Minimum Wage --Prevents-- Wealth Acquisition!

[Toddsterpatriot]

Yeah, their house of cards is falling down, they need more foreign suckers to throw money at it. No thanks

They've got about 3.5 T worth of t-bills to do that...
And they can still start the Yuan printing press if that's not enough.

They've got about 3.5 T worth of t-bills to do that...

No they don't.

And they can still start the Yuan printing press if that's not enough.

You bet, no foreign suckers needed for that.

 

[CultureCitizen]

They've got about 3.5 T worth of t-bills to do that...

No they don't.

Reserves & T-bills. Sory for the imprecission... enough to bailout to whoever they want. Hardly an unescapable situation. Hard to manage , yes , certainly . Collapse... meh not so much.

 

[Toddsterpatriot]

They've got about 3.5 T worth of t-bills to do that...

No they don't.

Reserves & T-bills. Sory for the imprecission... enough to bailout to whoever they want. Hardly an unescapable situation. Hard to manage , yes , certainly . Collapse... meh not so much.

enough to bailout to whoever they want

Yes, they have plenty of money to plug holes.
They'd prefer foreign suckers provided the cash.

 

[EdwardBaiamonte]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

 

[EdwardBaiamonte]

. Collapse... meh not so much.

you got on right at last. Central banks now know to prevent runs and panics, thanks to Friedman, so the vast majority of businesses are protected from turmoil in the financial system spreading to the rest of the economy.

 

[Toddsterpatriot]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

Yeah, they've grown a lot.
They've also wasted a lot and lied a lot.

 

[EdwardBaiamonte]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

Yeah, they've grown a lot.
They've also wasted a lot and lied a lot.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

 

[danielpalos]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

Yeah, they've grown a lot.
They've also wasted a lot and lied a lot.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

dear, our nationalized and socialized, War on Poverty does the same thing everyday.

 

[EdwardBaiamonte]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

Yeah, they've grown a lot.
They've also wasted a lot and lied a lot.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

dear, our nationalized and socialized, War on Poverty does the same thing everyday.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

 

[Toddsterpatriot]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

Yeah, they've grown a lot.
They've also wasted a lot and lied a lot.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

Yes, massive growth. Massive waste and massively fudged numbers as well.

I wouldn't invest in the Chinese market with your money. Got it now?

 

[EdwardBaiamonte]

Yes, massive growth. Massive waste and massively fudged numbers as well.

I wouldn't invest in the Chinese market with your money. Got it now?

how smart is it to be critical of a system that saved 60 million from slow starvation and eliminated 40% of the entire world's poverty??

 

[Toddsterpatriot]

Yes, massive growth. Massive waste and massively fudged numbers as well.

I wouldn't invest in the Chinese market with your money. Got it now?

how smart is it to be critical of a system that saved 60 million from slow starvation and eliminated 40% of the entire world's poverty??

How smart is it to be critical of China's fake markets? LOL!

 

[EdwardBaiamonte]

How smart is it to be critical of China's fake markets? LOL!

We should all have fake markets that lift 40% of the world's poor out of poverty!!
Why not ask what psychological weakness makes it impossible for you to see the greatest economic miracle in human history?

 

[Toddsterpatriot]

How smart is it to be critical of China's fake markets? LOL!

We should all have fake markets that lift 40% of the world's poor out of poverty!!
Why not ask what psychological weakness makes it impossible for you to see the greatest economic miracle in human history?

Hey, if you want to move there and experience the Chinese miracle first hand, go for it, comrade.

 

[EdwardBaiamonte]

How smart is it to be critical of China's fake markets? LOL!

We should all have fake markets that lift 40% of the world's poor out of poverty!!
Why not ask what psychological weakness makes it impossible for you to see the greatest economic miracle in human history?

Hey, if you want to move there and experience the Chinese miracle first hand, go for it, comrade.

translation: I lost debate so I;ll try to change subject

 

[Toddsterpatriot]

How smart is it to be critical of China's fake markets? LOL!

We should all have fake markets that lift 40% of the world's poor out of poverty!!
Why not ask what psychological weakness makes it impossible for you to see the greatest economic miracle in human history?

Hey, if you want to move there and experience the Chinese miracle first hand, go for it, comrade.

translation: I lost debate so I;ll try to change subject

Translation, invest all your money in the Chinese market, doofus.

 

[danielpalos]

Yeah, their house of cards is falling down,.

8% growth for 30 years is not a house of cards but rather the rock of Gibraltar!!!
1+1=2

Yeah, they've grown a lot.
They've also wasted a lot and lied a lot.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

dear, our nationalized and socialized, War on Poverty does the same thing everyday.

8% growth for 30 years, lifting 40% of the worlds poor out of poverty, and saving perhaps 60 million from slow starvation is not about waste or lying about one of the greatest miracles in human history!

Got it now??

yes; we have abolished most forms of absolute poverty under truer forms of Capitalism, dear.

 

[Andylusion]

You want to see innovation in America disappear? Just put in place massive protectionism. We can stay in stagnant isolation too. But at least no Hindustan Ambassador workers lost their jobs building a crappy poor handling weakly powered clown car from the 1950s. That's a 'good' thing right?

You are taking my statement out of context.
1) Competition is necesary period. I don't argue that.
2) That said , doing the average joe washington concensus neo liberal free trade agreement does not benefit the less developed economy.

3) As an alternative Asian countries have established a diferent model , allowing "limited competition", protecting certain industries by government intervention or by tariffs.
While this has prooved a great for nations in development , it has prooved the doom for the USA.
It is woefully miopic that 99% of the people I duscuss can't see the difference between 1 and 2.

4) Ultimately China's own excesive investment has created excesive production capacity and production at the cost of a gigantic private debt . That is a bubble which is about to burst ( I give it 1 year max).

5) You make a terrible mistake : you can't distinguish free trade with controlled trade. Nor China, nor Cuba nor SK followed a free trade strategy. In the first two cases the state remained a key element of the production for many years.
In the second infant industry was successfully protected by tariffs, this is also what the US made to avoid direct competition with the British Empire.

It does not benefit less developed economy? Then why is China benefiting? Why is India benefiting?

You are trying to make an argument, that the Chinese themselves are not making.

China FTA Network

The Chinese Government deems Free Trade Agreements (FTAs) as a new platform to further opening up to the outside and speeding up domestic reforms, an effective approach to integrate into global economy and strengthen economic cooperation with other economies, as well as particularly an important supplement to the multilateral trading system. Currently, China has 19 FTAs under construction, among which 14 Agreements have been signed and implemented already.​

So clearly they see it as a benefit.

No, the US protections failed miserably. If anything, industries behind protectionist walls, floundered, and remained undeveloped. (because they didn't have to develop).

"The premier said at the opening of the Third Session of the 12th National People's Congress, China will revise its Catalogue for the Guidance of Industries for Foreign Investment, which governs restrictions on investment from abroad, and make the service and manufacturing sectors more accessible"

Notice how investment is opened by steps and not in a rush. Big difference between Washington concensus and Chinese concensus. They've played their cards well.

China to reduce foreign investment restrictions[1]- Chinadaily.com.cn

What exactly is your point? Are you even attempting to suggest that Chinese controls on foreign investment have led to better results than American policies? By what measurement could you possibly make that claim?

Per capita GDP in the US, under years of supposedly job destroying trade, is $55K a year.

Per capita GDP, under Chinese extreme protectionism and restrictions on foreign investment, $13K a year?

And you want to say China is playing their cards right? Compared to what? Because it's certainly not compared to the US, or most of the western Capitalist based systems.

I think you are trying to equate 'rate of growth' with the quality of the system.

Those are not the same. The similar car in front of yours, will always be less fuel, because they are breaking the wind in front of yours.

It's far easier to catch up economically, than it is to blaze the trail.

Let me give a single example. My uncle is an engineer at a glassworks company. They build automated glassworks machines. They sent him to China, to sell their products. After a month, meeting with dozens of different companies, he came back with zero sales.

The reason was not that their product was bad, or that he didn't improve production over what is standard here in the states, by 33%. Huge improvement in productivity, over conventional glass production methods common here in the US.

The problem turned out to be that labor was so cheap in China, that they were still using pot furnaces, and hand blown glass bottles.

Keep in mind, the first automatic bottle blowing machine, was created in 1903.

That's a minimum of 110 years of technological advancement over hand blown glass over molten glass in a fire pit.

China could step up to 1920s level technology, and instantly double, even triple their productivity.

And while doing that would show massive economy growth, they would still be 95 years behind the productivity of the US.

However for the US to show such gains in productivity would be massively expensive. To double current output, would require new methods not even conceived of yet, let alone built and working.

Here's my main point. When you look at massive growth rates in China, and see some socialistic/protectionist policies, and look at slower growth rates of the US, and see more free-trade Capitalist policies.... that is not a function of their system being superior, or ours being inferior.

It's simply because we are blazing the trail. The first person on the trail, is the one who has to cut on the branches, clear the rocks, and level out the ground. Those that follow, always have a much easier time of it.

China barely has to invent anything. They just have to grow the capital money to buy the advancements. And of course, grow a domestic economy to support those investments.... which is exactly what they are doing.

It's hard to claim that the brilliant policies are the reason for their growth, when it was their policies to begin with, that held them back so long.

 

[Andylusion]

They've got about 3.5 T worth of t-bills to do that...

No they don't.

Reserves & T-bills. Sory for the imprecission... enough to bailout to whoever they want. Hardly an unescapable situation. Hard to manage , yes , certainly . Collapse... meh not so much.

They can't just turn in T-bills/bonds on demand. They have a specific mature date.

The only option would be to sell them on the open market. In small amounts, that would be perfectly fine. But in large numbers, that would start to lower bond prices. While that might screw up the US government (assuming we were borrowing like mad at the time), it would also hurt themselves. The amount of money for the bonds would drop.

The Chinese would end up selling the US bonds at a huge loss.

I don't see that as a realistic option.

The other option, is more possible, but it has a slippery slope to oblivion. They can start printing money, but as we've seen their economy still doesn't have the stability that even the US economy has.

If they printed money, inflation would jump. This would require them to increase pay towards the military, which is their only life line to holding power. With the required increases in military pay, that would require ever increasing the printing of cash, which would cause more inflation, which would require more pay to the military. This is exactly what happened in Mugabe in Zimbabwe. Once he got on that track, he was locked in with no hope of changing it.

I honestly doubt China will jump on either one of those.

 

[EdwardBaiamonte]

How smart is it to be critical of China's fake markets? LOL!

We should all have fake markets that lift 40% of the world's poor out of poverty!!
Why not ask what psychological weakness makes it impossible for you to see the greatest economic miracle in human history?

Hey, if you want to move there and experience the Chinese miracle first hand, go for it, comrade.

translation: I lost debate so I;ll try to change subject

Translation, invest all your money in the Chinese market, doofus.

investing your money in Chinese stock market is experiencing it first hand??