China is one step away from becoming a superpower. How did they do it?

[maxpi]

Quote from Scataphagos:

How did China become an economic Super Power?

Easy to understand. America and Western Europe "handed them the keys to the city"... so that we could buy cheap products at Wal-Mart. In the process, we've sacrificed a large part of our source of wealth and economic strength... mainly, our "middle class".

Just another example of short-sightedness and greed. Tsk, tsk.

Eisenhower warned us. We didn't listen.

Ross Perot warned us. We didn't listen.

you warned us, we didn't listen.... again

China's CB is staffed with Traders.. that's right, people that have had jobs in major league trading institutions, after getting some great educations of course... The rest of the world's CB's are staffed with PhD's... go figure who's going to win in that arena...

 

[the1]

Obama has this solved by encouraging everyone to go to college and get a "degree." LOL. So the US will be enslaved by China and by crushing debt. Imagine trying to pay those $400/month payments on $100 per month. Sounds tuff.

Quote from Lights:

Chiang Kai Shek argued in the end the West prospered in the 20th century because the East stayed in depression after the big reset in the 30's, highlighting global zero sum.. The US had vested interest to let communism win out abandoning both Cuban rebels and Chinese democratic nationalists. What we're experiencing now is just a reversal scenario and how global economies balance out. There cannot be global prosperity as the game is zero sum. One man's prosperity is another's sweat shop. I would not be surprised if China returned the favor as oligarchy and socialism rise in the West..

Also, capitalist motivation is cyclical. People go from lazy to hard working and back. The gears are now in motion but in seperate directions on the two sides of the planet.

 

[morganist]

You left one option out. The competition sucked.

 

[Grandluxe]

Quote from morganist:

You left one option out. The competition sucked.

You didn't watch Slumdog Millionaire then?

 

[the1]

Ya see, that's the thing. In the US someone from the slums can become a millionaire. Granted, the odds are heavily stacked against that, compared to someone living in suburbia but it can happen. In a communist society the government basically controls everything so there's no incentive to invent the next generation iPhone because you're not going to go from the slums to the middle class, or from the middle class into the upper class. You're basically stuck in the class you're born into, with some exceptions of course. If China remains a Communist country they will not become the next economic superpower unless the US crumbles from within, which is definitely possible. However, it's my feeling the crisis' that have been occurring will be dealt with and history will look back at it as a speed bump during the Technological Revolution that dwarfs the Industrial Revolution. America will rock on but not without societal changes -- no reference to Obama. The US is going to look a lot like England but with the same opportunity to become the next Steve Jobs or Bill Gates.

Quote from Grandluxe:

You didn't watch Slumdog Millionaire then?

 

[john barley]

Quote from the1:

Ya see, that's the thing. In the US someone from the slums can become a millionaire. Granted, the odds are heavily stacked against that, compared to someone living in suburbia but it can happen. In a communist society the government basically controls everything so there's no incentive to invent the next generation iPhone because you're not going to go from the slums to the middle class, or from the middle class into the upper class. You're basically stuck in the class you're born into, with some exceptions of course. If China remains a Communist country they will not become the next economic superpower unless the US crumbles from within, which is definitely possible. However, it's my feeling the crisis' that have been occurring will be dealt with and history will look back at it as a speed bump during the Technological Revolution that dwarfs the Industrial Revolution. America will rock on but not without societal changes -- no reference to Obama. The US is going to look a lot like England but with the same opportunity to become the next Steve Jobs or Bill Gates.

Is this 1990 all over? Are there still people who think China is communist?

 

[tradingjournals]

Quote from Grandluxe:

Euro-Bonds to be denominated in RMB? Very first thing they do after the summit is travel to China.
----------------------------------------------------------------------------------
Eurozone rescue fund tries to tempt China with bonds issued in yuan.

11:09AM BST 29 Oct 2011

EU bailout fund chief Klaus Regling travels to China to ask for help.

The head of the eurozone bailout fund visits Beijing on Friday as debt-laden Europe tries to persuade China and other top emerging economies to come to its rescue.


The head of the European rescue fund says it could issue bonds in yuan, as he attempted to tempt China into backing Europe’s bailout.

“We have so far only issued euro bonds but we are authorised to use any currency we want if it seems efficient,” Klaus Regling, chief executive of the European Financial Stability Facility (EFSF), said.

"It also depends on the Chinese authorities, whether they would approve that. I think it is probably more difficult. But I could imagine that over the years it might happen," he added.

China has the largest foreign exchange reserves in the world, valued at $3.2 trillion (£2 trillion)

Mr Regling also said that investors may be protected against a fifth of any initial losses.

Let me take a guess at the main/only thing your post and thread prove: You are chinese?

 

[tradingjournals]

Quote from Grandluxe:

Euro-Bonds to be denominated in RMB? Very first thing they do after the summit is travel to China.

You do not seem to have understood what you read: The article does not say euro-bonds in RMB, it says bonds issued to chinese in RMB.

Before China becomes a first-class nation, it first needs to learn to read and correctly understand.

 

[Grandluxe]

Quote from tradingjournals:

Let me take a guess at the main/only thing your post and thread prove: You are chinese?

LOL, the only "chinese" thing about me is i like kung pao chicken.

 

[AKUMATOTENSHI]

Quote from Lights:

China was the largest economy in the world for centuries until the 1800's. This is more a continuation after a dark period (Mao)

This is how I see it also. The major difference between the West and the East is the reliance on credit. The Chinese consumer is still prefering cash. Because of this, any growth at the common citizen level is not phantom money. In the West The base front line consumer is credit dependent. The saving rates in the states are at an all time low. DC is still living it up like it is the 80's and won't take off their rose colored glasses and continues to sell us all down the river for peanuts.
The last chance for the US to stay in the game was NASA. The whole program was basically axed. The Chinese have ramped up their space buget and their economy is in full swing.
The US could also bite the bullet and start on the much needed Nation High Speed rail system but the political pissing contest is stopping progress on that as well.

Welcome to Planet Misery,

Akuma

BUY GOLD!!!