A glimpse into a handful of national economies

I had a busy schedule last week, but let me share some excerpts from some of the lighter reading that crossed my desk.

"Poll after poll in recent months would suggest that younger Americans have soured on the free-market economy. In April, a Harvard University survey of 18-to 29-year-olds found that the majority (51 percent) of those asked did not support "capitalism." (One-third said they support "socialism.")

Three months earlier, in January, a YouGov survey found that those under 30 actually had a more favorable view of socialism than they did of capitalism. And then, of course, there are all those diehard millennial supporters of Bernie Sanders, who have rejected what has long been one of the holy tenets of laissez-faire markets-free trade.

The disconnect, in truth, may have nothing to do with the market economy at all, but rather with words. "Capitalism," after all, doesn't have the ring of "entrepreneurship." "Big business" -- which has a truly dismal image in the public eye these days, according to Gallup -- feels dowdy and lifeless compared with "startup." And "climbing the corporate ladder" simply can't compete in the under-40 fantasy camp with "disrupting an industry."

Source: Clifton Leaf, deputy editor, Fortune

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Russia: Recent aggressive international behavior

Russia is a communist dictatorship with a population of 146 million, a Gross Domestic Product (GDP) of $1.3 trillion, produces 10.7 million barrels of crude oil a day and possesses the nuclear bomb and has nuclear bomb delivery capacity. Russia is a country totally dominated by President Vladimir Putin.

Very importantly, Russia has Foreign Minister Sergey Lavrov who is a very competent negotiator on international issues. Perhaps he is almost dominant in competence and strength compared to the weakness and relative inexperience brought to the negotiating table by USA at this time.

China ever more aggressive to advance its geopolitical power and reach

China is a communist dictatorship with a population of 1.3 billion and a GDP of $10.7 trillion, the second largest in the world, and possesses the nuclear bomb and nuclear bomb delivery capacity. China is dominated by Xi Jinping, the President of the People's Republic of China.

Since mid-2015 the Chinese stock market has dropped 40 percent. China's foreign currency reserves have dropped from $3.9 trillion to $3.2 trillion, a decrease of $700 billion or 17.9 percent since 2014. Internally China has generated substantial amounts of debt and the banking system is saddled with questionable debt of state-run companies and zombie firms.

China continues to acquire vast amounts of property by military force with aggressive creation of islands in the South China Sea and is very rapidly militarizing them, building a runway of 10,000 feet, hangars for fighters and bombers, missile defenses and other sophisticated military weaponry already in place.

Very recently Russia and China joined together to conduct naval military maneuvers which confirms that Russia does not object to the confiscation of island properties, water routes and geopolitical and economic power grabs by China. The pitiful USA response is silence.

Economy, USA real GDP recently a pitiful 1.2 percent, but growth requires 4.0 percent

The devastation of the past eight years of Obama's failed domestic economic policies, now growing the USA GDP at a pitiful 1.2 percent, could cause panic if Hillary Clinton morphed into Obama III for the next four years continuing to promote the same unworkable Obama economic policies.

USA deficits are projected to be larger each year in the future

In 2015, the federal deficit was $438 billion and is projected to increase this year to $544 billion. The deficit is further projected to be $1,366 billion for 2026. But, these numbers are understated because welfare benefit payments have dramatically increased in the last eight years.

Since the government payments are accounted for on a cash basis and not recorded as an accrued liability, total federal government liabilities, instead of being a recent $19.4 trillion, may well be in excess of $100 trillion.

Federal Debt $9.4 Trillion Increase Under Obama in Last 8 Years Must Stop

The federal government has borrowed an additional $9 trillion over the eight years of the Obama administration and yet the USA has the weakest economic recovery since 1945, the end of World War II. Unworkable Obama economic policies are the reason for the weak economy and additional debt.

Source: Private Newsletter

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And finally -- the words of RUDYARD KIPLING, which seem appropriate at this time in history.

If

"If you can keep your head when all about you are losing theirs and blaming it on you;

If you can trust yourself when all men doubt you, but make allowance for their doubting too;

If you can wait and not be tired by waiting, or, being lied about, don't deal in lies, or, being hated, don't give way to hating,

And yet don't look too good, nor talk too wise;

If you can dream -- and not make dreams your master;

If you can think -- and not make thoughts your aim;

If you can meet with triumph and disaster and treat those two imposters just the same;

If you can bear to hear the truth you've spoken twisted by knaves to make a trap for fools,

Or watch the things you gave your life to broken, and stoop and build 'em up with wornout tools;

If you can make one heap of all your winnings and risk it on one turn of pitch-and-toss,

And lose, and start again at your beginnings and never breath a word about your loss;

If you can force your heart and nerve and sinew to serve your turn long after they are gone,

And so hold on when there is nothing in you except the Will which says to them; "Hold on";

If you can talk with crowd and keep your virtue, or walk with kings -- nor lose the common touch;

If neither foes nor loving friends can hurt you;

If all men count with you, but none too much;

If you can fill the unforgiving minute with sixty seconds' worth of distance run -- Yours is the earth and everything that's in it;

And which is more -- you'll be a Man my son!"

Gary Rust is chairman of the board of Rust Communications, which owns the Southeast Missourian, as well as a member of the editorial board.