U.S. Bridges and Roads being built by Chinese firms and Chinese workers
This is disgusting. Every time Obama speaks about creating American jobs it makes me want to smack my head against the wall.
I'm actually surprised that ABC News actually did a special on this. It smacks Obama right in the teeth especially since this is just one of dozens of situations.
lavendar_star: Well for me this is what you get from global capitalism, I imagine the Chinese with their cheap labour had the lowest bid, a similar thing happened in Caribbean countries where Chinese companies won contracts and brought in their own labour force despite that region probably needing employment more than their American counterparts. The same thing also happens in the UK where British firms are passed over for foreign firms and who normally employ foreign labour be it private or government contracts.
Its the free market at work, Capitalism doesn't care for nationalism or can I say some socialist concept of the collective good of a nation, its all about the bottom dollar. I imagine it would cost more to the US to to give contract to US firms and for them to employ a US work force ( in the short term). I would think it would be better if countries have a clause in their contracts with foreign businesses to employ a % of that home nations' citizens.
The Olympics happening this year in the UK, was suppose to help our economy in the UK but instead its been a scam, with corruption, nepotism (people giving high pay jobs to their friends and associates- as seen on a network documentary) and many contracts and sponsors going to foreign companies and many jobs going to foreign labour. Its globalisation at work, if I remember correctly its something both the UK and US fought for in the good old 1980s.
OCD_OCD: I still believe that globalization is simply "sharing the misery". The idea of a One World Bank is horrifying. It would be world-wide welfare. And the people who would be in charge? It would be a license of power that is beyond comprehension.
lavendar_star: The same thing happened in the UK with a Conservative (right wing) government who made the same promise about British jobs for British workers. Which they didn't fulfil and apparently many of the new jobs made in the UK mainly go to foreign workers,despite having high unemployment here amongst Brits, its the nature of the beast.
Im sure there is a way for nations to secure their businesses from their own country but then if every country does that. It will go against the free market principle and competitive nature of capitalism. For example if America just secure contract just for businesses from their own nation and excludes foreign companies, other countries in turn will do the same to America. Tricky situation.
"Carriages at train manufacturing company Bombardier in Derby, where more than 1,400 jobs are to be lost following the Government's decision to award a lucrative carriage order for the Thameslink route to Siemens of Germany rather than to Derby-based plant."
Read more: http://www.shropshirestar.com/news/2011/07/13/letter-hypocrisy-of-government-over-rail-contract/#ixzz1lF1DT9QX
lavendar_star: Yes globalisation is very dubious thing, the less power people have within their nations borders the more power and control the elite have over the masses. At least you Americans still have concept of sovereignty unlike us Brits dictated to by the gravy train of the EU (which btw we had no choice to be in and where refuse an option if we wanted to stay in it).
lavendar_star: Very true OCD but Germany ironically, lol have been the biggest winners from the EU (with being the ones giving out loans to the countries in financial meltdowna) as well as politicians and diplomatics who get great financial rewards by their countries being in the EU. It was because of the second world war, a European unity identity and America emerging as a superpower that spurred on the making of the EU).
However, I understand your shock and outrage on the thread subject, but its something that happens everywhere and with the Chinese being the main nation that is benefiting from economic globalisation and the free market, Im sure that is not what the UK and the US envisioned in the 80s.
(Edited by lavendar_star)
OCD_OCD: I should have said economically speaking, Dots. My friend from Ireland is not happy at all with the EU and the effect it has had on them and from what he has said times are very difficult there at the moment.
Sarcastic Dots: I kind of deleted because I realised it was throwing this way off topic, I apologise about that, OCD.
As for the issue with the Republic of Ireland, it wouldn't have grown as fast without the EU (and it did grow fast). Sovereign debt is still independently regulated and controlled by the host nation. The Greeks, Irish and Spanish have nobody to blame but themselves, and blaming the larger nations within the EU is a way to shift blame. The only arguemnt against the euro is the absolutely inept European Central Bank, which fails to act because of Germany's (understandable) fear of hyper-inflation.
But, anyway, on the issue of Jobs. I remember reading an article that stated that the number of American graduates seeking work in China is increasing. It's bad news for Obama, that's for sure, but people should be cautious in victimising these firms from "stealing" jobs, when China is offering the west jobs in return, and it will continue to do so.
Veering way off topic, I recall economic think-tanks predicting a huge housing and construction crash in china, so people should be wary about Chinese firms because their true costs and efficiencies are hidden.
Take, for example, this.
"New South China Mall (simplified Chinese: 新华南MALL; pinyin: xinhuánán MALL) in Dongguan, China is the largest mall in the world based on gross leasable area, and ranked second in total area to the Dubai Mall.
Unlike other "dead malls", which have been characterized by the departure of tenants, the New South China Mall has been 99% vacant since its 2005 opening as very few merchants ever signed up."
The definition of a false economy, right there.
(Edited by Sarcastic Dots)
OCD_OCD: I am concerned from what I have read about how the Chinese falsely prop up their monetary system. And I totally agree with you on their false economy also.
I must admit that I cannot really speak intelligently on how the EU functions because I don't live there and I find it very confusing as to who is allowed to do what. I think she was angry when the EU forced Ireland to take a bailout.
vivv_00: the US of A is in China`s pocket, and there`s no way to climb out now. the big game-players want to be the 0.00000000000000001% controlling the globe. i see the odds in their favor (i love to gamble). what`s it gonna take to keep it from happening?
Here’s the facts on who owns the debt of the US:
9% Hong Kong $121.9 billion (US Treasury)
1% Caribbean banking $148.3 billion (US Treasury)
1.1% Taiwan %153.4 billion (US Treasury)
1.5% Brazil $211.4 billion (US Treasury)
1.6% Oil Exporting Countries $229.8 billion (US Treasury)
2% Mutual Funds $300.5 billion (Federal Reserve)
2.1 % Commercial Banks $301.8 billion (Federal Reserve)
2.2% US State, Local, and Federal Retirement Funds (Federal Reserve)
2.4% Money Market Mutual Funds (Federal Reserve)
2.4% United Kingdom $346.5 billion (US Treasury)
3.5% Private Pension Funds $504.7 billion (Federal Reserve)
3.5% US State and Local Governments (Federal Reserve)
6.4% Japan $912.4 billion (US Treasury)
6.6% US Households $959.4 billion (Federal Reserve)
8% China $1.16 trillion (US Treasury)
11.3% US Federal Reserve (Federal Reserve)
19% Social Security Trust Fund $2.67 trillion (Social Security Administration)
In all, the Treasury owes foreigners and foreign governments $4.514 trillion dollars
But Americans own most of the $14,342,909,569,328.74 of debt.
Sarcastic Dots: You know, comparatively, the United States national debt isn't that large. It's wealthiest competitor (per head), Japan, has a national debt of 200% to GDP.
IMF report actually states it is closer to 220%, actually.
Raw numbers are always going to make America's debt look inflated because the size of their economy is about twice the second most wealthiest nation, China. Debt, based upon monetry value, means nothing-- All that matters in how much is borrowed against the countries ability to pay it back, like any form of credit.
Sarcastic Dots: America's manufacturing base isn't great, sure, but chances are your pc components are developed within the US and manufactured in China. Even Japanese products, specifically televisions and games consoles, use graphics cards developed by AMD, Nvidia and Intel.
It's not a clear-cut "one is better than the other" scenario. America needs China, and China needs America. China is incapable of innovation, which is why they are dedicating so much time into perfecting it -- China want their silicon valley, but they haven't got it yet. Until then, America has an advantage of several other nations.
(Edited by Sarcastic Dots)
Rabbit said: I believe the reality sure paints a different picture than the propaganda............
Here are the facts about the Mall…not propaganda as Rabbit wants you to believe.
Dongguan, with a population in excess of 10 million, is located in southern China's Guangdong province, east of the province's largest city, Guangzhou.
Since its opening in 2005, the mall has suffered from a severe lack of occupants.
Much of the retail space has remained empty, with over 99% of the stores vacant.
The only occupied areas of the mall are near the entrance where several Western fast food chains are located and a parking structure repurposed as a kart racing track.
A planned Shangri-La Hotel has not been constructed.
There are many flaws to the mall's location.
The mall is located in the suburbs of Dongguan, where it is practically accessible only by car or bus, rendering it unreachable to a large percentage of the public.
Dongguan does not have an airport, nor are there highways adjacent to the mall's location.
Donohue, Michael "Mall of misfortune". The National (Abu Dhabi Media Company). Utopia, Part 3: The World’s Largest Shopping Mall, Donohue, Michael (2008-06-12). "Mall of misfortune". The National. Abu Dhabi Media Company. Thomas Talhelmlm - "Modern-day ruins in Dongguan". urbanatomy.com. "Welcome to the loneliest shopping mall in the world". "华南MALL"变脸"突围 昨起变更为新华南MALL•生活城". Nanfang Daily (in Chinese).
This information was easily accessible and readily available. I believe the facts sure paints a different picture than the propaganda.