freediver wrote on Jun 22
nd, 2013 at 11:15am:
The cultural advantage we have over China will stay with us for a long time. China is benefiting from the low birth rate, education and adoption of technology and engineering, but still suffers due to political issues and an education system that focuses on rote learning and stifles creativity. It will take at least a few generations for the Chinese to shake off those burdens.
Eventually they probably will equalise, but this will not happen by lowering our standard of living. It will happen by raising China's (and eventually other Asian countries that are further behind).
The rise of China and India will significantly increase the global economy and the rate of technological change. There will be a huge long term market for our resources. Our future is not that of peasant food growers, but of wealthy miners and intellectual/technological leaders.
And this is all going to happen when? Before or after the petroleum dries up and we are forced back to coal burning (easy with 80% still in the ground).
Who on earth can think that we can have a viable economy by equalising our serfs with the serfs of China and India? Where lies any possibility of trade when there are no imbalances in materials produced and in incomes to purchase finished goods? And if WE are the purchasers of finished goods - how then do we compete other than as a Third World Banana Republic?....
I recall Ahr Julia saying that 'Asians will become middle class consumers of high quality finished goods' - and we are ALL supposed to be rich miners, offering dirt to the factories and foundries for final solution - and make a massive profit by buying back those finished goods ourselves?
Look at the way our dollar is dropping NOW - and how this is affecting this womderful economy or ours and raising the price of those same finished goods right now.
Footnote:= "wealthy miners and intellectual/technological leaders." What - six wealthy miners and 500 well-heeled professors? We are currently over-run and run by 'social scientists' - how then export their wisdom to the PTW (Previously Third World - dogs in the moonlight, man).
I'll be back when I finish planting out the gardens....
ADDS:- Looking above me at the bun fight - I see that the troll don incomprehensiblo has had an effect...