Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (63975)	5/20/2005 4:58:57 PM
From: Maurice Winn	Read Replies (5) of 74559

All the silly talk of the yuan being undervalued is nuts. It isn't. If it's too cheap, everyone should be buying anything linked to that undervaluation, which they are. Then, when the demand is too high, the prices will rise. Chinese aren't going to work for peanuts while the Jerry Springer crowd lives high on the hog for too many decades. The Jerry Spring crowd better enjoy it while they can. People in China will be seeking better paid jobs and as the labour market tightens, they'll get them. And, it'll happen pretty quickly too. It is happening. The yuan is priced correctly resulting in a billion people rapidly becoming part of the globalized economy and globalized pay rates. I haven't checked data, but I bet pay rates and incomes are increasing across China and quickly. But all this is quite different from when Great Britain was the workshop of the world in the 19th century. Industrial England was leading the world into a new era. China is playing catch up from having been held back in the pre-industrial revolution era by Maoistic MADness. China won't lead the world because they don't have the social context to go along with the economic size. Freedom matters. England led the world in freedom with habeas corpus and all that stuff, but also the social attitude of freedom. China is still in the stone age in regard to freedom. They'll catch up like Singapore and Taiwan and South Korea and Japan, but won't take over leadership of the world because they won't be able to culturally change to freedom. Unless they do, which they won't. But the USA won't retain leadership either. Well, they will as an individual country. But the cyberspace realm and its denizens will be the true leader of the world. Mqurice

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