Janet Yellen has a tough message for Chinese officials: you're producing too much of everything, especially clean energy goods
Libs 15 years ago: dumb Chinese over producing housing, you know they're sitting empty, right??? How can you make money from housing if there's such a surplus???
China now: Ghost cities provide affordable housing for young people. They have become functioning, normal cities
Americans/Australians/Brits now: will rent or live with parents until inheriting property. If they're lucky.
Conjured out of nothing and lived in by seemingly no one, China’s so-called ghost cities became the subject of Western media fascination a decade ago. Photos of these huge urban developments went viral online, presenting scenes of compelling weirdness: empty apartment towers stranded in a sea of mud; broad boulevards devoid of cars or people; over-the-top architectural showpieces with no apparent function.
Bloomberg spinning "they built towns and then got people into them" as an ineffable oriental mystery, lol.
"Why would you build new things when you could just let the old buildings dilapidate instead? Truly the Celestials have a mind unknowable to the White Westerner."
You know us inscrutable Chinese. Unreadable, unknowable, unpredictable yellow men from the Orient.
I gotta play some city builders this weekend
I remember thst when I knew less about China and had more propaganda brain and seeing the results come to fruition at roughly the same rate of time I got China pilled was neat. The contrast of my own city wasn't, landlords profits doubled wages stagnated.
Being Chinese must be so fucking dope. Like, I'm sure there's lots of total bullshit to deal with, there's no where that doesn't kinda suck to live a little bit, but can you imagine seeing things getting better as you grew up? The idea of living through an improvement instead of an historically shaaaaaarp decline is something I envy and feel cheated out of, cause I have been cheated out of it. Quality of life for the more privileged here may be better but that's locked out for me and for those who can get the bag, their children won't, the bag is empty. I'd rather live somewhere that's maybe some degree materially worse off for my monetary class that has any degree of hope for a future than this shit hesp I live in where I can see the copper wire Bek g removed already.
Its not like western capitalism didn't have its own "golden age", the US between 1950 and 1970s, I'm sure you're aware how boomers bought everything specially cheap housing etc.
Yeah, hope for the future was pretty normal for a bit and expecting it to stay that way shouldn't be too much to ask. The fact the word doomer even exists is an indictment of capitalist failure.
Imagine if you're a 70+ year old Chinese person. Growing up in absolute poverty to your country probably becoming the most powerful nation on the planet in 2-3 generations. What China has achieved in the last 70 yeas in nothing short of remarkable.
She's in China to beg the PRC to buy more USD bonds.
This is like your deadbeat neighbor coming to borrow more money while lecturing you about how stupid you are for not buying a monkey jpg nft.
It would be something if no one bought US bonds anymore. BDS America.
The situation in China's solar panel sector may be worse, where overproduction pushed prices down 42% last year to levels 60% below the cost of comparable U.S.-made products. China now accounts for 80% of global production capacity, and major solar producers are continuing to build factories, backed by provincial and local subsidies.
how is this a bad thing?!!!!!!!!
OH MY FUCKING GOD
Lmao I was writing papers in college about how whatever country did this was gonna have a modern day industrial revolution and control geopolitics in the next decade.
At the time I was still a starry eyed lib so I thought the us should do it, glad to see a more moral country was smart enough to see this coming.
Let's double down on fossil fuels just to spite China.
You joke, but you gotta wonder if the Pentagon doesn't have "Operation World Domination" in a C: drive and the first step is to destroy the climate until you can export corn slurry at a gagillion dollars.
"We see a growing threat of money-losing firms that are going to have to sell off their production somewhere," a senior U.S. Treasury official said of overproduction in key Chinese sectors.
Won't someone think of the venture capitalists?!
Free trade is only good when the U.S. is the one profiting off of cheap labor, when they're facing competition that's a no bully and you're breaking the rules.
No you see, good economy is when speculation bubbles and bad economy is when making shit that people actually need.
Things have really been settling in. Even as a kid, this is what I saw what economics are like. Make something? Have a service? Sell it. Sure, there's some rules to not step over for certain labor or environmental reasons, but that's okay because only the dishonest would forgo those rules.
But no, that philosophy is....alien here. All based on speculation, even the whole "american dream" propaganda of homeownership emphasizes that real estate is "the perfect investment" to "build wealth"....even though that wealth you build is built on the backs of future generations.
Land value is built on the backs of current generations, especially renters. Even single home owners who do not own rental properties gain property value on the backs of renters in their community. Renters pay the same local taxes, taxes pay for local services and infrastructure, local services and infrastructure increases land values. All land owners see a return on their tax liabilities expressed through land value while renters see none.
The whole homeownership as wealth building never made sense to me. I mean I don't pay rent, sure, there's less of a leech thing going on so maybe I get get more money. But how is it an investment? It's not like my singular house rises in price and everyone else's doesn't. Great, my house is now, in the twilight years of my life, worth 900% more than what I bought it for. I can now sell it, have 900% profit, then immediatly spend all that 900% profit on buying some other dwelling that also rose 900% in price
wait, no, I thought of a better analogy. China is spamming a difficult-to-block combo and obliterating the US who is just button mashing, and the US is holding back tears while screaming YOURE CHEATING, THATS CHEATING
Here i got u. Marvel terms.
After aerial jousting for some time China has finally made the US block in the corner. The US attempts a pushblock but China read the late pushblock and responds with a late empty trydash into low. After a 30+hit combo America is let out only to be hit by meaty Doom missles post-back tech (a terrible tech direction in the corner). China uses the missle pressure to tri dash high twice and empty dash 1 frame grab. Pops x factor and kills. Now to see what mixup they do on Europe's incoming.
The US is still saying "...I was holding back..." in disbelief as Europe eats a 4 layer incoming mix.
China mains King confirmed
really seems like all the loser failchildren of wealthy parents who never told them no are having a difficult time coping with losing. Stop winning, my mommy says you have to stop beating me at economic production.
Please Mr. Xi stop thinking about climate change for just one second! Don’t you know that by subsidizing a green energy transition you’re hurting American oil executive bonuses?! That’s not fair!!!
Yellen will seek to convey her view that the excess production is unhealthy for China and that there is a growing drumbeat of concern about it in the U.S., Europe, Japan, Mexico and other major economies.
Feels good to be recognized as a major economy finally. Get fucked Canada!
The fucking racist chauvinist gall
She should be asking China what would be good considering they're handing us our asses
it is april 5 and stalin saved the world from fascism
Sounds like a problem you'd want to have.
me likey biggie text :jerma-happy:
CHINA, PLEASE FEED THIS WOMAN MORE HALLUCINOGENIC MUSHROOMS. PLEASE
Plaza Accords 2: Break in Beijing.
"investment binge"
You're supposed to produce nothing and make money from that, like the US does!
Some might read your post as an exaggeration, but a good amount of mainstream economists think exactly like this and treat the idea that productivity is important as a revelation.
You would think that any economist who actually wanted to be successful would try to understand the shortfalls of capitalism too by reading Capital.
Instead, "wait, if people don't make enough money to buy treats, then the won't buy treats??", is an actual revelation somehow.
i dont get it, why is there so much whining then by failure to "increase productivity"? firms dont invest in tools & training and they still want productivity line to go up right? or am i missing something?
They're producing too much so we can't profit from an artificial scarcity noooooOOoOOoo