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
"Full employment" does NOT mean that people are fully employed - unless wage slavery is the optimum condition for mankind.
ReplyDeleteWhat 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...
We live in a culture that expects everyone (i.e. poor & able-bodied) to pull their own weight.
ReplyDeleteChange the culture.
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?
ReplyDeleteBesides 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?
If you have a healthy bank balance, you don't have to work.
ReplyDeleteMost 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.
Hardest hit in this thing are Culinary Artists...
ReplyDeleteIf you have a healthy bank balance, you don't have to work. Peter Pan
ReplyDeleteThat'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.
Regarding La Rona...the Fat Lady hasn't even finished warming up yet.
ReplyDelete