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Thread: China Overtook The US As The World's Largest Economy

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by shrubnose View Post
    I totally agree, if you can't tie a tie properly don't wrap one around your neck. What do you really need it for?
    I have always preferred an ascot.

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by RabidAlpaca View Post
    This is what happens when you focus almost entirely on guns instead of butter.

    Trillions spent on wars while our economy at home tanks. We deserve every bit of this,
    but think about how much quantifiably safer we all feel.


    While ISIS which didn't exist before the G.W. Bush mis-administration invaded Iraq (Which was no threat to the USA at the time.) is well on its way to conquering Iraq and Syria.

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by joG View Post
    I have always preferred an ascot.


    That might help to keep your neck warm, I've never really figured out what a tie is supposed to do.

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    Re: China Overtook The US As The World's Largest Economy

    QUOTE=joG;1063850191]Funny. I had thought it had happened a while ago in PPP terms. Anyway, the implications are the same that we analyzed in the 1990s as soon to come. Now we are there. The shift in wealth may still not be dangerous, but it will become so over the next 15 years. At the same time India and a number of other transition economies will have caught up and we will all be competing head on in varying alliances and coalitions, 20 countries with atom bombs and 30 with chemical and biological killers. Boy, will that be ever interesting.[/QUOTE]

    Good morning, joG.

    I believe the de-industrialization of America that started years ago has helped bring us to this point. Back in the 1980s, more than 20 percent of jobs in the US were manufacturing jobs - today only about nine percent are. We have fewer Americans working in manufacturing today than we did in the 1950s, although our population has doubled since then. I read somewhere - can't recall where - that we have lost over 50,000 manufacturing facilities since 2001, and millions of good paying jobs have been lost. The one that really broke my heart was losing Levi, the maker of the jeans that many of us wear, because they were an American icon!

    I just don't see how this trend can be reversed, so our middle class is slowly disappearing. People tried to maintain a certain lifestyle by going into increasingly more debt, but it looks like the middle-class is nearly tapped out. As a result, retailers are being forced into closing thousands of stores all over the country. I see it happening in my area with stores in shopping centers locked up, dark and empty, to one totally abandoned shopping mall. This doesn't even include restaurants, florists, beauty salons, pizza shops, and other small businesses, but national chains like Taco Bell, Friendly Ice Cream stores, and McDonalds are also closing some locations. They're still here, but you have to drive further to find one still open.

    Then I read that this administration is in the process of negotiating a treaty called the Trans-Pacific Partnership, which is being called "The Nafta of the Pacific," and is going to result in millions more good paying jobs being sent to the other side of the world, where it is legal to pay less than a dollar an hour in wages. How can we compete with that? :

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by polgara View Post
    QUOTE=joG;1063850191]Funny. I had thought it had happened a while ago in PPP terms. Anyway, the implications are the same that we analyzed in the 1990s as soon to come. Now we are there. The shift in wealth may still not be dangerous, but it will become so over the next 15 years. At the same time India and a number of other transition economies will have caught up and we will all be competing head on in varying alliances and coalitions, 20 countries with atom bombs and 30 with chemical and biological killers. Boy, will that be ever interesting.
    Good morning, joG.

    I believe the de-industrialization of America that started years ago has helped bring us to this point. Back in the 1980s, more than 20 percent of jobs in the US were manufacturing jobs - today only about nine percent are. We have fewer Americans working in manufacturing today than we did in the 1950s, although our population has doubled since then. I read somewhere - can't recall where - that we have lost over 50,000 manufacturing facilities since 2001, and millions of good paying jobs have been lost. The one that really broke my heart was losing Levi, the maker of the jeans that many of us wear, because they were an American icon!

    I just don't see how this trend can be reversed, so our middle class is slowly disappearing. People tried to maintain a certain lifestyle by going into increasingly more debt, but it looks like the middle-class is nearly tapped out. As a result, retailers are being forced into closing thousands of stores all over the country. I see it happening in my area with stores in shopping centers locked up, dark and empty, to one totally abandoned shopping mall. This doesn't even include restaurants, florists, beauty salons, pizza shops, and other small businesses, but national chains like Taco Bell, Friendly Ice Cream stores, and McDonalds are also closing some locations. They're still here, but you have to drive further to find one still open.

    Then I read that this administration is in the process of negotiating a treaty called the Trans-Pacific Partnership, which is being called "The Nafta of the Pacific," and is going to result in millions more good paying jobs being sent to the other side of the world, where it is legal to pay less than a dollar an hour in wages. How can we compete with that? :[/QUOTE]

    The US did quite a move towards more lucrative business in the period since the 1960s. I do not have the exact statistics, but the switch into services and similar things like software and finances was financially enormously successful. The problems are that not everyone can do these things and that after the shift the manufacturing is gone and you must rely on imports. That is fine, while it lasts. The average American is much wealthier than citizens in countries like Germany or France not to mention China or Romania. But it seems that we do have to retrench and start to rebuild smokestack industries for a number of reasons. That will be unpleasant, because it means a cut in income for the workers and/or an increase in prices to the consumer. Alternatively we can try to become more competitive by investing more in automation so that one laborer is connected to more capital and is therefore more productive. But why should anybody do that, if they can employ an Indonesian for $ 5 a day?

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by Tameamea View Post
    China Overtook The US As The World's Largest Economy | Business Insider

    I see this as a bad sign for us. Our inner economy has slowed down; national debt has doubled while one of the creditors is China. If this tendency is the same for the next three-four years, the debt will become so big that the budget might not be able to cover the obligations while no one would be capable of providing bigger credits including Federal Reserve.
    And this puts the whole country’s economy at risk.
    They have four times our population. Why on earth would you expect their economy to stay smaller?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by polgara View Post
    QUOTE=joG;1063850191]

    Good morning, joG.

    I believe the de-industrialization of America that started years ago has helped bring us to this point. Back in the 1980s, more than 20 percent of jobs in the US were manufacturing jobs - today only about nine percent are. We have fewer Americans working in manufacturing today than we did in the 1950s, although our population has doubled since then. I read somewhere - can't recall where - that we have lost over 50,000 manufacturing facilities since 2001, and millions of good paying jobs have been lost. The one that really broke my heart was losing Levi, the maker of the jeans that many of us wear, because they were an American icon!
    Manufacturing become more capital intensive and more productive, hence less jobs but greater output. Why is this a bad thing?
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by Khayembii Communique View Post
    Manufacturing become more capital intensive and more productive, hence less jobs but greater output. Why is this a bad thing?
    Greetings, Khayembii Communique:

    When those businesses leave our shores, and the people who used to do those jobs are now unemployed, that is a bad thing! To be honest, I really don't give a rat's behind how productive they are in other countries! :

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    Re: China Overtook The US As The World's Largest Economy

    Quote Originally Posted by RabidAlpaca View Post
    This is what happens when you focus almost entirely on guns instead of butter.

    Trillions spent on wars while our economy at home tanks. We deserve every bit of this, but think about how much quantifiably safer we all feel.
    Nice post RA, but I don't even feel safer for it!
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: China Overtook The US As The World's Largest Economy

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    Last edited by Montecresto; 10-10-14 at 08:37 PM.
    Killing one person is murder, killing 100,000 is foreign policy

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