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Xinhua: US Walking on Socialism’s Path

Xinhua reported a saying circulating among Chinese on the Internet: "In 1949, only socialism could save China; in 1989, only China could save socialism; in 2009, only China can save capitalism." The article suggested there were many socialist factors in Obama’s reform measures. “The bankruptcy protection of GM and the reform of financial institutions reflect socialist characteristics. The government and the unions became General Motors’ largest shareholder. Therefore this company, the symbol of the spirit of American capitalism, becomes a ‘state-owned and collective enterprise’ (the form of enterprises existing in China under the theory of socialism – Ed.). The reform of US financial institutions is also like this. The U.S. wants to change the Federal Reserve into a ‘super regulator,’ to comprehensively strengthen the supervision of large financial institutions. It also plans to set up a new department of consumer financial protection, giving it more power than the current regulatory authority. This approach is consistent with Marx’s theory… Obama’s health insurance reform is more socialist than the nationalization of enterprises and the strengthening of supervision. Its purpose is to provide all Americans with affordable health insurance and the means is to establish governmental public medical insurance to compete with the private insurance industry."

Source: Xinhua, June 25, 2009