Chapter 136: Firing at Freedom

Zhou Ming was truly enraged. As someone with the mentality of a fifty-year-old, he wasn't easily angered. However, listening to Wang Jian repeatedly say things like "You Chinese are ignorant" and "You Chinese are stubborn," Zhou Ming could no longer tolerate it. Not only could he not endure it, but he also believed that any man with a spine would feel the same.

As a college student who understood English, Zhou Ming could comprehend Wang Jian's remarks to Norderman without translation.

If it were a foreigner saying such things, it might be more acceptable since foreigners often have some biases. At most, it would be arrogance. But Wang Jian? What's his situation? Isn't he also a person with black eyes and a yellow face? It's as if he's not Chinese himself.

Zhou Ming had heard about some overseas Chinese having extreme disagreements with domestic situations, but he didn't expect Wang Jian to be so extreme. Zhou Ming really couldn't understand his mindset. Did Wang Jian think that by belittling his own nation in front of foreigners, he would be admired by them and treated as one of their own? Why do some people prefer to kneel and call foreigners "daddy" instead of standing tall and earning respect for their abilities? 

"What did you say? I want you to apologize for your words just now," Wang Jian said with a dark face.

"Apologize to you? Not a chance!" Zhou Ming retorted. "How can someone like you choose to be a dog, and not just any dog, but a despicable dog that wags its tail even without a bone? Do you think that by degrading people in our country and licking foreigners' boots, they will accept you and treat you as one of their own? Don't be ridiculous. It's just your delusion; they only see you as a dog!"

Zhou Ming's words clearly hit a nerve with Wang Jian. Extreme sycophants like him often have strong vanity and fragile egos, and Zhou Ming's remarks immediately made him furious.

"How barbaric and unrefined!" Wang Jian trembled with rage, pointing at Zhou Ming. "Look at me, did I say anything wrong? You Chinese are all scum and rascals. When exposed, you just insult people!"

"Insult you? Damn right, I'm insulting you. Not only am I insulting you, but I also want to beat you up, you traitor who forgets his roots! Why is our nation so troubled and development so difficult? It's because of scum like you who forget their origins!" Zhou Ming roared.

Zhou Ming was speaking from the heart. He remembered that in the future, there would always be people who, while benefiting from China, still insult their own country as if everything from their own country was inferior and everything foreign was superior. Even if foreigners farted, they would think it was fragrant. It seemed that degrading their own nation and people somehow elevated their souls to the level of foreigners.

But these people were oblivious to the fact that many foreigners who came to China found it quite good and even wanted to stay.

Zhou Ming was always irritated by this. Although there are many issues in the country, it doesn't mean we should blindly insult it. Especially now, seeing Wang Jian's sycophantic attitude, Zhou Ming couldn't stand it.

Norderman's accompanying translator had been translating for him, so he was aware of Zhou Ming and Wang Jian's conversation. At this point, he stepped forward and said to Zhou Ming, "Hey! Young man, I know Wang Jian's remarks were disrespectful to your nation and people, and I'm very sorry for that. But I do think he wasn't entirely wrong. After all, you're a centralized country without a history of free economy or relevant laws. You're trying to develop a securities market just after a brief visit to Hong Kong, which indeed seems a bit hasty."

It was amusing to see a foreigner apologizing for a Chinese's behavior, but that's how dramatic things had become.

Facing Norderman, Zhou Ming shook his head and replied, "Mr. Norderman, you say this because you are thinking from your own perspective. You're not from our country and don't understand our situation."

"You are already a highly developed capitalist society, and you have always provided policy theories for the U.S. Treasury and the Federal Reserve. Therefore, you are used to having everything ready before proceeding. But we are different," Zhou Ming said. "My country has been impoverished for too long, and everyone desires a prosperous and happy life. Now, the entire world is about to experience another phase of rapid development. We cannot miss this opportunity."

"If we wait until everything is fully prepared before taking action, we'll miss the chance. Moreover, it's impossible for the securities market to be fully prepared," Zhou Ming continued.

"Is this how you Chinese operate? Acting first and thinking later is indeed a pragmatic approach and fits your current situation. Perhaps it is this very approach that has brought such astonishing development to Nanjing," Norderman said.

But then Norderman changed the subject, adding, "However, one point remains: doesn't this lack of preparation give speculators a great opportunity?"

Zhou Ming shook his head and replied, "Mr. Norderman, you're mistaken again. We haven't prepared nothing at all. At least concerning company law, securities law, and accounting law, we have preparations. Moreover, our situation may be different from yours. Here, we can start with a temporary measure issued by the government, which can act as a law to regulate the securities market. Within this framework, speculators won't have much room to maneuver."

Finally, Zhou Ming shrugged and added, "I believe even if you, Mr. Norderman, were in charge, you wouldn't find many good speculative opportunities."

Norderman smiled slightly, "Perhaps. But that's another issue. A securities market requires absolute freedom, but your national system is centralized. Isn't that strange? In such a system, how can you ensure free trading of securities and prevent your securities market from being manipulated?"

Zhou Ming thought for a moment and said, "Mr. Norderman, I know you are a master of Western free market theory, but I still want to say that a truly absolute free market does not exist in the world, and a truly free market economy might not necessarily be a good thing. Otherwise, fifty years ago, your president wouldn't have implemented New Deal policies under tremendous pressure from the bourgeoisie, would he?"

Norderman replied, "Indeed. As you said, Mr. Zhou, at that time we did intervene in the economy contrary to our original intentions. But achieving economic recovery still required the market to do it. If everything were left to administrative actions, it would only stifle the market's vitality and create more problems."

"I agree," Zhou Ming said. "No matter how imperfect a free market may be, in the long run, the total benefits will far outweigh the total losses."

Norderman nodded silently, agreeing with Zhou Ming's point. However, Zhou Ming's next remarks left him stunned.

"But Mr. Norderman, please note the term 'long term'," Zhou Ming emphasized. "Time is precisely what a free market lacks because a market that relies entirely on self-regulation tends to collapse quickly when problems arise. The reason is simple: a free market is composed of individuals pursuing their self-interest."

"Even your free enterprise guardian acknowledges this," Zhou Ming continued. "Two hundred years ago, in 'The Wealth of Nations,' he wrote about how competitors are enemies. Even in games meant for entertainment, people have hidden agendas. Their interactions often aim to collude to harm the public interest or manipulate prices."

Zhou Ming shrugged, "The meaning is clear: if a free market operates completely on its own without a referee to oversee it, then the participants will ultimately destroy the market themselves. You always say our country's problem is a flawed mechanism, but similarly, your problem is the greed of your capitalists."

"Of course, Mr. Norderman, I'm not talking nonsense in front of you," Zhou Ming said. "Let me give a simple example. If I'm correct, Wall Street was initially free, so free that it had no regulation other than public opinion, just like neighbors playing poker. But a newspaper? God, if writing an article in the newspaper could be considered regulation."

"I think this is the state you desire the most, right? But what happened?" Zhou Ming asked rhetorically. "At that time, Wall Street was the most chaotic period in history. Speculators could manipulate the market as they pleased until the government intervened."

"To be more specific, the recent stock market crash in Hong Kong, I believe you've heard of it, Mr. Norderman. Hong Kong has always been the representative of Western free economy in the East, but what happened? It created the largest decline in global financial history."

Zhou Ming added, "Of course, this is related to the inexplicable stock market crash in the U.S. known as Black Monday. But the bigger reason lies in Hong Kong itself. Its financial market had huge bubbles, and with even the slightest disturbance, these bubbles burst, causing unimaginable financial tsunamis. That's why Hong Kong is now reflecting and planning to establish an institution called the Securities Regulatory Commission to regulate the market."

"In conclusion, Mr. Norderman, both the dark history of Wall Street and the recent stock market crash in Hong Kong illustrate that freedom is relative. Our securities market is the same. It needs a guiding hand to rein it in. Only then can it maintain a stable and healthy development."

Norderman listened intently to the translation, his eyes shining with interest, and seemed to silently agree with each point until the final word was translated.

Norderman let out

 a long breath, and unable to help himself, he began applauding, expressing to Zhou Ming, "Excellent, truly excellent. This is the most brilliant argument I've heard in years!"