American Thinker
It’s been obvious for years that China has a Potemkin economy, kept alive by slave labor, market bubbles, and government underwriting. it can’t last forever. The latest grim forecast about the economy comes from Peter St Onge, an economist with a much deeper fund of knowledge about and understanding of the Chinese economy than I could have in a thousand lifetimes.
The biggest hint that the Chinese economy was in trouble was the demise of Evergrande, a massive property developer in China. The bankruptcy was huge, with the company’s assets valued at a probably inflated $245 billion and debts of $300 billion. However, Evergrande was just the biggest pop in the Chinese real estate bubble, not the only one.
Across the board, Chinese ventures have been having problems, whether with overvalued assets, the Belt and Road initiative (which was fading even before Israel blew up the Belt and Road port in Yemen), or its demographic implosion, which will leave it as a nation of old men.
The military is also somewhat illusory. more
Poor Walz, probably crying in his sleep.
“it can’t last forever.”
Oh, you are talking about China.
A nation with $34 trillion in debt, open borders, an unlimited supply of funny money, and a cadre of leaders bereft of even an ounce of integrity or honor shouldn’t criticize anyone else for how they are minding their knitting.
America isn’t too far behind with an inflated real estate market, overvalued stock market and debt through the roof. Whereas we have a better prepared economy for such bubbles to burst the short term effect will be horrendous and if government spending isn’t corrected the destruction will be at a multiple level never seen in our history.
And we are selling farmland to the Chinese? Makes you wonder whose economy is worse off.
try not to buy chinkware
The author of the linked article notes that at the end of the day, the strength of a nation’s economy boils down to its people; free people are willing to work harder and smarter whereas slaves do the bare minimum badly. This is why capitalist economies continue to work whereas communism fails.
When Obama and his ilk said they were going to “fundamentally transform” the United States, they are intending to change the status of the citizens from “free” to “not-free.” Obama, and now his potential successor Harris, want control over the people – that is how they maintain power – whereas free people do things in their best interests frequently regardless of what the government wants. Turning people from free to not-free is accomplished at present by giving people things; free health care, subsidized housing, financial giveaways, etc. Their thinking is very elitist – they know what you want better than you do – and they will use everything at their disposal to indoctrinate a majority of Americans (including the educational system) into thinking this is better although communism is a flawed and a failure.
Courageous leaders like the folks that founded this nation and a few presidents like Reagan and Trump are courageous because they were willing to let the common folk be free and essentially build a nation in their best interests. It worked. But totalitaristic governments are afraid to let the common folk be free, and their nations will continue to be poor (e.g. North Korea and Cuba) or spiral down the tubes (e.g. Canada).
As a final note, to all those people who believe any politician will make their life better through government programs – wake up. Donald Trump’s policies involve the government getting out of the way, but Harris’ proposals involve the government making things “better” by enacting more and more laws and regulations. But the reality is that a government official doesn’t care about you; they don’t know you, they don’t really want to know you, they don’t care about what you want or aspire to, and they don’t care about what you need. All these politicians care about is your vote and their power, status and prestige.
i don’t report to kneegr-owbama
Most products in the American Market place are produced in Mexico, China, Canada, Germany, South Korea and distributed by American businesses.
Full list of top US import trading partners @ https://www.statista.com/statistics/186601/ranking-of-the-largest-trading-partners-for-us-imports/
It is past time to return manufacturing to the US. US Must become more US business friendly by eliminating governmental laws, regulations and rules that stifle, delay or destroy US businesses and manufacturers.
@ 0102: the lawyer population would have to approach zero for that to happen
Oh, great. Now Biden/Harris will be sending billions to China, for relief.