Re: What's The Next Bubble?
Posted: Wed May 15, 2019 8:40 am
In the interview with Charlie Munger I posted, he talks about China copying Singapore:
Munger: Who would have guessed the Chinese Communists would have improved their big country as much as they have in the last 30 years?
Interviewer: Did that surprise you?
Munger: Well, they didn't the first 20 years. They had the Cultural Revolution. It was crazy. And now they have one of the greatest success records in the history of mankind. I don't know about you, but I did not predict it.
Interviewer: So what is the secret to China's success?
Munger: They copied Singapore. Remember, the Chinese leader said I don't care whether the cat is black or white, I just care that it catches mice. And they copied a very wonderful, famous Chinese man in Singapore, and lo and behold, they found the right Chinese leadership outside China, which amuses me. But he was Chinese. Look at the way it worked, in the whole history of the world, no nation that big has advanced that fast. And they did it by having a bunch of poor people save half their income. They didn't use the wealth of the rich world to get ahead, they used the savings of poor people. I am a huge admirer of what the Chinese have accomplished. And if you ask me who is the one man who did the most for China, it was Lee Kuan Yew of Singapore. They copied him.