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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Jim Willie CB who wrote (2097)3/15/2004 2:50:53 PM
From: mishedlo   of 116555
 
Here is the key paragraph

Economists call this wrenching adjustment "short-run friction." But when the loss of jobs leaves people with less income but the same mortgages and debts, upward mobility collapses. Income distribution becomes more polarized, the tax base is lost, and the ability to maintain infrastructure, entitlements, and public commitments is reduced. Nor is this adjustment just short-run. The huge excess supplies of labor in India and China mean that American wages will fall a lot faster than Asian wages will rise for a long time.
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