Friday, May 22, 2020

Asian century began in May 2020 — David P. Goldman

Economic historians may date the start of the Asian century to May 2020, when most Asian economies bounced back to full employment while the West languished in coronavirus lockdown. Asia has emerged as an economic zone as closely integrated as the European Union, increasingly insulated from economic shocks from the United States or Europe.... 
Asia Times
Asian century began in May 2020
David P. Goldman


Andrew Anderson said...

"Full employment" does NOT mean that people are fully employed - unless wage slavery is the optimum condition for mankind.

What say you, Tom? Is wage slavery optimum for humans?

So the West can still keep up - if it will abandon a filthy game it can no longer compete in for a just system that should beat all comers.

Just as ancient Israel survived for 400 years at the crossroads of the world without even a central government (Book of Judges).

Except the MMT gang would haul US back to Egypt to slave on some useless pyramids...

Peter Pan said...

We live in a culture that expects everyone (i.e. poor & able-bodied) to pull their own weight.

Change the culture.

Andrew Anderson said...

Who says one has to be a wage-slave to work? Ever hear of co-opts? The self-employed? Family farms and businesses? The working retired? Housewives?

Besides which, just how much weight do the rich pull? And how much weight will anyone need to pull as automation replaces more and more human labor and skill?

Peter Pan said...

If you have a healthy bank balance, you don't have to work.
Most people are wage slaves, that's how the economy is organized. The most brutal situation is where everyone has to chase after profits. Hustle or starve.

Automation would be a game changer. We ain't there yet.

Redefine work, change the culture.

Matt Franko said...

Hardest hit in this thing are Culinary Artists...

Andrew Anderson said...

If you have a healthy bank balance, you don't have to work. Peter Pan

That's another disgrace; positive interest (e.g. on bank reserves) and yields on the inherently risk-free debt of the monetary sovereign constitute welfare proportional to account balance.

Nor should the large scale hoarding/use of fiat be free (e.g. 0% interest) either anymore than large scale users of any other public utilities (such as big trucks on the highway system) should be able to use those for free. So the banks and other large scale users/hoarders of fiat should be charged negative interest at least.

To sum it up, the US, for instance, is suffering from:
1) debt-slavery
2) wage-slavery
3) rent-slavery
4) welfare for the rich

NONE of which are Biblical.

Make the correction indeed, Franko. It's called repentance.

Nebris said...

Regarding La Rona...the Fat Lady hasn't even finished warming up yet.