Comments on: Don’t bet on Asians imitating Americans http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Jimmy Chow http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-10203 Thu, 19 Mar 2009 05:08:39 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-10203 A good read. That’s not about stimulus policy or government spending… it’s the CULTURE. I live and work in Hong Kong and make frequent visits to mainland China for work. The entire business culture up there has been dominated by the strong desire to export cheap products to the West. I agree with Andy Xie’s estimate of China’s per-capita income will triple some day, but having said that, high income is disproportionately enjoyed by less than 10% of the population, or 5%, businessowners or corrupt officials, That precisely explains why domestic demand accounts for only 40% of China’s GDP. Without retirement protection and other safety nets, how can you ask a factory worker in Shenzhen lavish US$1,000 on a LV handbag? He or she saves up to 40% of monthly income.

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By: Ian http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9576 Mon, 09 Mar 2009 20:57:26 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9576 When we come to a place were we stop desireing so much on other countries for our social needs, then we will come to a place of security . We has a country must redefine our wants versus our needs, and then and only then will we see this country turn back to prosperity.

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By: brett kenneth sweeny http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9340 Fri, 06 Mar 2009 08:31:12 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9340 peak-oil may soon eventuate, and so to may we witness peak-economics. the very nature of economics is contradictory: the study of unlimited material wants as desired by society under conditions of scarcity(limited resources)

the collective conscience of the economic powerhouses is a masters degree in total disregard of consequence. one does not have to be a graduate of Harvard or Yale to comprehend the fact that if one were to keep clear-felling the Amazon that this is a beautiful, integral feature of spaceship earth forever lost, never again to be worshipped and utilised.

you lay waste the sealife off the east coast of Australia from Tasmania to New Guinea no species will ever again be able to enjoy the wonders of natures’ ocean gardens of eden. if one were to keep flushing toxic poisons and chemical fertilisers off the
sugar-cane farms,of Australias’ wet tropics, directly immersing the Great Barrier Reef, we would have wiped out one of the wonders of the world. an entity in itself never to evolve again, lost forever.

the captains of industry are far to greedy to be able to make decisions from an altruistic altitude to be entrusted with such common wealth, wealth for man, for all time…

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By: K.Srinivasan http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9314 Fri, 06 Mar 2009 00:59:39 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9314 The companies received the bailout money are using them for their ‘personal’ agenda.Nothing percolated down.
60% OF job market is with SMALL BUSINESS.By July about 75% may go out of business. Then US may importing much more than now, from Asian countries.

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By: Edgy http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9310 Fri, 06 Mar 2009 00:47:33 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9310 Once again Mr. Saft has an opinion, which are likened to noses (we all have one). However Mr. Saft’s opinion is lacking in a few additional and important facts.
As an American (living in China), I can tell testify that ‘most’ Chinese do in fact love Americans. Secondly, China suffers from a similar problem as the US, in that it has an aging population, and a younger generation that doesn’t have the same ideas about things as their grandparents.
I experience this in my own household. My wife is Chinese and saves clearly 40-50% of every penny (mao) that comes to her. Her son, who is in his mid-twenties saves next to nothing, and wants to buy everything in sight (just like Americans he wants it all ‘right-now’).
Consequently, when making comparisons, Mr. Saft should be more careful…….
Respectfully,
EdgyInChina

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By: Paul B http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9259 Thu, 05 Mar 2009 16:55:41 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9259 Excellent article. Dare I say that there is not really a problem with the world economy, but rather there was (in the form of an unsustainable credit and supply bubble)and now we’re all just reverting to norms. Yes we’ll overshoot and there’s going to be terrible suffering and hardship but that’s what we get for being high on leverage for too long. Sadly, all stimulus plans and bail out efforts will ultimately do nothing but delay the inevitable reversion to the mean. Buckle up.

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By: Mohamed MALLECK http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9230 Thu, 05 Mar 2009 13:46:46 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9230 To Kanwal Chopra,

You suggest “Tie up with India in a cast iron lock-up: offer to loan the money needed to buy American products for infra-structure development, to repaid by loaning Indian defence personnel to gaurd US assets worldwide, be it in US interest areas or for US controlled entities anywhere in the world”.

Kind of a new Blackwater, right? Sounds like Satyam boss,Ramalinga Raju and Citigroup boss, Vickram Pandit.

May I asl that you kindly give readers a background about yourself!

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By: kanwal chopra http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9227 Thu, 05 Mar 2009 12:53:56 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9227 Much has been made of the trillion dollars priming effort for kick starting the American economy. But where will that money be spent? And with what aim? Obama government has to be pragmatic in investing this sum. Here is a suggestion:

1. Tie up with India in a cast iron lock-up: offer to loan the money needed to buy American products for infra-structure development, to repaid by loaning Indian defence personnel to gaurd US assets worldwide, be it in US interest areas or for US controlled entities anywhere in the world. Plus use Indian software skilled labour to establish world leading technologies in the US. Assure income support to American unemployed for a couple of years when economy starts building an upword trend.

2. Use US millitary might to engage other countries whose failing governments will need to safegaurd their assets. Again use Indian personnel to do so, in combination with US supervisory staff to oversee. Charge these countries for service provided, payable in agreed resource trading at favourable terms to US.

3. Establish stronger millitary presence in African countries, offering them to establish industries in their countries using Indian/American workforce. In return ask for energy products from these countries.
Also offer them millitary hardware that they need to protect themselves.

4. Don’t allow Europeans another round of colonisation IN Africa.

5. Review the situation on an yearly basis to take stock of the outcomes achieved.

Kanwal Chopra

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By: Mohamed MALLECK http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9226 Thu, 05 Mar 2009 11:41:43 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9226 Of course Asians won’t imitate the American model, because Asians don’t have the colonizing/gunboat diplomacy/Mpnroe doctrine mentality whereby, when your debtors cannot service their debt, you occupy their lands.

The question of what will take its place has a multi-dimensional answer. One dimension has to do with the international trade, payments settlement/financial, and general global governance architecture. The International Financial Architecture, in particular, has to be reformed in a meaningful way to enable enforcement of debt-servicing in a legally-binding, civilized fashion worthy of the Third Millenium, without recourse to war and violence such as is becoming common in discourse in the West, notably Niall Fergusons’s writings. The international governance structure on international law and justice (the ICC and other dispute settlements mechanisms), on global warming and climate change, on nuclear weapons development/disarmament, missile defense and defense shield arrangements, on the law of the sea, on the development of newly-accessible areas for exploration and mining of fossil fuel and other resources and navigable pathways (the Arctic and Antarctic), on the development of conventions for the civilized exploitation of commercail ventures in space: on all these fronts, a willingness of the West to appraoch these issues in a fair manner will determine how Asia responds.

Then, there is the option of decoupling. AEAN+3 had already launched the Ciang Mai initiative several years ago and have recently reinforced its working. America has introduced a certain degree of “buy America” first provisions in its stimulus package. Nobody wants a pronounced degree of protectionism, but every body wnats both some flexibilty in view of recent experience, and some ‘escape route’ in case the other appraoch mentioned goes awry.

On my part, I am optimistic that a reform of the international financial and governance architecture that accommodates the legitimate aspirations of Asians, but also other emerging countries elsewhere in the world can be agreed. Byt America nd the West must show a far greater degree of understanding and humility than they have done so far.

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By: David Lawrence http://blogs.reuters.com/great-debate/2009/03/04/dont-bet-on-asians-imitating-americans/#comment-9222 Thu, 05 Mar 2009 09:50:43 +0000 http://blogs.reuters.com/great-debate/?p=2302#comment-9222 James – what are you smoking? Who the heck is buying all of these treasuries and keeping the prices of that script sky high and the dollar floating into the stratosphere when even a child will tell you that inflation is about to go through the roof. It certainly isn’t Americans. I mean this is hilarious.

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