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Old Yesterday, 06:22 PM
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Originally Posted by txprep View Post
the chinese are incredibly corrupt. The government probably has 1 million corrupt civil servants taking bribes, hiring cronies, diverting money etc.

They may still surpass the US, but to portray them as a well oiled machine is monsters under the bed.

They have a ton of cheap labor that has helped them to get to this point. If they tried to have the same standard of living as us, they would suck all the wealth from the entire rest of the world.
It's not just cheap labor. Their manufacturing capacity, skill, turn around time, etc is far beyond what you'll find anywhere else in the world, and no, it's not just cheap trinkets.

Yes, China is incredibly corrupt, and yes, they shouldn't be trusted, but make no mistake, they are absolutely a well oiled machine when it comes to manufacturing. Yes, they are going to have extreme growing pains socially and yes, their books are more cooked than ours, but anybody writing them off is foolish and out of touch with reality.

If you include Taiwan, they're soooooo far ahead of everyone else. There's a reason that Intel is in the toilet and AMD is thriving, and it has everything to do with Taiwan (TSMC) and their massive manufacturing advantage over anything anywhere else in the world. Intel is at least 3 years behind TSMC with process tech, and potentially more.
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Old Yesterday, 07:01 PM
rriley rriley is offline
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Quote:
Originally Posted by txprep View Post
the chinese are incredibly corrupt.

The government probably has 1 million corrupt civil servants taking bribes, hiring cronies, diverting money etc.
That is the way things work in China, Thailand and some other countries. Here is is corruption, there it is life..
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Old Yesterday, 08:02 PM
Nomad, 2nd Nomad, 2nd is offline
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Originally Posted by Explosive View Post
How am I doing it wrong ?
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Originally Posted by Explosive View Post
Certainly some my food stores have expiration dates, they are replenished as they are eaten. If and when the food store looks like it will become exhausted I have a garden and can grow my own veggies and potatoes . I don't need batteries to survive. I have my own well... I have access to more than enough meat. I am done preparing.
Not "done"

I rest my case.
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Old Yesterday, 08:41 PM
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The same day that Goldman Sachs released their research note (last Tuesday), the Council on Foreign Relations (CFR) published their latest issue of Foreign Affairs magazine. It contains an editorial headlined "It Is Time to Abandon Dollar Hegemony". Take from that what you will.

https://www.foreignaffairs.com/artic...ollar-hegemony
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Old Yesterday, 08:50 PM
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Originally Posted by Nomad, 2nd View Post
Not "done"

I rest my case.
If I can do nothing more I must be done.
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Old Yesterday, 11:17 PM
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Originally Posted by puttster View Post
I'm no huge fan of China but when it comes to the global economy, China has been very important.

Since China opened up around 1980, their low cost manufacturing has been the critical force in reducing our inflation, from a crippling 18% to 2%. They invested the dollars they get from us into our bonds, lowering our interest rates. Mortgages have fallen from 20% to 4% and treasuries to 1%, allowing the government to borrow over 20 trillion dollars with hardly any increase in interest payments -and in fact has permitted great reductions in tax rates, so American wealth has been enriched, eg, the Dow rising from 1,200 to 26,000.

So do you have some factual basis for your statement about China destroying our economy? Let's hear it.
.
President Nixon (1968-1974) had taken the USD off the gold standard.

It was President Nixon that went to China and opened trade with China.

Nixon's trip to China was covered quite well for the old days of TV; and by all the major magazines of the time such as Time, Life, Newsweek, etc. I remember even TV Guide's cover story was about how TV was going to be covering Nixon's China trip like no other overseas trip had ever been covered.
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Old Yesterday, 11:19 PM
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Originally Posted by slackercruster View Post
I had read they were going to use a basket of currencies to replace the dollar. (Can't remember the source. As Home Defense said, it has been discussed for years.)

But if a basket, sounds like it would be a complex conversion.
.
Agree, a basket of currencies, inclusive of the USD, is what I'm expecting to eventually happen.
.
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