The Chindians are busy building their own consumers and creating middle classes that will dwarf ours. Soon, they won't need us, we'll STILL owe them hundreds of billions, and won't have a middle class anymore.
Yes, but the dynamics of how they do it by necessity must be different from how we have lived over the last decade or two, since they will not find a much larger pool of external cheap labor who also invests the bulk of their savings in India & China.
Awhile back I saw a really great cartoon, but can't find the source now. The title was something to the effect "What countries do best". IIRC, one pic shows a Chinese making PCs, the next pic shows an Indian hacking software, and the third pic shows an American taking out a cash back home equity loan.
A 300M person consumer society with a top notch government, 25% of the worlds energy consumption, and the owner of the worlds reserve currency, albeit with faltering science & tech education, has much different standard of living dynamics than the emerging India & China with closer to half the planets population. |
