>>Cleansing deeply, scrubing painfully, and continue we must, probably for at least another 46 months, because many do not feel enough pain yet. Horrifying to the max.<<
Well, Jay, I am enlightened. Your projections of US economic cataclysm spring from your own sad experience on Freedom Rock. HK has lost its relevance, it's raison d'etre. Perhaps you are concerned that the easy prosperity of the last decade is gone forever. Now I understand TnT.
I am in Chicago meeting with several of my Shanghai-area suppliers. When I joke with them that in 20 years China will catch the US in economic output, they reply, "no - 50 years maybe - we have many problems." They don't elaborate on the nature of the "problems," but I assume they refer to the difficulties of operating in a schizophrenic totalitarian capitalist system.
Meanwhile, I continue to find evidence that, outside of the depression in telecomm and technology, the US economy (service sector, automobiles, housing, construction) is functioning well. No panic, no melt, real incomes increasing, prices of just about every consumable/consumer good falling. Plenty of uncertainty of course, but tremendous leaps in prosperity are made from this kind of price deflation. That's the big picture. |
