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Jim O'Neill Suggests It May Be Time For The US To Give Up On Our Own Middle Class, And Focus On China's

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Sun, 08/29/2010 - 15:08 | 551608 bugs_
bugs_'s picture

Just another rip-van-winkle open borders globalist who can't figure out why his open borders globalist fantasy smells so bad when its burning.

Sun, 08/29/2010 - 15:09 | 551610 LoneStarHog
LoneStarHog's picture

I can only infer that this clown gets paid BY THE WORD and not for any intelligent analysis.

Mon, 08/30/2010 - 08:13 | 552590 aint no fortuna...
aint no fortunate son's picture

I blame it on the purple blotter acid

Sun, 08/29/2010 - 15:19 | 551625 Azannoth
Azannoth's picture

I think China has enough reserve capital to build 1000 more ghost cities and keep thie 'illusion' going for years not months

Sun, 08/29/2010 - 17:19 | 551815 dlmaniac
dlmaniac's picture

... that is before big Ben prints their reserve into 2 trillion toilet papers.

Sun, 08/29/2010 - 15:26 | 551629 knukles
knukles's picture

Myopic Twat.  We already have our own BRIC (emerging shithole) in southern Arizona.

Hear tell t'was a time in ancient S. American past whence soothsayers prognistactions proved wrong for long were tied to trees in the darkest bug infested jungle to be sucked dry by unmerciful hordes of ravished mosquitoes. 

Sun, 08/29/2010 - 22:41 | 552186 Mark Noonan
Mark Noonan's picture

We lack the proper virtue for such direct action - once upon a time, remember, we used to tar and feather miscreants.

Sun, 08/29/2010 - 15:25 | 551637 Frank Owen
Frank Owen's picture

Where the hell is Marla?

I miss her dirty prose.

Sun, 08/29/2010 - 20:43 | 552054 dark pools of soros
dark pools of soros's picture

the wicked witch of the jew is probably in a tizzy ever since Iran turned on the switch with narry a blow from her homeland

Sun, 08/29/2010 - 15:26 | 551640 spekulatn
spekulatn's picture

Blanket party 

Sun, 08/29/2010 - 15:42 | 551666 nmewn
nmewn's picture

The continent of Africa is a BRIC?

Ok...bartender, I'll have what he's having.

Sun, 08/29/2010 - 17:38 | 551830 knukles
knukles's picture

Yeah.  The Whole Continent.

You noticed that this "Continental Africa" crap is all of a sudden becoming the next new and wonderful undiscovered rat hole of an investment idea being pushed by......

...none other than....

....the Powers that Be, of sorts.  The flags are being raised by institutions well connected to the Centers of Government in the Anglo-Saxon World. 
Now, I am not a conspiracy theorist by any stretch of the imagination, but all of a sudden, "Shazzam-a-ram-a" here it is bright, noble, Satisfactory to the Altruist (you throw some money at it and I'll have done my part) in All of US.

I feel a big Public Turd coming on. 

Sun, 08/29/2010 - 18:52 | 551936 three chord sloth
three chord sloth's picture

The only way most nations of Africa today are going to play a big role in the world economy is as neo-colonies... this time for China, India, and maybe Japan. They've got too many decades of internal development to go through first before they can be at the level of the lowest BRIC.

Sun, 08/29/2010 - 19:36 | 552000 hbjork1
hbjork1's picture

+10

Many decades.  But the colonies(excuse me), countries of Africa can be a source of cheap physical labor and raw materials while they are developing. 

There is no where else for the players to go.

Mon, 08/30/2010 - 18:28 | 553847 iota
iota's picture

But look, 'tis unclaimed!

http://en.wikipedia.org/wiki/File:1984_fictious_world_map_v2_quad.svg

...no, no, wait that's not reality, that's dystopian speculative fiction; somehow I confused the two.

Sun, 08/29/2010 - 19:56 | 552015 nmewn
nmewn's picture

"You noticed that this "Continental Africa" crap is all of a sudden becoming the next new and wonderful undiscovered rat hole of an investment"

Yeppers...all we need now is the patented Robo wildebeast pictorial demonstration to complete this brand new buying opportunity of a life time...LOL.

Failing that...I'm playing a find the pea game on-line.

Mon, 08/30/2010 - 06:01 | 552521 grunk
grunk's picture

It must be true. I'm always getting e-mails from guys in Nigeria with money for me. All I need to do is give them my bank account number and a small fee.

No more honest place to do business.

Sun, 08/29/2010 - 15:43 | 551667 Eally Ucked
Eally Ucked's picture

"Surely China will be ecstatic that the US will now be funding the development of its own middle class. As for ours...Oh well."

US hasn't been funding anything in China , as a matter of fact China is funding everything what US government is doing. Isn't it a fact that China and Japan is lending money to US? What are the odds that US will repay all that debt in not devalued money? I think that topic was covered here extensively.

So, Tyler, I think there is some strange note in that statement.

Sun, 08/29/2010 - 16:01 | 551690 LoneStarHog
LoneStarHog's picture

Excuuuuuse me?  Americans have been funding China's growth.  It is called the Trade Deficit.  It has been funded through CONSUMPTION, and China owes us nothing for doing so.  China then lends us the money by purchasing U.S. Treasuries which funds the U.S. Government, and WE then OWE China for doing so.

 

Sun, 08/29/2010 - 16:52 | 551777 nmewn
nmewn's picture

The govmint owes...not us. And specifically, not me.

They can tale a ride on a flying dragon for all I care...they had a lot of choices in their decision making process.

To close the loop, as a somewhat interested third party, they chose poorly.

Sun, 08/29/2010 - 17:00 | 551788 Eally Ucked
Eally Ucked's picture

You're right and that's what I said.

Sun, 08/29/2010 - 20:23 | 552036 LoneStarHog
LoneStarHog's picture

Then what do you call this, "US hasn't been funding anything in China..."

Sun, 08/29/2010 - 21:01 | 552078 Eally Ucked
Eally Ucked's picture

"China then lends us the money by purchasing U.S. Treasuries which funds the U.S. Government, and WE then OWE China for doing so."

Sun, 08/29/2010 - 16:40 | 551762 cossack55
cossack55's picture

There is a middle class in the US. When did that happen?

Sun, 08/29/2010 - 20:27 | 552040 Moneygrove
Moneygrove's picture

America had a middle class under clinton ! went bye bye under bush !

Sun, 08/29/2010 - 21:27 | 552098 Real Estate Geek
Real Estate Geek's picture

I'm certainly not a fan of Bush, but don't forget that it was your boy Clinton who signed NAFTA.

EDITED TO ADD:  But I didn't junk you.

Sun, 08/29/2010 - 16:09 | 551705 SwapThis
SwapThis's picture

The giveaway that this guy is a complete globalist stooge is the way he slips in the 'swtich from conventional fuels' language, especially without mentioning expanding our energy development of known resources here.  The Picken's plan to use NatGas for all commercial trucks and public transport going forward, especially if it is also expanded an excellerated, will help in every meaningful way to grow jobs and help our energy dependence.  Combine this with a national effort to build 100 top of the line pebble bed reactor sites & and a national MagLev rail system and we would be going in the right direction.  We need to regain the American Spirit that put a man on the moon and harness it to put our future in our own hands and not that of egomaniacal globalist neocons. 

We need $trillions of $$ of infrastructure projects on the east coast alone with huge projects like the re-work of the NYC/Philly/ Boston water & transport systems just for a start.  We have the ability to do these things IF WE CAN FIND THE BALLS TO CLEAN HOUSE IN DC. 

Without real change real soon I would rather not think of what America will be forced to submit to by the likes of China, or anybody else.

 

Sun, 08/29/2010 - 17:00 | 551789 Dirtt
Dirtt's picture

Huge projects led by Big Union?

That falls under the "estimated cost: $5 billion" and the "eventually cost: $50 billion + 5 year delayed opening + nightmare traffic)

I'm all for infrastructure with 100% transparency and 20% union 80% non-union ratio.  Otherwise blow those infrastructure projects off the table.

Sun, 08/29/2010 - 18:18 | 551900 Ultranaut
Ultranaut's picture

It's either union and the money flows to what was once the American middle class, or it's non-union and the money flows to Wall St. on the backs of undocumented economic refugees from Latin America. Either way you are getting fucked, but at least with the union guys you're not getting fucked by pricks from Wall St.    

Mon, 08/30/2010 - 00:15 | 552295 Uncle Remus
Uncle Remus's picture

You really believe that don't you?

Mon, 08/30/2010 - 00:30 | 552310 laughing_swordfish
laughing_swordfish's picture

+ 1

Sun, 08/29/2010 - 17:38 | 551831 Hulk
Hulk's picture

The reality is that we can't even afford to maintain our existing infrastructure...A true stimulus would have nucs being built,LED lighting, massive effort in energy storage tech and a conversion of our vehicles to NG.

Sun, 08/29/2010 - 19:01 | 551956 three chord sloth
three chord sloth's picture

The fact that we are not developing a NatGas economy right now is the best proof that the decline of America is being purposefully engineered. We've got centuries-worth of the stuff, it's much less polluting than oil, yet the gov't always finds a way to stop its development.

We've got the brains and the spirit... its being squashed from DC. The CFR, neocons, globalist Ds and Rs... clean 'em all out!

 

Sun, 08/29/2010 - 16:11 | 551707 ZeroPower
ZeroPower's picture

 a nice mode of transport downtown Manhattan from JFK would be a sign

Um...how about EWK? (forget youre in NJ for a second..)

Sun, 08/29/2010 - 16:16 | 551720 belogical
belogical's picture

He is fortunate I was not in his presents when he said that or he'd be looking for an acupuncture point to expel my foot out of his ass

Sun, 08/29/2010 - 16:20 | 551726 Sudden Debt
Sudden Debt's picture

This is way overdone. I don't think people should only focus on the supernegatives and write stuff like this.

I amazes me that most of the Americans on this site actually would like to see a implosion of America instead of fighting for it and do what is best for it.

I guess that's why Europe is better off then America. People here are proud of our civilization.

Sun, 08/29/2010 - 17:12 | 551804 nmewn
nmewn's picture

Mkay.

If you could keep the world wars down to minimum of two per hundred years that would be helpful. And letting Islam overrun your "civilization" would also be helpful in avoiding another one. Just sayin.

Don't worry about us, we know exactly what we're doin.

We tried the whole Englishman John Keynes socialism thingy...it just didn't work out for us, so we're sending it back. We don't expect a refund cuz it's past it's expiration date, a little worn and has some rips in it. Maybe ya'll, being sooo superior, can work on it a little more and get the "multiple" bugs out. Maybe try it out on yourselves for twenty years again before you send the sales people back around ;-)

Cheers!

Sun, 08/29/2010 - 17:43 | 551840 ZeroPower
ZeroPower's picture

Spending a month so far here in France...and i would have to agree with the poster above regarding foreigners simply taking over everything here. I cant walk by without a shawarma shop on every street corner in Paris, and the smaller cities are much the same (in the South, the North is still quite isolated).

From what ive seen London, much the same. 

I agree however some people here would like to see the end of the USA (despite being American!) though i am not so crass... i do recognize all world orders come to a fall at some point. Would not think it happen in this generation or the next.

Sun, 08/29/2010 - 17:45 | 551844 Hulk
Hulk's picture

We want to see the fraud and corruption implode, not the country. Unfortunately, the two are inexorably intertwined...

Sun, 08/29/2010 - 19:34 | 551997 Vendetta
Vendetta's picture

exactly

Sun, 08/29/2010 - 16:53 | 551774 huggy_in_london
huggy_in_london's picture

zzzzz....more bullshit from jim o'neill .... more patting himself on the back ... useless dribble.....

 

But you are right about massacre in melbourne ... when china pops or even if it just goes fizzzzzz, everything south of brisbane is going to hit the wall and how.  As it is, new south wales is broke, and with lower distributions coming from QLD and WA both Victoria and NSW are going to find themselves firmly in the shitter....

Sun, 08/29/2010 - 17:12 | 551803 JR
JR's picture

Resources—oil, corn, or iron ore—are inanimate objects.  It is man who invented steam; it is man who makes steel and circuit boards.  And it is man who makes politics and government.  It is man’s government, whether it is under a Saudi king, the Soviet politburo, the Chinese communists, or the Constitution of James Madison, that moves the inventions, the production and the resources.

For 6000 years, man struggled as a beast of burden to exist under despotic government.  It is time we realized that civilization’s progress rests on the foundation of a single principle: freedom! China dies as soon as its American corporations are withdrawn or taken over by a communist government. A tremendous volume of goods produced in China is produced by American corporations located there: those corporations are protected by American patents and American innovation which were developed under a free-enterprise system.

Everyone is so smart: they know how we got here after they look around and see all this stuff: “America, you got the ball rolling, it’s now time the Communists handle it.”  No matter that all past communist systems have failed, of course. It’s time to try it again.

Jim O’Neill is like a little kid who thinks milk comes from the grocery store.

A 1997 study of the inventors honored in the National Inventors Hall of Fame in Akron, Ohio, revealed that 91% of the world’s greatest inventors worked in America, under freedom and property rights, and only 9% in other countries.

As ZH Anonymous said: "The whole world worships China for its rapid economic growth, while we forget that their industrial revolution is very different in character than that of North America and Western Europe. The industrial revolution in the West was fueled by an endless stream of innovations starting with the steam engine. Chinese growth is fueled by cheap money, cheap labor and the drive of multinationals to enter a huge market. China has opened up to benefit from the innovations made in the West, but it isn´t contributing anything beyond cheap labor and the promise that companies can grow there for a long time to come. Capitalism without individual freedom is not capitalism, it is feudalism.”

O’Neill says “the US needs its own BRIC equivalent. How about something real on the infrastructure front?” Yeah, how about a Congress that won’t barter away our manufacturing base and our jobs to the highest Bill Gates-type lobbyist?  It’s time for the American people to take away the American punch bowl from The Globalist Dreamers and let the O’Neills and their developing nations emerge on their own.

Sun, 08/29/2010 - 17:29 | 551822 RockyRacoon
RockyRacoon's picture

Whoa, now.  You silver-tongued devil.  That makes way too much sense.

Sun, 08/29/2010 - 17:41 | 551837 Hulk
Hulk's picture

That was good...

Sun, 08/29/2010 - 18:43 | 551926 weinerdog43
weinerdog43's picture

Well said JR.

Sun, 08/29/2010 - 17:45 | 551842 Uncle Remus
Uncle Remus's picture

"Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security."

 

The train is quite long enough. We've been at this particular station before.

Sun, 08/29/2010 - 18:52 | 551939 Ultranaut
Ultranaut's picture

Stalin industrialized a nation of peasants into a global superpower in a matter of decades. China just figured out a way to do the same thing without pissing off the capitalist elite. I think most "American" corporations recognize that the Chinese model is far more profitable. In business, patriotism is just marketing. American business continues to import the new model of authoritarian capitalism they are pioneering in China, they don't care about anything beyond profit.

 

Sun, 08/29/2010 - 19:43 | 552003 Vendetta
Vendetta's picture

Very well done.  I liken the growth of China as an artificial insemination of manufacturing sperm and hoping a mutant isn't formed ... but it has.

Sun, 08/29/2010 - 20:21 | 552035 william the bastard
william the bastard's picture

It's time for you to make a guest post JR, as long as the developing nation you have in mind isn't Dallas.

Sun, 08/29/2010 - 21:47 | 552135 Real Estate Geek
Real Estate Geek's picture

As ZH Anonymous said: "The whole world worships China for its rapid economic growth, while we forget that their industrial revolution is very different in character than that of North America and Western Europe. The industrial revolution in the West was fueled by an endless stream of innovations starting with the steam engine. Chinese growth is fueled by cheap money, cheap labor and the drive of multinationals to enter a huge market. China has opened up to benefit from the innovations made in the West, but it isn´t contributing anything beyond cheap labor and the promise that companies can grow there for a long time to come.

I hope you're right, JR.  But China is a dynamic beast and the above viewpoint assumes that it's not.  Right now China is as described, but it may just be priming the pump. 

I get nervous when I read statistics showing that the number of engineering students in China is larger than the total number of engineers who have ever lived.  (Well, perhaps I exaggerate, but you get my drift.) 

Even if they're just a bunch of automatons, it’s a numbers game to some extent.  A million chimpanzees typing away, etc.

 

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