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Which States Will Suffer The Most From China's Devaluation?
Submitted by Jim Quinn via The Burning Platform blog,
In case you missed it, China has devalued their currency for three consecutive days. The devaluation has been just under 5% and it has caused markets around the world to implode. This is just the beginning. They plan on devaluing their currency by 10% in a desperate attempt to revive their floundering economy. What they are really doing is crushing the economies of the US, Europe and Japan as their companies have a harder time competing in world markets.
Those who don’t think the US is heavily dependent on China as a market are delusional. Check out this chart.
Without these tremendous increases in exports to China, these states would be in far worse shape than they already are. When this devaluation is complete, the companies in these states will be 10% less competitive. Their exports will decline. When exports decline, companies fire workers.
Get ready. The fireworks are just beginning. Fourth Turnings sure are entertaining.
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BTFD Bitchezzzz
very old news
update your info BITCH
just a question. washington and calif. are the top export states, however, what percentage of the exports are pass thru vs. made in washington and calif. ? anybody else getting tired with the half baked articles just pushing some writers agenda? crudeprice.com and simon says.com come to mind.
What percentage of those exports are food products? Because China has a lot of hungry mouths to feed.
And prices of those goods come down for the US consumer, what's so wrong about that?
That's it!! No mo Chiny food fo you!
"Made in China" will become the new 'collectables' in a the years to come...
sarc off//
Anybody who thinks what China is the most important factor in the US economy - there's a bridge to nowhere that needs your immediate investment.
No they aren't, but they ARE part of the cause and effect chain....
Oil is the most important factor. But in a consumer economy where a huge amount of the shit that consumers buy is made in China, it is pretty important.
And California makes a lot of food... oh wait, drought...
Gypsum...Plaster City, California Gypsum...CONCRETE.
Does California produce CONCRETE?
Do Chinese Ghost Cities rely upon CONCRETE?
And as for the DROUGHT...
El Nino is forecast.
The ten year storm is almost here
http://www.weather.com/news/climate/news/el-nino-outlook-strong-possible...
Washington is home to Microsoft and Boeing. Both are huge exporters to foreign countries.
freemoney that is correct. however boeing is threating to leave because the import-export bank is history and not the currency exchange rate. a year can't go by without the news report of empty cargo ships heading back to asia because we really don't export much anymore.
In addition, this piece highlights exports growth, but not exports to China as a % of total GDP. Which is fucking small btw. Compare that to a 15 trillion economy and those 50 billion are something like 0.4% of total GDP. Napkin calculation only, but you get the gist.
Sensationalistic and a very narrow approach to relevant facts makes this piece worth less than used toilet paper.
And China is just the World's Largest Economy, surpassing that of the USA. They are only in total collapse. This is just the beginning.
Yeah. No problem.
lolwut? since when is china the world's largest economy? not even half of the us.
christ on a bike.
And where did most of the materials to build those China Ghost Cities come from, greyghost?
The US does not export a lot of finished goods. Neither does Australia.
But with the China collapse all of that DEMAND for Pacific Northwest Lumber and all of that DEMAND for California Concrete is no longer there.
As your West Texas Intermediate Oil Prices are flushed into the toilet due to lack of demand, as Oil Workers become jobless in droves, mainly due to the collapse of the World's Largest Economy (Yes China had actually surpassed the USA at their zenith.), all other producers for RAW GOODS will also layoff employees in droves.
Yes. Enjoy your collapse, greyghost. Enjoy your collapse. It will be a pleasure to watch your children unemployed and starving.
south carolina and oregon are number 5 and 6 on the list. how many manufacturing jobs are they going lose? oh wait, does this writer think these states will lose export taxes?
One piece of the side show is that affluent Chinese will up their pace of sneaking money out of China to buy more California real estate.
If you had any depth...
The USA has done to China as it did to Japan beack in the 1970s and 1980s.
If you really want a blueprint then you ought to actually READ about what the affluent Japanese did with their Real Estate Holdings after the Nikkei collapsed.
The Japanese sold off most USA Real Estate holdings as well as Industrial holdings...AT A FUCKING DISCOUNT...to cover their margins...as they were going BANKRUPT.
The affluent Chinese WILL DO likewise.
So instead of guessing, instead of pissing in the wind, you may want to do some READING....to see where History will rhyme?
Then you will be able to ACCURATELY FORECAST that the US Real Estate Market is GOING TO FUCKING TANK.
Isn't deflation a bitch?
The only thing I know of that Oregon exports are trees. Big rigs with double trailers hauling logs drive past my house everyday. I do not see exporting our natural resources as a good thing, especially when the profits only go to corporations rather than Oregonians.
The state of financial security for individuals will suffer the most.
China's devaluation is the beginning of the beginning of the currency wars. Many emerging countries will devalue to stay competitive followed by the developed world devaluing with QE.
Exports from US will drop 10% to 20% in the next couple of years unless the dollar devalues too.
So much for Old Yeller's promised rate hikes.
Beginning? LOL! Currency wars have going on for quite a while.
lol, hasn't the US been deficit spending to the tune of 6-10% of GDP for 7-8 years now?
pods
We are well and truly in the trade wars phase.
China just sank the TPP without firing a shot.Currency may have been the weapon.
Shooting wars next up.
Thus China shakes real gold from US gold reserves at the lowest prices.
pfft! we only exported fiat and exceptionalism
some would call it democracy
Down with the People's Republic of Illinois!!!!
+1 http://www.news-gazette.com/news/local/2015-06-13/state-comptroller-we-cant-pay-bills-now.html
“From my standpoint, I sit as the comptroller with the primary responsibility of paying bills. We can’t pay bills now. We have $5 billion worth of bills in our state that we have no money to pay"
yet UofI crook of a chancellor is clearing over a million so far this yr
I am looking forward to the Fed to export more free dollars to counter-export the deflation exported from China
Mega-exporting cycle of insanity in the making, bullish
All this is very bullish for gold!!
Poor Texas can not catch a break.
At least Texas doesn't have to drink their own piss, yet...
Their a different type of people. Not sure they would stand for that.
Miller went to plastic pretty worse case scenario...
You've obviously never had Lone Star beer.
http://lonestar-beer.com
LOL!!!!!
I have never tried it, but your comment was damn funny. I am sure some texans who read it will appreciate it. I think Budweiser is the worse beer I ever drank.
I've had "BEER"...White can, Black letters just said BEER...Generic Beer, cheapest panty remover we could find
Back to the early 80s with that one. You had BEER and LIGHT BEER in black and white cans. Drinking and then reverse drinking in the same day.
Lone Star is bad but Texas also has something called Sterling Beer. Great for removing rust from lugnuts.
I will confess that Shiner Bock is one of my favorites, though. Great stuff.
I had K&B beer. I don't know if I would drink one that just said beer. I may wait for someone to drink a whole can before I try. I would sit back and be like I am good maybe later.
same here, early 1980's
You've obviously never had Pig's Eye. That comes out of Saint Paul, MN, and it is the foulest stuff ever to be put into a can. Including automotive products.
That anything like Iron City... Pittsburgh could export that crap to china...
Try iron city beer, $1.25 a six pack and two days to recover, now that's a recovery.
Try Peanut Butter Milk Stout from Belching Beaver Brewery. Really good.
http://www.ratebeer.com/beer/belching-beaver-peanut-butter-milk-stout/22...
My favorite beer is Seagrams Seven
Time for Texas to go back to "independent republic" status...
or...
Secede Bitchez!
I just hop the state line since we are neighbors. It would be fucking awesome if they did. I am confident the south would rise again. And that comment does not mean slavery to the liberal retards that have a say in the world.
SO THERE'S an Okie and a Texan on a road trip through Texas with the Okie at the wheel.
He suddenly slams on his brakes as he spies a sheep with her head stuck in a fence just off the side of the road. The Okie proudly announces "You can't just let an opportunity like this slip by." He hops out of the truck and proceeds to "have his way with the sheep." Ambling back to the truck with a big grin he tells the Texan, "It's your turn!"
The Texan walks over and sticks his head through the fence.
TEXAS! Jesus' Favorite Theocracy! ©
So this is how the story went:
The Esteemed and August Representatives and Senators in the Texas Legislature ("The Lege") decided that Texas needed to build a wall around the entire State so as to keep "the undesireables out." Texas being Texas, the effort was, of course, privatized and solicitations and funding were sought.
As it turned out, there was wild enthusiasm for the construction of the wall, which came to be known as the Great Wall for the Defense of Baptist Texas, and most of the money and support came from OUTSIDE Texas! It seems that the enthusiasm for the Wall was to keep the Texans INSIDE Texas where they couldn't do any more damage than they already have!
The Charred Residents of West, Texas send their "warmest regards" to the residents of Tianjian, China:
www.youtube.com/watch?v=1ReAjMhCeu0
[News Update from Amarillo: The Texas Tech Football Team has been rescued from an escalator which stopped abruptly while the team was visiting a local mall. No injuries reported and local firefighters are being praised for the "heroic" rescue.]
We like Texans when the spend their money and then go back home.
Visit Texas? What the fuck for?
To see mexico ?
From the safety of the Alamo. Lulz.
You visit Texas so you can see this in your review mirror leaving:
SAXET HTIW SSEM T'NOD
BBQ from what I hear.
Two words....Import Tariffs
Move manufacturing of goods we consume back over here. The US is a much bigger market than China.
Tariffs would actually be a horrible idea. They hit the middle class and poor substantially because it would heavily tax most of the stuff they would buy.
I suggest reading Economics in One Lesson by Henry Hazlitt. Ever since the days of Adam Smith, free market economists have argued for free trade and against tariffs for hundreds of years. The laws of economics don't change.
After the civil war substantial tariffs boosted the US economy into a sustained boom. Our adversaries studied & copy this. They impose de facto and red tape tariffs to protect their industries from foreign competition. This plus treasonous domestic red tape is where & why our business went. If central planning & central banking propellor heads weren't so comfortable from the proceeds of preaching dogma they might take a look at the real world.
After the civil war? LOL After the civil war trade among other nations amounted to zip. By the 1920s, Smoot-Hawley proved disastrous, and trade still wasn't all that large of a portion of the US economy. Today, a trade war would be beyond insane. But that isnt' to say we and others don't still use tariffs, but if it led to a trade war, which it almost certainly would if we amped it up, we'd all lose.
So how's that free trade working out for you?
I'm sorry. Could you repeat your answer? I couldn't hear you over that giant sucking sound.
Those state's totals amount to $93 billion, or less than .5% of GDP. It's also less than what the Fed pays the treasury on a yearly basis. A 20% loss in those sales is a tenth of a percent of GDP.
Yeah, I'm pooping my pants.
What happens to small towns counting on one business to survive?
they die a slow agonizing death like so many before
Let's be clear, the states that are actually exporting real products are in fact carrying the rest of the country economically!!!
False. The petrodollar is carrying the country economically and thermodynamically. Commerce is failing because even with near-free oil (infinitesimal relative to the cost of equivalent labor from animal power), it cannot turn a profit - if it could, financialization never would have happened and debt to GDP would be in line with that of the period from 1940 to 1980, which just happens to be (as you surely know) when US production of crude was highest.
In reality, exporters are merely strip-mining the little remaining thermodynamically cost-effective natural capital left in this land, and spending the proceeds on trinkets and distractions while the country figuratively burns, for which their descendants will justly damn them a thousandfold.
Those "real products" are mostly natural resources rather than manufactured products.
As a resident of the Bay Area, I'm curious this time around - just how long it will take for the bloated social media monstrosity to start unwinding its payrolls at the first hint...? I know memories are short, but I don't think the finance department's memories are as short as the employees' or the general public, who think like it was in the early 80's, where the 'tech' industry was considered 'recession-proof'. You oldsters remember those days...?
That was before the sock puppet crash right?
pods
I remember the bombed out strip malls of Volcker shock, yes.
My brother thinks we would be lucky if this was just a run of the mill 4th Turning like WW2, Civil War, etc...
He thinks that there is high liklihood this is Revelations being fufilled.
:(
That kinda blows. Does that mean I gotta read the bible if I wanna know what is gonna happen?
pods
I read it once, but can't remember how it ends..
it doesn't end well
"it doesn't end well"
At least not for some.
I used to flip through it as a kid, mostly to find names for D&D characters.
I am sooooo going to hell. At least they will have cool games?
pods
I also see that playing out.
Given TPTB's focus on astrology/numerology, after listening to Jordan Maxwell pointing out numerous astrological references in the bible, it would be quite easy to engineer the end as written.
Synagog of Satan.
Why, with all the the numerous translations was the Book of Enoch omitted?
So far it's Tianjin
Did Buick’s shoot-up in price over the last week if you live in China?
Will General Motors need another bailout?
Was the Chinese explosion a ship filled with ammo headed to the Reef Base?
As the world turns….
does that mean Amazon can sell us made in China stuff even more cheaper?
Seen any Chinese tourists lately?
Should we have? They have a stop over in greece and after being fleeced there , their aint no money left to come here.
Any ZH-ers from South Carolina? I'm wondering what your state exports to China, up over 600%.
Cigarettes.
Doh! That's what I was afraid of. This will be very bad news for Chinese public health in 20 years, if it's not already.
I saw a 60 Minutes story on SC's leading export to China being cardboard to pack stuff up that gets sold back to the U.S. No joke.
I'd believe. They practically pay you to send a container TO China.
Just got a big airplane factory from washington st on the books, it's a "one off" thing you'll never hear about again.
with the exception of Wash,(IT) Calif, (intertainment), Mich ( auto realated) all the rest are commodities--- that was already in the tank---this Yuan devaluation will have minimal effect on the US IMHO
What will U.S. Senators do to retaliate?They can't get their spending under control so they need to let China print their currency to deficit finance America.Communist Red China financing Washington,who would ever think?Detroit is an example of selling out in order to be the so-called world policeman.How's that going while you go broke creating chaos?
I'm going to have to dust off my copy of "Currency Wars" and give it a read to find out what happens next in this story.
"what happens next in this story"...well, according to certain analyst'...
it's a "hot war", after the economic war.
What products are they exporting to China??
It's being floated in alternate media, that the devaluation of the Yuan will be used by the PTB , to ram through the TPP. It will be touted as the only defense against China's influence (negative) on the worlds ecenomies.
Arse about face imo.
I think TPTB were blindsided.The Chinese realized they were never going to get a seat at the table.
No more playing Mr. nice guy from now on.
They prolly would have done it long ago had the chain of lies broke back then.
After totaling the list, above, the percentage of U.S. GDP the total represents is miniscule. Yawn.
Oregon is mostly computer processers etc..Intel is big here.
close behind is agriculture. Oregon also makes plane engines..
geography: what a bitch...
washington state exports to all of asia...
and, who is asia?
What's missed here is plenty of "exports" aren't finished goods but unfinished goods being assembled elsewhere. If that elsewhere happens to be China, we're looking at lower labor costs.
What I find interesting, in this so called "Global Economy" is that just two nations on the planet seem able to retain their independence. One is Russia, the other is China. I read stories both here and in the main stream media telling me that both are doomed economically. And yet they are able to persevere if not prosper, while the vast majority of "Western" economies are faultering and have been surviving only by way of government manipulated bullshit economic fantasy statistics.
I dare say that under "real world" conditions, both China and Russia will survive much better than the "west" if this "currency war" proceeds as predicted here.
Murdering millions is routine for them.
From Washington: Nyaaaaahhhh.
China will have food hyper inflation if they cut food imports from CA & Wa, Yellen will cut again.
Huckabee goes there. "There" meaning tariffs on China.
http://www.washingtonpost.com/news/post-politics/wp/2015/08/13/mike-huck...