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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Ahda who wrote (1680)5/25/1999 11:25:00 AM
From: Henry Volquardsen  Read Replies (2) of 3536
 
What plaqued Asia, imo, was excessive leverage, cronyism and a misguided attempt to control exchange rates instead of using them as a temperature guage for pressures in the system.

As far as the US, what you point to is a much longer trend that I believe does not have an answer in the political initiatives endorsed by protectionist entities such as the AFL-CIO. The technical nature of the economy is evolving rapidly. Higher levels of education are becoming essential. I can remember when I was in high school that there was a certain group of young men who had no real interest in school work, more interest in sports or whatever. These guys weren't stupid just focused differently. After eeking through high school they still had plenty of job prospects. The mechanically oriented could become auto mechanics. Others went into factorys for assembly style work. A lot of others wound up in construction or the military. Those with no skills or ambition became cops or priests. I often wonder how many of them with that skill base could find a job today. The military, auto mechanics snad so forth all require much greater technical skills today.

The need for education has become even more essential. The collectivists gloss over this in their prescriptions. Any worker who does not possess technical capapbilites is going to increasingly find himself competing with third world labor.

BTW where in CA? I used to live in San Fran.
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