OK – it is definitely an exaggeration to say that one company owns the world and to scare people into thinking that there is some sort of international conglomerate that runs the world. This is obviously an oversimplification of the complexities of the world market. However, there is indeed some truth to the bombastic title.
There are some big banking businesses – like BlackRock that indeed have so much sway in the world markets that it is indeed scary to what extent their tentacles extend. Perhaps it is their close ties with the Chinese government, a totalitarian country that is controlled by a Communist party that oversees the entire country’s activities. That means that regulatory practices are instituted in a manner that insures that the interests of the Chinese Communist party are never compromised.
It is a scary thought that such a behemoth of a company based in New York City can have such a close connection with what could turn into a major foe of the United States of America and the free world.
But therein lies the inherent complexities that are often underrated about the China – United States economic relationship. The last thing that China wants to see is the United States economy faltering in a way that consumption of goods Made in China drops precipitously. So, China and the United States are actually not truly in an economic battle. They are also in a form of informal economic partnership where the advantages continue to pile up on the side of China.
The main issue of concern should be the vital goods – that Americans consume in ever-increasing numbers – that are almost exclusively Made in China. Chief among these are pharmaceuticals. It is not a simple thing at all to come up with alternative directions to create and distribute pharmaceuticals to the world. But the situation that exists today is untenable. A virus that originated in China actually helped China profit enormously via the pharmaceutical industry that has seen a tremendous windfall from the pandemic. It is an overwhelming task for the United States to untangle it’s involvement and dependence on the Chinese economic machine. However, everything that is related to vital machines and medicines to insure health must be the first priority for the United States to wean off of Chinese dependency.