where does this particular genius think the best and the brightest are going to head? China?
It might be that producers are giving up. Or it just might be that producers are outnumbered to the tune of 86 million producers versus 143 million users. Take your pick.
In any case, this won’t continue for much longer. At some point, somebody gonna aks “who flyin da plane?”
America needs to compete.
Both political parties have sold out to China.
We need American jobs. Hire Americans.
Bring back jobs to America.
China is producing *STUFF*. We are not. We are a serviced-based economy and, eventually, you run out of customers for your coffee shop.
As my husband says, “We’ve become nothing more than a self-licking ice cream cone.”
Chinese government production statistics = world’s best-cooked books.
I’ve given up. The 86/143 number is just part of it. A totally corrupt, unshakably communist media is part of it. And kids 30 and below who just don’t care, and never cared enough that they can give up is the finishing touch.
its pretty simple - here in America, we encourage only some people to be productive. The majority are encouraged by many and various government policies NOT to be productive.
We have given up real labor that ‘creates value’ for the tales of ‘work smarter, not harder’ or ‘Value capture’ and sent kids to institutions of higher learning for useless degrees like ‘Women’s Studies’. They come out thinking they deserve a high paying job. The term ‘Earned Success’ means nothing.
The ‘Have-nots’ will have to become the ‘do somethings’.
Decades ago Wharton was an excellent school. Now it is just another eastern elite bs pseudo university.
The article below tells us what is really happening in China. The author of this bs should fly to China and stay.
http://www.freerepublic.com/focus/f-chat/3145506/posts
The richest man in Asia is selling everything in China
The Sovereign Man ^ | 04/17/2014 | Simon Black
Posted on SeekAndFind
Here’s a guy you want to bet on– Li Ka-Shing.
Li is reportedly the richest person in Asia with a net worth well in excess of $30 billion, much of which he made being a shrewd property investor.
Li Ka-Shing was investing in mainland China back in the early 90s, way back before it became the trendy thing to do. Now, Li wants out of China. All of it.
Since August of last year, he’s dumped billions of dollars worth of his Chinese holdings. The latest is the $928 million sale of the Pacific Place shopping center in Beijing– this deal was inked just days ago.
Once the deal concludes, Li will no longer have any major property investments in mainland China.
This isn’t a person who became wealthy by being flippant and scared. So what does he see that nobody else seems to be paying much attention to?
Simple. China’s credit crunch.
After years of unprecedented monetary expansion that has put the economy in a precarious state, the Chinese government has been desperately trying to reign in credit growth.
The shadow banking system alone is now worth 84% of GDP according to an estimate by JP Morgan. The IMF pegs total private credit at 230% of GDP, jumping by 100% in the last few years.
Historically, growth rates of these proportions have nearly always been followed by severe financial crises. And Chinese leaders are doing their best to engineer a ‘soft landing’.
If they’re successful, the world will only see major drops in global growth, stocks, property, and commodity prices.
If they fail, the spillover could become pandemic.
This isn’t important just for Asian property tycoons like Li Ka-Shing. Even if you don’t know Guangzhou from Hangzhou from Quanzhou, there are implications for the entire world.
Here in Chile is a great example.
Chile is among the top copper producers worldwide, China among its top consumers. With a major slowdown in China, however, copper prices have dropped considerably.
Consequently, the Chilean economy has slowed. The peso is down nearly 10% against the US dollar in recent months, and the central bank is slashing rates trying to prop up growth.
There are similar situations playing out across the globe.
Not to mention, China could put the entire global financial system on its back just by dumping a portion of its Treasuries in order to defend the yuan.
Now, you’d think that a major credit crunch with far-reaching consequences in the world’s second largest economy, its largest manufacturer, and its largest holder of US dollar reserves, would be constant front-page news.
But it’s not.
Most traditional investors are unaware that what’s happening in China will likely have far greater implications to their investment portfolios than the policies of Janet Yellen and Barack Obama combined. At least for now.
And folks who don’t see this coming and keep buying at the all-time high may see their portfolios turned upside down. Quickly.
At the same time, some investors who are conservative and cashed up may realize a real ‘blood in the streets’ moment.
Again, using Chile as an example, I’m starting to see over-leveraged property owners coming to the market in droves ready to make a deal. This is great news because my shareholders and I are able to buy far more property with US dollars than we could even just six months ago.
I expect this trend to hold given that China is just at the beginning of its process.
It’s said that the Chinese word for “crisis” is a combination of “danger” and “opportunity”.
This isn’t entirely accurate. ‘Weiji’ can have several meanings, but is probably best translated as ‘dangerous’ and ‘crucial point’.
We may certainly be at that crucial point, and now might be a good time to take another look at your finances and consider selling before a major crash. The richest man in Asia certainly thinks so.
— Simon Black is an international investor, entrepreneur, permanent traveler, free man, and founder of Sovereign Man.
By comparison, China’s economy added over $800 billion dollars to its citizens spending power during 2013 alone.
Not that I believe any of those numbers...
Wealth is evil.
There’s nothing wrong with living off of the State.
Work is for suckers.
Duh.
Either way, the world's primary economic theater has already shifted to Asia and it will not return. We can become strong again, but we'll never be the post-WWII titan we once were.