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It is a long time before China or India are going to replace the US consumer demand, and likely before that point, factories would have packed up and chased cheap labor elsewhere. China is 4 times the size and has about 1/3 the GDP. The people there can largely afford nothing that they produce.
Chinese car market has already surpassed US since 2008-2009 by the number of cars sold. I added "by the number of cars" sold because about half of the cars are cheap domestic manufactured cars, but still. Chinese are expanding far faster than most people think. Come on, this is finance forum, most people here understand the power of compound interest, if China's GDP expands at the 6-11% yearly rate, and US lags at 2-3%, it will only be a matter of time before China surpasses US in every aspect.
If you ask me the sweatshop laborers in 3rd world countries are the real loosers of globalization.
If you ask those sweatshop laborers, who now have cell phones, drive around on scooters, and have a window air conditioning unit if they feel like losers you might get a different answer. The small-scale agriculture they did before was just as hard work but paid much less, that is why they are willing to travel so far to take jobs in manufacturing.
If you ask those sweatshop laborers, who now have cell phones, drive around on scooters, and have a window air conditioning unit if they feel like losers you might get a different answer. The small-scale agriculture they did before was just as hard work but paid much less, that is why they are willing to travel so far to take jobs in manufacturing.
This is true, but it's actually part of the problem. The global elite has found ways to distract us and to make enslavement more enjoyable.
If you ask those sweatshop laborers, who now have cell phones, drive around on scooters, and have a window air conditioning unit if they feel like losers you might get a different answer. The small-scale agriculture they did before was just as hard work but paid much less, that is why they are willing to travel so far to take jobs in manufacturing.
Hmm... Wonder why Foxconn had to install suicide nets than...
It is a long time before China or India are going to replace the US consumer demand, and likely before that point, factories would have packed up and chased cheap labor elsewhere. China is 4 times the size and has about 1/3 the GDP. The people there can largely afford nothing that they produce.
The upper middle class and upper class will soon out number the total population of the usa. To be considered upper middle class in many of these countries you need prob a net worth of 800k-1.5million. To be upper class you need to have a few million.
However the main problem is in the trends. The trends do not favour north american.
Come on, this is finance forum, most people here understand the power of compound interest, if China's GDP expands at the 6-11% yearly rate, and US lags at 2-3%, it will only be a matter of time before China surpasses US in every aspect.
If so, China will also surpass US in the magnitude of collapse.
I follow like you say -- this is the finance forum -- and anyone watching the Banks or Real Estate market should be able to figure that finance math is not exactly the domain of the Gifted and Talented, huh? (Is that kind enough? I get in trouble on here when I use the term "retards.")
If they taught finance folks the rest of the math, they could figure out that all infinite growth models collapse.
Only place infinite growth works is the Grossly Obese, and Cancer.
Long term the US middle class is done for simple as that. Corporate America no longer wants to pay US style wages thanks to technology they will not have to. The growth of lower wage service jobs is the future. Not living wage jobs with health benefits were on a race to the bottom. Global labor arbitrage will drive down wages even lower. This will lower our standard of living but few understand this at all.
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