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The United States is facing a period of decline, it can't compete with China in terms of competitive labor, it can't compete in terms of economic expansion and it can't compete with China for investment dollars. That's a very detrimental combination for this country.
No sweat, the US can compete like a champion on self-esteem. As well as on lawyers, Starbucks lattes, obesity, Apple fanboys, jails, hair salons and interior designers.
ON THE MATTER of its overvalued currency, China has long insisted that it is invulnerable to pressure from the United States and other countries.
Specifically, Premier Wen Jiabao announced in Brussels last week, the Communist leaders in Beijing fear their own people. He didn't put it quite that way, of course. But Mr. Wen did say that "if we increase the yuan by 20-40 percent as some people are calling for, many of our factories will shut down, and society will be in turmoil." And that, he added, would be "a disaster for China and the world."
The only thing that leaders around the world can do is **** and moan about the currency situation with China. The fact they can do nothing to seriously affect any change about China's currency is a testament to its economic power.
Instead of delivering what was expected, a well-maintained crane, made by the Japanese company Kato and freshly overhauled at Mouazzen's behest, the Chinese had shipped a rusty Mitsubishi -- a wreck without an engine or a loading arm, weighing 12,590 kilograms (27,700 lbs.) less than the original crane.
Commenter I read yesterday in NYT on Friedman article said he got excellent job offers in US and also in the EU. Will pass on the US job offer but is considering Europe - didn't say where. Loves his life in Canada, says schools are great, very happy with medical care, reasonably intelligent rational government. Doesn't think the US is all that, anymore.
The next stage of economic problems affecting the United States will probably be a "Brain Drain" if the economy drags along for a prolonged period at some point upward mobile people with in demand skills will probably realize there are better career and financial options outside the United States and take them. If the economy doesn't turn around by 2013 I predict this will be a newsworthy event.
I will agree to disagree with you that we are a 2nd world country.
We are teetering on the brink. If we don't fix our infrastructure, K-12 educational system, and find some new innovation to drive the economy in about five to ten years we will be there.
When I was back in grade school many years ago, I recall a story about a turtle and a rabbit. Don't remember the name of it but it goes like this- the rabbit was so much faster than the turtle that he decided he could stop running and take a nap. And the turtle kept going and beat him.
China has sustained GDP growth rates of 6% to 11% for the past 20 years. The United States is extremly lucky if it gets a GDP growth rate of 5% a year., China is NOT napping we are.
I will agree to disagree with you that we are a 2nd world country
Here's some irony for you jhtrico1850, from that same link of yours is this quote:
CEO of Intel, Otellini:
"Well, I haven't visited all 50 states recently but the ones I go to a lot and the one I live in, California, is like going to the Third World. In fact -- in fact, if -- I have a house at Lake Tahoe and when I drive from California into Nevada you think you've gone to a different country. The roads are paved. Everything kind of works. Then you get back to California and there's potholes in the interstate highways, and I live in San Francisco which, you know, is budget challenged to the max.
"Everything I've seen says that there is an infrastructure problem. There has not been a new electrical-generating facility built in California in 25 years and population has more than doubled. So you get down to where bridges fall apart -- water delivery systems are under funded -- there's no electricity for growth right now. That's why you see so many companies moving from California to Texas or Utah or Nevada. And it may not be a broad problem. You go to Texas, you don't see this problem. But in the old industrialized states, and I'll put California in that because of the World War II stuff, it's pretty -- it's pretty bad."
But let's not kid ourselves, Chinese infrastructure as a whole is a joke compared to California's. Paul's comments were in jest.
China's infrastructure is a joke?
You're losing all credibility here with that one. Shanghai built dozens of miles of underwater highway tunnels in under 5 years. It took Boston's Big Dig how many years and how many billions of dollars to build 3 miles of tunnel? We're talking about the land of Harvard and MIT. Do you still remember the accidents and construction bloopers along the way? New Jersey just shelved their half-assed attempt at building a tunnel to NYC for the first time in 100 years. We're not talking about Appalachia boonies here. NYC and Boston are certainly more advanced than a third world city like Shanghai, right?
If you know anything about that Chinese traffic jam you would know that it was due to the recent discovery of coal in Inner Mongolia, and the fact that that section of the highway didn't have weighing stations, so ALL the coal trucks went through there. There will soon be a rail line connecting the coal rich areas in Inner Mongolia with Beijing.
What China is experiencing is called growth pangs. What's California's excuse? death rattles?
Investment dollars are flowing into China, America, no so much.
Really? How much are we talking here?
Quote:
The reason Chinese are investing in real estate right now is due to the valuation of their currency and the fact the real estate market in this country is so bad right now it offers some compelling deals.,
And China has its own real estate bubble to worry about.
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