Belmont Club

Chinese Takeaway

China tells Europe “better a century of China than a cycle of Brussels”. Jin Liqun, the supervising chairman of China Investment Corporation, says it would be reluctant to ride to the rescue of such a bunch of layabouts. “He says that unless Europe changes its labour laws and adjusts its welfare system, he does not consider it to be a profitable investment.”


If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.

Why should, for instance, within [the] eurozone some member’s people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard.

It must be a bitter message for a continent on the brink of bankruptcy. Only a century ago Europe occupied part of the Chinese coast and some parks in those settlements were closed to the locals with the signs “No dogs or Chinese allowed” supposedly posted. Though the veracity of that signage is in question, it is surely a long drop from there to “no Europeans need apply for charity from China”.


President Obama may have been wrong when he claimed in 2009 that his Green economic model, Spain, led the United States in harnessing the wind. That honor surely belongs to the politicians in Washington DC whose output of wind can hardly be surpassed.

The situation in Europe recalls the scene in the Evil Dead where Bruce Campbell is being strangled by his own hand — in this case the self-made hand of progressive socialism. At any rate, who’s laughing now?

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