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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 382.87-0.8%Nov 13 4:00 PM EST
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From: Seeker of Truth11/19/2007 4:04:00 AM
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Stephen Roach, of Morgan Stanley, has two bearish theses.
1. In industrialized countries the % of the GDP which goes to corporate profits is steadily increasing whereas the % of the GDP which employees get has been steadily decreasing. He thinks this is caused by globalization and therefore predicts that Joe Six Pack will elect representatives who will tax imports and quash globalization, which mostly means imports from Asia and Brazil.
2. He thinks that the subprime crisis will cause a recession.
I don't know about 2 but I do think that he is all wrong about 1. Joe Six Pack stupidly votes for right wing parties allied to the large corporations. When in power they are of course kind to the corporations and not so to the employees.
If he voted for other people they would tax the corporations more and tax him less.
My personal feeling is that globalization is good for everybody. JoeSixPack gets cheaper stuff. Wang whatever gets
a job and his boss finds out how to run a company. I admit to a prejudice since I am spending lots on outsourcing to India.
Ultimately my company will be paying taxes to the government of Canada so the benefit is spread around.
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