Hello Haim, <<your are singling out China, and their policies are only part of the problem>>
Actually I am not. I am singling out the US, for its monetary policy and consumption addiction is engendering bigger bubbles after smaller bubbles all around the world even as it encourages economic development for those who are able. So, I accept that we must take the not wise with the good, and make the best of a muddling through process, absent magical solutions to complicated problems.
FYI Message 19353871 .
... and so are you absolutely certain you want to see <<China and their policies>> enabled financing to be cut off to the largest debtor nation in the world at this crucial moment, and see rising imported inflation at this important juncture, all at the same go, and at the same time further destroy what economy there is in places like <<Indonesia>> and <<Pakistan to mention a few>>?
Are you totally fearless?
I know folks like you because my dear but departed father was a member of your tribe.
I am all for civilization and humanity, and in a theoretical way, I am all for demolishment of child labour and all vestiges of poverty.
In fact, if possible, I do not even want to work myself.
Practically, however, money does not grow on trees and wealth does not emerge from money press. Kids, who are not allowed to work and cannot go to school, will do precisely what in your idealized world?
Taiwan, Korea, Japan all had child labour and did not have minimum wage in the ‘beginning’. Now they do not have child labour and still do not have minimum wage.
The US, in its early history, at the beginning of its economic climb out of dark ages, did not have minimum wage, and in fact had slavery and child labour, together with stolen land. Why is it that you expect the Indonesias and Pakistans of this world to achieve what the US could not?
The Indonesias and Pakistans may fail in any case, but they will not be failing because they have child labour and have no minimum wage.
If you think you a facing a problem now, you will certainly have a bigger problem in the future as desired by your wish list of haphazard reforms.
At that point, as we cannot put the whole regions of the world on welfare, will your solution also be of the Final flavor as you suggested before, as in nukes?
Oops, inadvertently I fell into the situation of carrying on this conversation Message 19326254 <<September 21st, 2003>> that we agreed to agree to disagree, and so I will stop now :0)
Chugs, Jay |
