At 16:07 10/10/2011, Arthur wrote:
<http://www.nytimes.com/2011/10/10/us/recession-officially-over-us-incomes-kept-falling.html?nl=todaysheadlines&emc=tha2>Recession
Officially Over, U.S. Incomes Kept Falling
By ROBERT PEAR
In a grim sign of the enduring nature of the economic slump, a new
report shows that despite some improvement in the economy, household
incomes have lagged.
In real terms, average wages in America have been falling for 20
years already.
<http://www.nytimes.com/2011/10/10/business/global/households-pay-a-price-for-chinas-growth.html?nl=todaysheadlines&emc=tha2>As
Its Economy Sprints Ahead, China's People Are Left Behind
By DAVID BARBOZA
China's current economic system favors state-run banks and companies
over wage earners, who are largely denied the benefits of the
nation's remarkable growth.
Whether private and state banks are involved, exactly the same sort
of government-banks nexus operates in China as in Europe and America.
Once governments ditched stable money early in the last century then
it needed to enrol the banks as franchisees in order to serve as
outlets for steady streams of inflated money (or excessive streams
when "quantitative easing"). The only important difference between
China and the other two is that China knows that a stable world
trading currency is necessary (and has been calling for one for
years). Because of the predominance of the dollar, and more recently
the euro, China has been forced into the same money-printing system.
As the present Great Recession wears on, it will be interesting to
see which social cultures manage to cohere -- or not.
Keith
Both from today's NY Times and both indicate that there are changes ahead.
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Keith Hudson, Saltford, England http://allisstatus.wordpress.com/2011/10/
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