“Bilal Hafeez, Deutsche Bank‘s Global Head of FX Strategy, recently gave a speech at the bank’s annual Chinese New Year Dinner in London earlier this week.
Hafeez took a sweeping tour across the global economic landscape, examining the big stories in the United States, Europe, and China.
With regard to China, Hafeez focused on the obvious need for the country to rebalance from a centralized, investment-driven model to a more consumption-driven economy.
What followed after that may not be as obvious: Hafeez advanced an interesting parallel between the U.S. economy and the communist ideal.
An excerpt from the speech is included below:
You may think that the US is the antithesis of the Marxist ideal. You may be mistaken.
In the Communist Manifesto published in 1848, Karl Marx and Friederich Engels demanded a list of immediate actions that capitalist economies should follow on the path to communism. What were they? Free education, well the US has that. Progressive tax system: which the US has. Curbs on inheritance: which the US has. Fair labour laws: which the US has….”
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