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robdverity 01/20/2011 04:02 PM Report
As techno-man increases and 'productivity' is accomplished by non-men (robots etc), how are goods and services then distributed? A socialism of sorts seems inevitable.
REMant 01/19/2011 02:02 PM Report
If the Chinese revalued it would not make much difference, or even be detrimental, considering the effect it would likely have on our own economy. It would be far better, as proposed, to invest those savings over here instead of supporting our military, and, of course, buy more Buicks, etc. You cannot just get ppl to buy more, and it would do no good even if you could. They have to earn it. Ppl save because they are uncertain of their ability to provide for themselves in the future. It is not hoarding per se, but related to productivity. As productivity increases savings, as well as related interest rates, will diminish. The real issue is to get the Fed to stop printing money, devaluing everyone's savings, and our govt to stop borrowing. These things either have a negative effect on "confidence" or they encourage enthusiasm and speculation. "Stimulus" worked in China to the extent it did because it increased export subsidies. The reason it did little here, is because we didn't, or haven't yet, employed the money to any equally productive purpose. In effect, the Chinese were concerned, as any good businessmen would be in such a situation, to keep or enlarge their market share, tho they may regret it if they put everyone else out of business.