Memes

Homelessness isn’t really a thing, though. As to the recent housing bubble, the Chinese state intentionally popped it and left the capitalists out to dry.

• Reuters: China Evergrande ordered to liquidate in landmark moment for crisis-hit sector
• Bloomberg: China Reiterates Stance That Homes Are Not for Speculation
• CNBC: China’s housing minister says real estate developers must go bankrupt if necessary

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“We will scale up the building and supply of government-subsidized housing and improve the basic systems for commodity housing to meet people’s essential need for a home to live in and their different demands for better housing,” an English-language version of the report said.

Compare that to Obama, who bailed out the private banks at the expense of people with home mortgages, banks that knowingly wrote those bad mortgages. Michael Hudson, 2023: Why the Bank Crisis isn’t Over

The financial sector is the core of Democratic Party support, and the party leadership is loyal to its supporters. As President Obama told the bankers who worried that he might follow through on his campaign promises to write down mortgage debts to realistic market valuations in order to enable exploited junk-mortgage clients to remain in their homes, “I’m the only one between you [the bankers visiting the White House] and the mob with the pitchforks,” that is, his characterization of voters who believed his “hope and change” patter talk.

The Federal Reserve is just the cartel of the US private banks, whereas banking in China is predominantly state owned. The Chinese state both runs these banks and has fiat monetary sovereignty, so it’s not captured by the private finance capitalists like the US state is.