Billionaire Charlie Munger's on Being a fan of Communist China Edited Out

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"Billionaire Charlie Munger is a big fan of how #communist China manages its economy. 

This is the statement that the Western media edited out of their reporting:

 "I don't think we should assume that every other nation in the world, no matter what the problems are, should have our type of government," Munger said. "I think that's pompous and self-centered. Ours is right for us but maybe theirs is right for them." 

Munger' s analysis was to the point. 

The #Berkshire #Hathaway (BRKA) vice chairman told CNN he's impressed that Beijing recognizes the troubles caused by allowing economic booms to get out of control. 

China "steps on a boom in the middle of it instead of waiting for the big bust," Munger said in an interview. "Of course, I admire that. In that one respect, they are #wiser than we are." 

The 97-year-old longtime friend and business partner of Warren Buffett noted the contrasting ideologies of the world's two largest economies. 

"It amuses me that communist China is being smarter about handling booms than #capitalist America," Munger said. "But I know a lot of people that are smarter than I am. Should we not have a nation sometimes that is smarter than ours in some respects?" 

... 

"I don't think we should assume that every other nation in the world, no matter what the problems are, should have our type of government," Munger said. "I think that's pompous and self-centered. Ours is right for us but maybe theirs is right for them." 

Munger also pointed to the rapid growth in China that has lifted millions of people out of poverty. 

"It is one of the most remarkable achievements in the #history of the human race, what the Chinese have accomplished in the last 30 years," Munger said, echoing comments he made during Berkshire's annual shareholder meeting in early May. 
Munger drew criticism over the summer after praising the Chinese government for silencing Alibaba's (BABA) Jack Ma and saying he wished US financial regulators were more like those in China. 
"Communists did the right thing," Munger told CNBC in a special that aired in June. 

The Berkshire Hathaway executive insists he does not regret those comments. 

"Regret it? I would regret not making them," Munger told CNN. 

CNN Article 
https://edition.cnn.com/2021/11/03/business/munger-china-economy/index.html


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