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Dec. 3rd, 2008 09:25 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
johnny9fingersA good article forwarded to me by Posh Stephen:
http://www.theatlantic.com/doc/200812/fallows-chinese-banker
Gao Xiqing, president of the China Investment Corporation is quite an astute guy. Off topic, if China stops propping up the US system, what are the chances that the US will default?
I think we have to get used to stuff changing.....and not for the better. I doubt that even Obama can get us all out of this mess. In fact we're going to have to accept it's going to get a lot worse, and might never get any better unless we're prepared to be paid according to the real-world-value of our production: which, to put into proper context, means competing with folk who will work all day for the equivalent of a few bowls of rice and a can of Coke.
It's a global economy now, and with a global workforce. Instituting a policy of protectionism would just give creditor nations the impetus to start calling in their loans: which may prove even more embarrassing.
http://www.theatlantic.com/doc/200812/fallows-chinese-banker
Gao Xiqing, president of the China Investment Corporation is quite an astute guy. Off topic, if China stops propping up the US system, what are the chances that the US will default?
I think we have to get used to stuff changing.....and not for the better. I doubt that even Obama can get us all out of this mess. In fact we're going to have to accept it's going to get a lot worse, and might never get any better unless we're prepared to be paid according to the real-world-value of our production: which, to put into proper context, means competing with folk who will work all day for the equivalent of a few bowls of rice and a can of Coke.
It's a global economy now, and with a global workforce. Instituting a policy of protectionism would just give creditor nations the impetus to start calling in their loans: which may prove even more embarrassing.
