listening to classical music in the Chinese Embassy. Most people don’t understand that classical music is not meant just for Western audiences. Classical music is intended for all human beings. Every great form of music, drama, and poetry, if they qualify as classical, share the same quality: developing the human mind. Therefore, having this performance following the presentation by Ambassador Feng confirms to me the desire by China to have a working relationship with the United States and the West. In this instance, classical music was chosen as a universal medium to build a friendship between China and the U.S.

Thus, to my mind, the two events are connected as if from a single piece of cloth: An insightful presentation by Ambassador Feng, followed by an excellent classical music performance by a talented trio (cello, violin, piano). This is an eloquent method to educate the audience on the inseparability of politics and culture, when conducted at the highest level.

As a result, I had an informative and enjoyable evening. I presume others did as well.

Young students from the Juilliard School, NYC, performing at the Chinese Embassy. There is a sister Juilliard School in Tianjin, China 

Remarks by H.E. Ambassador Xie Feng At the Reception Marking the 74th Anniversary of The Founding of the People’s Republic of China.

Reads the entirety of Remarks by Amb Xie Feng

Excerpts follow:

Dear friends,

Welcome to the first in-person National Day reception at our embassy after the pandemic!

It is a great pleasure to get together with you face to face to celebrate the 74th birthday of the People’s Republic of China. Let me extend my heartfelt thanks to friends from various communities for your longstanding support for China and China-U.S. relations, and also warmest festival greetings to our fellow compatriots in China and the United States!

Over the past 74 years, under the leadership of the Communist Party of China, billions of Chinese people have forged ahead with fortitude, and embarked on a path of socialism with Chinese characteristics. We have created a miracle of rapid economic growth with hard work, a miracle of lasting social stability with unity, a miracle of poverty reduction with perseverance, and a miracle of peaceful rise with a great sense of responsibility. 

Today, 74 years on, we are advancing the great rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. While Chinese modernization is conceived in China, it will bring opportunities to the whole world.

— It is the modernization of a huge population. Achieving modernization for more than 1.4 billion people is an unprecedented task, and requires arduous efforts. Pursuing high-quality development is our top priority, and reform and opening-up remains our fundamental national policy. Our focus is to be a better self. We have no intention to challenge, outcompete or displace anyone else.

— It is the modernization of common prosperity for all. We will both make the pie bigger and divide it more fairly. China’s middle-income group will exceed 800 million by 2035. Its market for health services is estimated to reach around 2.2 trillion dollars by 2030. And Chinese airlines will need 8,700 new aircraft by 2040…

It is also the modernization of peaceful development. We have put forward the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, offering China’s solution for addressing the deficit in development, overcoming security challenges and enhancing mutual learning between civilizations, and calling on countries to jointly build a community with a shared future for mankind.

This year, amid the tortuous global economic recovery, every country has its own problems to tackle. While facing some difficulties and challenges, the Chinese economy has been on an upward trajectory generally. Our GDP grew 5.5% in the first half of the year, outpacing most major economies. In the first eight months, investment in high-tech industries grew 11% year over year, and retail sales in accommodation, catering and other services increased 19%. Over 500 million Chinese went to the movies this summer alone. In recent months, China has rolled out new policies to reinvigorate consumption, boost the private sector and attract more foreign investment, which are gradually paying off.

Things are best appreciated when one takes a long-term view. The fundamentals sustaining China’s growth in the long run have not and will not change. Choosing China is to embrace opportunities and secure the future. In a globalized era, everyone is interconnected. All countries are in the same boat. The notion that other countries could economically collapse while one still thrives is utter fantasy. Pulling together is our only choice.  

Over the months, I have engaged extensively with friends old and new from various sectors. Here is my impression: while a lot has changed in China-U.S. relations, the fact that we are interdependent has not changed. We still share extensive common interests and important common responsibilities. The Earth is big enough for China and the United States to develop respectively and prosper together.

Nor has the international community’s expectation for a generally stable China-U.S. relationship changed. China and the United States are the two largest economies and nuclear-weapon states. Any conflict or confrontation between us would produce no winner, and would be the last thing the world wants to see. A “new Cold War” would only be a tragedy for the entire humanity.

To our encouragement, under the guidance of our leaders and with our joint efforts, the China-U.S. relationship has seen some positive signs of stabilizing. Progress has been made in enhancing dialogue and cooperation. In particular, the two sides have agreed to return to the Bali agenda, and implement the important common understanding reached between President Xi Jinping and President Biden…

Of course, we still face serious difficulties and grave challenges in the bilateral relationship, and there is still a long way to go to stabilize and improve our relations. The key is to find the right way for China and the United States to get along in the new era. The three principles outlined by President Xi Jinping, namely, mutual respect, peaceful coexistence and win-win cooperation, have pointed us in the right direction. 

Mutual respect is the prerequisite for our interactions. China does not interfere in U.S. domestic affairs and does not bet against the United States. In the same vein, we hope the United States will also respect our sovereignty and territorial integrity, properly handle important, sensitive issues such as the Taiwan question in line with the principles of the three joint communiques, and respect the Chinese people’s choice of development path and political system and right to a better life.

— Peaceful coexistence is the red line we must keep to. Any war, cold or hot, trade or technological, should be avoided. Sanctions on Chinese entities and individuals should be stopped.

— Win-win cooperation is the goal we should aim at. Let’s both take positive actions from now, starting with concrete, small steps that will benefit our peoples and help bring our relationship back to the right track… (all emphasis added)

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is a teacher, writer, public speaker, and consultant on Africa. Mr. Freeman strongly believes that economic development is an essential human right. He is also the creator of the blog:  lawrencefreemanafricaandtheworld.com.

The U.S. Betrays Its Heritage by Threatening World War III Against Russia and China

Ben Franklin, scientist, philosopher, and statesman, who helped establish the republican principles that were and are the foundation of the United States of America

February 4, 2022

Please read this article by historian Anton Chaitkin, U.S. Betrays Its Heritage by Threatening World War III Against Russia and China, from pressenza.com. Read what Presidents George Washington, Abraham Lincoln, Franklin Roosevelt, John Kennedy, and civil rights leader, Matlin Luther King said.

Mr. Chaitkin is a longtime colleague of mine who expresses the aspirations of many Americans, like me, who want to see the United States disseminate its profound founding principles, not provoke unnecessary war. We, the United States, at our core, are far superior to our current practice of resorting to war and sanctions as the primary means of conducting foreign policy.

“Americans who cherish our country’s legacy are horrified by our headlong rush to war. America at its best was the very motor of world progress, higher living standards and peace.

“That is our true national identity. We betray “the better angels of our nature” by making military threats against those who are advancing world powers, as we once were. We commit suicide when we dishonor historic agreements that keep the world safe from nuclear annihilation.”

Read the full article: U.S. Betrays Its Heritage by Threatening World War III Against Russia and China

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is the creator of the blog: lawrencefreemanafricaandtheworld.com. Mr. Freeman’s stated personal mission is; to eliminate poverty and hunger in Africa by applying the scientific economic principles of Alexander Hamilton.

Ethiopia Election: A Vote for Peace, Unity, and Prosperity

Lawrence Freeman speaking with Dr. Birhanu Lenjiso of Prime Media

Below is a 30 minute interview with on the Ethiopian national elections conducted on June 21, 2021. It was conducted in the studio of Prime Media on the June 23rd, in Addis Ababa.

The Ethiopian people proved all the critics, pundits, Western media, and Western governments, especially the United States and Great Britain wrong in their predictions of violence and chaos for Ethiopia’s national elections. The Ethiopian people surprised even some government supporters with their orderly, calm, and peaceful manner in electing Prime Minister Ably Ahmed and the Prosperity Party.

Hours after my interview, former Nigeria President Olusegun Obasanjo, at a press conference in Addis Ababa, representing the African Union declared that the election was conducted in a “peaceful, orderly and credible manner.” Obasanjo echoed the observations made by the East African Standby Force in a press conference on Tuesday following the election. Both ESAF and AU has observers monitoring the election process.

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is the creator of the blog: lawrencefreemanafricaandtheworld.com. Mr. Freeman’s stated personal mission is; to eliminate poverty and hunger in Africa by applying the scientific economic principles of Alexander Hamilton

In Celebration of Black History Month, Let Us All Emulate the Great Frederick Douglas

Happy Birthday, Frederick Douglass
Frederick Douglas (1818-1895)

February 15, 2021

There is no better way to celebrate Black History Month than to to absorb the ideas of Frederick Douglas. I recommend you read this latest article written my friend, American historian, Nancy Spannaus-see link below: Happy Birthday, Frederick Douglas. I also suggest you read his wonderful autobiography: Life and Times of Frederick Douglas. 

Frederick Douglas believed in the U.S. Constitution and demanded that Americans and their leaders live up to its noble principles. That is something we should all aspire to. Douglas wrote: “Men talk of the Negro problem. There is no Negro problem. The problem is whether the American people have loyalty enough, honor enough, patriotism enough, to live up to their own Constitution.” Frederick Douglas did not advocate tearing down America, but rather, demanded that Americans live up to the principle embodied in the U.S. Constitution.

 

Happy Birthday, Frederick Douglass

 Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is the creator of the blog: lawrencefreemanafricaandtheworld.com

China’s Belt & Road Needed to Revitalize World Economy: CGTN

May 18, 2020

Below are excerpts from my article on the strategic role of China’s Belt and Road in today’s world economy, published by CGTN 

The global economic breakdown ignited by the COVID-19 pandemic entails China and its Belt and Road Initiative (BRI) playing an important role in restoring health to the world economy. While Western nations are still struggling with COVID-19, and are months away from beginning to refurbish their economies, China has already started its recovery, following its earlier success in combating the coronavirus.

The collapse of nations to conditions resembling the Great Depression and the inability to contain the deadly virus have belied the alleged success of globalization. The underlying flaws of the deregulated post Bretton Woods financial system, which has become an international gambling casino to make fast money, are now nakedly revealed. Given the breakdown of the present global financial system, it is urgent that leading nations issue a call to convene a conference to initiate a New Bretton Woods system, which values human life over making money.

For civilization to progress, a new economic architecture dedicated to ending poverty, and promoting productive economic growth is compulsory. Without question, the United States and China will have to perform outsized roles in establishing a new paradigm of political-economic relationships among nations, notwithstanding current tensions.

Read the entire articleBelt and Road Needed to Revitalize World Economy

China’s Progress and ‘Belt and Road’: New Global Dynamic

“When China Eliminates Poverty in 2020, Beijing Will Have Proved That the Developing World Doesn’t Need US “Aid”

June 3, 2018

“No country in history has lifted as large a number of people out of poverty as China has done, beginning in the late 20th century. At the turn of the 1980s, over 88% of all Chinese were living in poverty according to the international definition of having an average daily income of $1.90 or less. Today, China’s poverty rate hovers around 2% of the entire population or 30 million people. This poverty is now entirely confined to rural areas. By contrast, in the United States, poverty while mostly in rural areas, is also spread among impoverished inner-cities…

“While some remain skeptical about China’s ability to eliminate poverty by the end of 2020, the record clearly shows that when it comes to tackling issues of extreme poverty in an extremely short period of time, China is not only able to achieve its goals but is able to do so in ways that put other countries to shame. While the poverty rate in the US has stagnated for decades, with the rate being 12.4% at the end of the 1970s with a slight increase to 13.7% at the end of the 1980s, China has dramatically gone from a state of near total poverty to the brink of eliminating all poverty in that same period.

“With China lifting an average of 13 million people out of poverty each year in the last five years, President Xi’s goal of progressively eliminating poverty for 10 million rural poor each year until poverty is fully eliminated at the turn of 2021, is ultimately a realistic goal, albeit one with seismic implications.”

continue reading

African Countries Meet On Using Yuan as Reserve Currency

May 30, 2018–A meeting of seventeen central bank and government officials from 14 countries in eastern and southern Africa met in Harare, Zimbabwe on May 29-30 to discuss the possibility of using the yuan as a reserve currency, Xinhua reported on May 29. The meeting was sponsored by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI). They quote Gladys Siwela-Jadagu, spokesperson for MEFMI, saying that most MEFMI countries have received loans or grants from China and it would “make economic sense” to repay them in yuan. She said that the yuan has become a ‘common currency’ in trade with Africa.    Xinhua notes that China’s trade with South Africa surged by 14.7 percent on a yearly basis in the first four months this year

UN Official Lauds Belt and Road as `Grand Design for the Future’

May 29, 2018 — UN Under-Secretary Shamshad Akhtar, speaking to {China Daily} May 28, praised the Belt and Road Initiative of infrastructure great projects as “an initiative on a more integrated frame, [and] of a scale, that no one has talked about before.” Akhtar is executive secretary of the UN’s Economic and Social Commission for Asia and the Pacific.

“China leads the regional cooperation and the integration of Asia, with its Belt and Road Initiative strengthening intra-and intercontinental ties,” she told {China Daily}, on the sidelines of the Shanghai Forum at Fudan University. “It’s a grand design. Moving the Belt and Road Initiative forward not only connects Asia internally, but bridges it closer to Europe and Africa.”

She said, “Over the years, China’s shift from quietly forging bilateral relationships, to building multilateral and broad.”-based diplomatic structure has underscored its commitment to deepening its footprint in regional cooperation and integration.