Why the CCP Can't Solve China's Economic Crisis

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TLDR News Global

TLDR News Global

9 ай бұрын

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With a failing property sector, mounting debt crisis and deflation, China's economic issues can all be linked back to a lack of consumption. So in this video, we look at the root cause of these crises, and whether Xi has the political will to fix them.
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Пікірлер: 942
@vinesauceobscurities
@vinesauceobscurities 9 ай бұрын
I'm curious what Xi's idea of an alternate system to "Western-styled consumption" is. If your export-driven economy is in the dumps, and you can't tap economic growth from what is still a potentially massive domestic market, what the hell kind of solution is he looking for?
@kareemdurrant139
@kareemdurrant139 9 ай бұрын
Fat American 😢
@Omni_Shambles
@Omni_Shambles 9 ай бұрын
He is looking for his people to avoid becoming fat, lazy westerners. Quite noble really.
@MrBCWalker01
@MrBCWalker01 9 ай бұрын
War. Draft all the unemployed men into the military. Throw the women into the factories. Use Force Majure to nationalize the economy and revert to a pure command economy while executing a political purge of all remaining opposition. Throw all those men into an invasion or two, heedless of casualties; they're expendable fodder so them dying doesn't mean anything but a relieved political and economic burden and those that survive get bought off by having a wife thrust upon them (who will be compelled to produce multiple children by that point, and divorce made illegal- count on it). The war _does not need to succeed._ It just has to relieve the economic and political pressures within, including abrogating all debt obligations to foreigners. Sanctions would only strengthen Bejing's hold on the population, even if it ultimately led to defeat; opposing forces would have to invade the mainland and root out _the entire Party apparatus and membership ON ITS HOME SOIL_ to guarantee anything more than a Pyrrhic victory and that is a task guaranteed to test the resolve of any opposing force's political will due to how long it would take. Failure to annihilate the Party means it comes back, and stronger, and it is unlikely that there would be any local popular opposition that would attempt to play the 5th Column in support of a foreign invasion to get at the Party. In short, Beijing is expecting to use war with foreign opposition to secure its domestic power- and damned be the local population, for _they do not, and never have (or will) matter._
@vinesauceobscurities
@vinesauceobscurities 9 ай бұрын
@@MrBCWalker01 That's exactly what comes to mind at the back of my head. After all, when you're constantly demonizing and sabre rattling at foreign entities, it makes it easier to shore up blind patriotic fervor and distract from domestic problems.
@MasticinaAkicta
@MasticinaAkicta 9 ай бұрын
Back to full blown communism? Well that will just mean it all will crash anyway.
@12time12
@12time12 9 ай бұрын
Xi saying western consumption leads to laziness is codeword for “but they’ll start complaining about their rights or improved working conditions”. Why China continues to refer to itself as a “communist” country is odd.
@geraldg350
@geraldg350 9 ай бұрын
Yes and they will still loose half their productive capacity so he is half right & you're half wrong
@GrammarNaziAUS
@GrammarNaziAUS 9 ай бұрын
@@geraldg350 He's not inaccurate, but their productive capacity will drop not because the population has become "lazy", but because in order to fuel such spending, their wages need to massively increase, which lowers their competitiveness, which has been how China has gotten this far.
@lalilali3750
@lalilali3750 9 ай бұрын
@@GrammarNaziAUS trying to maintain China’s competitiveness in cheap labor is a losing battle because of their aging demographics. Might as well bite the bitter pill now and make the transition rather than waiting until the inevitable happens very slowly and it becomes too late.
@GrammarNaziAUS
@GrammarNaziAUS 9 ай бұрын
@@lalilali3750 But to do so will kill off what has made the Chinese so powerful. Exploitation of its worker class is the only reason its been able to get as far as it has. Perhaps, it could get further with a new system, but to do so would invite the kinds of thought within the population that lead to Tianenmen Square, which I can guarantee China does not wish to repeat.
@nielskorpel8860
@nielskorpel8860 9 ай бұрын
@@GrammarNaziAUS well, that means they are in a bit of a situation, then, aren't they? We can see what the outcome will be. See here the price of wanting to be a regime; it makes you do things you will later regret.
@timross5351
@timross5351 9 ай бұрын
TLDR: If you don't pay workers enough, they stop buying stuff. If your people can't buy your stuff, your economy collapses.
@Dakidpepe
@Dakidpepe 9 ай бұрын
If you don't give ur own people freedom then ur whole country gonna collapse. The main problem is the people running the country.
@tomlxyz
@tomlxyz 9 ай бұрын
But in case of china they heavily relied on export so it worked for a while without paying workers enough to buy things inside the country
@azmodanpc
@azmodanpc 9 ай бұрын
It’s not that they don’t buy. They’ve got close to zero welfare. Pensions are ridiculously low and healthcare is a bad copy of the US but with more corruption and other Chinese characteristics. They’ve got to save for old age since an health scare can easily bankrupt them. But Xi thinks they are lazy…
@NP1066
@NP1066 9 ай бұрын
You got one thing wrong there. China's economy is simply not collapsing. In any way shape or form.
@theuglykwan
@theuglykwan 9 ай бұрын
It's not totally true. They do save a lot but so do the Irish and Singaporeans. They ARE buying stuff. It's going into real estate. Their income to housing ratio is 5th highest in the world at 33. US is 4.2. UK is 8.4. Singapore is 15.7. Ireland is 7.3. They must save a lot because of the crap welfare system and to help their children get on the property ladder. So their consumption is concentrated into the property bubble which has now popped. Debts cannot be easily discharged so those who pre-ordered homes must keep paying for a home that might never be completed. Foreign investment is leaving. Exports are falling. Banks are restricting people from even accessing their money or placing a daily limit!
@alumni2a692
@alumni2a692 9 ай бұрын
It’s not bad for an explanation but living here in China I can tell you, main issue is as much domestic consumption as wealth capture. That’s a taboo in such a country calling itself “communist”.
@97Corvi
@97Corvi 9 ай бұрын
Is the issue that big ? How much does someone can male as a salary monthly ? :/
@yuzk2
@yuzk2 9 ай бұрын
"captation"?
@logician3641
@logician3641 9 ай бұрын
300 million lives were lost in China because of Covid. Thats the real reason consumption dropped and will never come back. Now there is also a huge Uranium/Cole exposure crisis in Inner Mongolia. So expect even less domestic consumption.
@user-un8tv1pp8m
@user-un8tv1pp8m 9 ай бұрын
@@logician3641 Uh-huu - yeah. Once you show me the belgium-sized new cemetaries on sattellite pictures. And explain why an infectious disease that killed at most 0,5% of the population elsewhere suddenly supposedly killed 20% of chinese folk - 40 times the established rate? Then we can discuss. That number is absurd! And if you believed it from some source .... you are brutally gullible.
@Youcanatme
@Youcanatme 9 ай бұрын
What is wealth captation?
@danculea7865
@danculea7865 9 ай бұрын
"Never interrupt your enemy when he is making a mistake." - Napoleon Bonaparte
@sblbb929
@sblbb929 9 ай бұрын
Ok, but the chinese people on the ground deserve a better life
@bzuidgeest
@bzuidgeest 9 ай бұрын
China is not my enemy ( and also no friend, it is a trade partner) and its collapse could have serious consequences for the rest of the world. A dying country with little to lose and a big army and huge population is a big danger.
@yuvalhason6250
@yuvalhason6250 9 ай бұрын
China is by far your largest exporter and you own them the most debt (assuming youre american) and you call them an enemy
@bzuidgeest
@bzuidgeest 9 ай бұрын
@@yuvalhason6250 don't expect fairness from flag-waving Americans
@enigmaticspace7578
@enigmaticspace7578 9 ай бұрын
True. Bout time we see China collapse. Chinese wolf warriors keep on saying that the US will fall, but compared to the rest of the world, the US is relatively stable. China is in an even more precarious position than the US. Shows how inferior the CCP really is compared to the US despite US shenanigans.
@rashidisw
@rashidisw 9 ай бұрын
What this video didn't show you that CCP greatly restrict & limits Chinese citizen ability to transfer and/or withdraw their money from their own bank account, no limit on depositing the money tho. With such restrictive financial liquidity, it is no wonder that those in mainland became even more selective on which they would spend their money on.
@philosaliu9254
@philosaliu9254 9 ай бұрын
🙄
@BisayangdakoVlogz
@BisayangdakoVlogz 9 ай бұрын
​@@philosaliu9254🤪
@Murray-wk3hz
@Murray-wk3hz 9 ай бұрын
Totalitarianism is very costly on a economy.
@NP1066
@NP1066 9 ай бұрын
Yeah? That's why China has lifted 800 million people out of poverty in the shortest time span in human history, grew their economy almost 20 fold in 40 years, are already the largest economy in the world in PPP terms and have larger economy than the US in real and productive terms?
@vsstdtbs3705
@vsstdtbs3705 9 ай бұрын
I would argue universal suffrage democracy is more costly, and is results in the extinction of our species. Men have lost their rights to put their wives down, so we are overpopulated. Traditionally they are his property. As women dominate voting, there is womens rights, human rights, immigration rights - they all go together, and has led to 8 billion people.
@somecuriosities
@somecuriosities 9 ай бұрын
To be fair so is neoliberalism - depends whos economy is being affected and whos paying the costs.
@hkonhelgesen
@hkonhelgesen 9 ай бұрын
Exactly. The chinese totalitarianism costs more. Than what can be saved by the lowest wages in the world. China is no longer the cheapest place to produce. China is losing.
@angelic8632002
@angelic8632002 9 ай бұрын
So, Winnie the Pooh is basically the boomer of boomer. Got it :3
@AmazingDuckmeister
@AmazingDuckmeister 9 ай бұрын
-100,000,000 social credits for you XD
@weirdo1060
@weirdo1060 9 ай бұрын
For those who don’t understand, Winnie the Pooh is an insult to China’s Xi Jinping. He and CCP pride themselves on a serious and smart image. Pooh as a cartoon bear portrays a goofy and dumb image.
@knpark2025
@knpark2025 9 ай бұрын
The biggest reason is that CCP is a small video game company in Iceland and it can't even manage an in-game economy of an mmorpg with an average 15k online acounts. Wait, wrong CCP🤔
@anuraggr
@anuraggr 9 ай бұрын
Don't worry man. Keep going I'm interested
@E4439Qv5
@E4439Qv5 9 ай бұрын
This must be why they're trying to go by CPC now. Those Icelandic copyright ninjas are no joke.
@SebastianLundh1988
@SebastianLundh1988 9 ай бұрын
If I remember correctly, according to *official* statistics, the PRC is losing 4-5 million workers from the labor force annually, and according to the demographer YI Fuxian, who claims that China has 130 million fewer people than the official statistics say, the labor force is losing 8 million workers annually.
@sai9154
@sai9154 9 ай бұрын
Very important point which is even more critical as far as long term growth is concerned
@AdlerMow
@AdlerMow 9 ай бұрын
And they still don't want to pay higher salaries to a vast group of people and do everything they can to destroy their middle class, like their recent clamp down on entrepreneurs, teachers and video streamers.
@RuckFussia
@RuckFussia 9 ай бұрын
@@AdlerMow This is the inherent weakness of authoritarianism, and why it can never truly succeed. Most of China's growth is all built on a facade.
@ICreatedU1
@ICreatedU1 9 ай бұрын
Thx for the recommendation, I've just read an interesting article by him on the subject on Project Syndicate. Interesting read. It's not an easy task to differentiate between Western Sinophobic propaganda, Chinese propaganda and the truth, whatever that is.
@lightfeather9953
@lightfeather9953 9 ай бұрын
Researchers have found that China has lied about their population size and has been declining for years already. It's going to start to get rapidly worse in the next decade or two.
@zhixuanchen6914
@zhixuanchen6914 9 ай бұрын
The excuse using trap of welfarism is pretty popular in Singapore too as the government continues to depress wages using cheaper foreign labour. Only difference is the economy is small and robust enough to pull through via her geographical advantage.
@splashnskillz37
@splashnskillz37 9 ай бұрын
mfka even dissed my ppl while at it (xi jiping)
@MrMarinus18
@MrMarinus18 9 ай бұрын
For now. The problem with the neo-liberal mentality of using cheap foreign labor is that it undermines the very foundation of the economy and so can't be maintained for very long.
@andrewestbrook4473
@andrewestbrook4473 9 ай бұрын
​@@MrMarinus18 It also undermines loyalty to the country because citizens realise their status is secondary to the demands of big business.
@MrMarinus18
@MrMarinus18 9 ай бұрын
@@andrewestbrook4473 Indeed. Why would a citizen do something for their state if their state never did anything for them? In China especially there is a massive cry that the people are not willing to fight Taiwan. Most are saying "Send the party leaders"
@andrewestbrook4473
@andrewestbrook4473 9 ай бұрын
@@MrMarinus18 Nobody wants war except the CCP.
@FreshSmog
@FreshSmog 9 ай бұрын
Not all people just laze around when they have sufficient wages to live a relatively comfortable life. They innovate, create, invest and generate value. There's a lot of potential lost in overworking and underpaying the populous.
@JenGtt-gp3ju
@JenGtt-gp3ju 8 ай бұрын
Smoke ganj......yea......no problem here...
@0xCAFEF00D
@0xCAFEF00D 9 ай бұрын
Xi isn't wrong in part. Western style consumption does cause "laziness" by comparison to the average overworked underpaid struggling to make ends meet chinese worker. Paying them what they're owed would let them know there's a life outside the factory. Maybe they'd even reach a level of happiness where they'd consider wanting to bring life into the world for other reasons than farm labor.
@yopyop3241
@yopyop3241 9 ай бұрын
It has been hypothesized that some of that sort of “laziness” may actually be good for society. Charles Darwin’s experience with that sort of “laziness” led to his developing the Theory of Evolution. Others have argued for a more measured amount of “laziness.” Einstein did most of his best work during the years when he was underemployed as a patent examiner, a job that paid him enough to sustain himself while leaving him without enough work to take all of his time. It has been hypothesized that the work culture of Japan, Korea, and now China is the reason why those countries continue to underperform in scientific research relative to their population, level of education, spending on research, etc.
@lightfeather9953
@lightfeather9953 9 ай бұрын
​​@@yopyop3241yeah if people like Bill Gates and Jobs followed all the norms of finishing college and toiling for a big corporation for decades we'd be far behind where we are today. Not to mention the massive output of US entertainment industry that dominates the world. There are probably tons of wasted talent in China who are too tired and poor from working long low wage hours to produce anything creative, whether a new business or artistic idea. and the govt isn't exactly friendly to such things. Han Chinese people in other countries have a great record of success and innovation. So much talent wasted by the CCPs system.
@samuela-aegisdottir
@samuela-aegisdottir 9 ай бұрын
If you call demanding basic human rights "laziness" then yes.
@t.dickinson7942
@t.dickinson7942 9 ай бұрын
Chinese already show their contempt to CCP with lie flat movement, let it rot so it will collapse refusing to marry have children.
@only_fair23
@only_fair23 9 ай бұрын
@@yopyop3241 Does Korea underperform? I thought Korea was exceptional and for a few years were considered one of the most innovative countries in the world
@mzo.7333
@mzo.7333 9 ай бұрын
Low consumption culture doesn't sound like a bad thing when you're not a slave to buying stuff for the sake of it
@hasanok4172
@hasanok4172 9 ай бұрын
book recommendations are always welcome! there should be more of them!
@Chris-ki2dx
@Chris-ki2dx 9 ай бұрын
One has to wonder: with the widespread 9-9-6 system in China (working from 9 am to 9 pm 6 days a week), do Chinese people even have time for being proper "consumers"? With the work culture this intense, there seems to be little room for things like having hobbies or leisure activities which are conducive to being a consumer. They might be lucky to "consume" a proper meal during the day, but not much more, I suspect.
@com.grenate
@com.grenate 9 ай бұрын
996 has been illegal since 2021
@justinchang817
@justinchang817 9 ай бұрын
@@com.grenate It is illegal but the practice still exists. The labor law is not executed as strict and thorough as it should be.
@com.grenate
@com.grenate 9 ай бұрын
@@justinchang817 and in America child labor laws are being violated left and right. This is an issue with capitalism, not with any nation specific.
@justinchang817
@justinchang817 9 ай бұрын
@@com.grenate Care to substantiate your claim that child labor law is being violated in America left and right? What are you smoking? Don't try to change subject. Does 996 work schedule still exist in China today? Do China have real worker's unions? All the unions in China are controlled indirectly by the state. The labor right activists are constantly being arrested, sentenced, or monitored. Few years ago, a few activists tried to run for People's Assembly in Beijing and were harassed by police. They eventually withdrew.
@jkc3738
@jkc3738 9 ай бұрын
"996" is what Jack Ma said..."The spirit that Internet companies should have"...When did China implement 996? Is this the free information you get?
@sai9154
@sai9154 9 ай бұрын
Failure to mention the role of China's collapsing demographics in slowing consumption and inhibiting growth in the property and other sectors was a huge oversight.
@JamesL42
@JamesL42 9 ай бұрын
To be fair they have mentioned this in literally every other video on China I'm pretty sure. Could be wrong.
@bzuidgeest
@bzuidgeest 9 ай бұрын
How many videos on those demographics do they have to do for you? Maybe pay more attention.
@guydreamr
@guydreamr 9 ай бұрын
Not collapsing yet, but medium to long term is another story.
@doigt6590
@doigt6590 9 ай бұрын
Tell me you're new to the channel without telling me you're new to the channel.
@Dakidpepe
@Dakidpepe 9 ай бұрын
The main problem is China doesn't want any person or company having influence. Make too much money or have too many followers & you magically "disappear" & so does the economy too.
@SilvanaDil
@SilvanaDil 9 ай бұрын
Consumption won't go up with a population that is aging and declining.
@nadtz
@nadtz 9 ай бұрын
A point that was made in another video I've watched that I don't think I've heard before is because of various factors the small/medium businesses that would have brought about the internal consumption which could have been a help now were never given the chance making the whole economic rebalancing that much harder. How accurate it is I don't know but it was an interesting point.
@marcoguzzetti5878
@marcoguzzetti5878 9 ай бұрын
I like that you suggested a book. Please do it more!
@tofunmifamuwagun
@tofunmifamuwagun 9 ай бұрын
I don’t think xi is wrong about the problems of western style consumption led economic growth, but I also don’t think he has the solution to the economic problems his country faces
@RuckFussia
@RuckFussia 9 ай бұрын
What the world needs is better worker rights and less wealth and income inequality. We're just letting the rich bend us all over and take us to pound town.
@shzarmai
@shzarmai 9 ай бұрын
​@@RuckFussia true, workplace autonomy and a Georgist land value tax/Citizen's dividend/affordable housing is necessary.
@samuela-aegisdottir
@samuela-aegisdottir 9 ай бұрын
If you look for the solution of economic crisis in the communist ideology and aggresive nationalism, you are destined to fail. But you will transform your country in a totaliarian hell in the meantime, so it is worth it.
@Goodgoodgoodgo
@Goodgoodgoodgo 9 ай бұрын
@@RuckFussiathe earth can’t provide for so many humans. If every human is sufficient then the earth can not bear
@loot6
@loot6 9 ай бұрын
If they increase wages then made in China will end. Everything they've already done has lead to this problem and everything they could try to do to fix it will lead to alternate consequences.
@puraLusa
@puraLusa 9 ай бұрын
All measures bessides trying to be less agressive and more diplomatic.
@LarsaXL
@LarsaXL 9 ай бұрын
Yeah, Chinese workers getting a fair wage and more people around the world buying local products... actually that sounds like a good thing.
@puraLusa
@puraLusa 9 ай бұрын
@@LarsaXL actually it's unemployment in youth in china is rising tremendously, china economy is suffering, and all other economies also suffer to a degree cause it's all related due to global trade.
@loot6
@loot6 9 ай бұрын
@@LarsaXL Yeah of course it's a good thing, although about 10 years too late at least. China's the second largest economy but their workers still operate 'made in China' like they're a third world country. Certainly not normal. So much for the government's promise to leave it to them and they'll make the people rich....they only made themselves rich.
@ColoniaMurder20
@ColoniaMurder20 9 ай бұрын
@@puraLusa other country will replace china as world factory such as South and Southeast Asia.. just a matter of time.
@teashea1
@teashea1 9 ай бұрын
well done
@RERM001
@RERM001 9 ай бұрын
I really like the reference to M&M world! Brilliant hidden reference!
@JingChen-jz3ih
@JingChen-jz3ih 9 ай бұрын
The economic crisis has taken many out of jobs and homes but would be worse without a financial plan. I always had foresight and expected the worst therefore, I took necessary precautions capitalizing on the financial market. I employed the services of a financial advisor in the USA and that decision changed my life forever.
@JingChen-jz3ih
@JingChen-jz3ih 9 ай бұрын
@@LiuYan-xx8yxVery true. A lot of people downplay planners role, until burnt by their mistakes.
@JingChen-jz3ih
@JingChen-jz3ih 9 ай бұрын
I remember just after my layoff a year ago. I had to stay afloat, hence researched for licensed fiduciary advisors. Thankfully, I came across someone of practical knowledge and experience. My reserve fund of $35k has yielded nearly $480k USD after subsequent investments.
@JingChen-jz3ih
@JingChen-jz3ih 9 ай бұрын
I’ve shuffled through a few financial experts in the past but settled with Mr. CHRIS RYAN STEWART.
@JingChen-jz3ih
@JingChen-jz3ih 9 ай бұрын
His strategy is recession proof, more specifically profit-oriented and most likely you’ll find his basic information on the net. He’s a very well known advisor.
@virgilludwig
@virgilludwig 9 ай бұрын
who is the Chris Ryan Stewart you speak of? Can I get a contact?
@colgategilbert8067
@colgategilbert8067 9 ай бұрын
I should add that Xi oppinion about consumer economies may be more cynically real. Poor, nearly starving workers and peasanrs scremble pretty hard to get by. They have little to no time for political thought or activism.
@dliu115
@dliu115 9 ай бұрын
Great analysis
@davisoaresalves5179
@davisoaresalves5179 9 ай бұрын
Usually developing nations don't rely much on internal consumption. Because their incomes are not much high.
@only_fair23
@only_fair23 9 ай бұрын
Yeah, they've hit the middle income trap. To continue growing, they have to pay their people more but if they pay their people more, they will lose what they've been building for 40 years
@blinking_dodo
@blinking_dodo 9 ай бұрын
Maybe just don't rely on a running economy for staying afloat? But it's already too late for that tactic, so we will have to decide who is going to loose.
@n0madfernan257
@n0madfernan257 9 ай бұрын
2:00 maybe you could add the just recent typhoon crisis
@metalhamster14
@metalhamster14 9 ай бұрын
Nice tosh Oh yeh, btw, I am living in a big city in China and most of this matches what I see here right now.
@TimothyCHenderson
@TimothyCHenderson 9 ай бұрын
Interesting to see how this goes. They set up a system that worked so well for them that it may be impossible to alter the strategy when it's needed. I think the world may also have fallen into the exponential growth of China trap as well and expects too much from them. Their middle class is already bigger than the US total population. Many of the issues they are facing are also happening in developed countries (glut of over educated adults, housing crunch, demographic decline, etc) which makes me believe that there are two Chinas: the developed tier 1, 2 and 3 cities that house most of the prosperous middle class and then the rest of the country.
@allessandra3965
@allessandra3965 9 ай бұрын
That’s true for most of the world though
@jacksmith-mu3ee
@jacksmith-mu3ee 9 ай бұрын
Ah yes china collapse wish since 1960 lol😂
@shakunimama936
@shakunimama936 9 ай бұрын
​@@jacksmith-mu3eeyes what a joke west makes if that's the case usa and canada will colopse in next decade 😅
@SwissSareth
@SwissSareth 9 ай бұрын
"IF Xi let's his ideas about Western excess interrupt the necessary changes." 😂 "If"? We're talking about somebody who wrote a book on his "thoughts" and has the Chinese people religiously study it. It's taught in school, some work places there's mandatory group reading sessions, people get quizzed on their knowledge about the contents, etc. You better believe he will let his beliefs get in the way of constructive change.
@jameskamotho7513
@jameskamotho7513 9 ай бұрын
I follow Michael Pettis on Twitter or is it X? And could tell you were channelling his talking points before you showed their book. Good stuff...
@leavesinautumn5959
@leavesinautumn5959 9 ай бұрын
It's not just a question of low (relatively) wages, people don't have confidence in the economy right now. They're anticipating tough times and have shifted (where they can) financial priorities accordingly.
@leavesinautumn5959
@leavesinautumn5959 9 ай бұрын
@@kenbehrens5778 It genuinely confuses me when people quote figures out of China at me, are there still people that genuinely think Beijing can be trusted to give accurate data? Without oversight or independent verification? It's inconceivable to me. Why would someone be that naive?
@Thamian
@Thamian 9 ай бұрын
It's worth noting that the other, potentially far bigger issue with western style consumerism is that it encourages individualism/individual market decisions - I remember back in 2014 (?) when concerns about China's huge debt increase since 2008 first surfaced, the analysis was basically "to get out of this they need to boost consumption, but that'll require social reforms which will inevitably increase pressure for political liberalisation". Given that the CCP has become even more authoritarian under Xi than his predecessors, I really can't see them taking that risk - a few uprisings would be bad, but manageable as long as the military and security services stay onside, but a full-scale shift towards liberal democracy? Nope, not even going to risk the prospect of that.
@javindhillon6294
@javindhillon6294 9 ай бұрын
I don't see why individualism is a problem
@Thamian
@Thamian 9 ай бұрын
@@javindhillon6294 in broad terms it isn't - am all in favour of it myself. But it is a problem for, and threat to, authoritarians, especially those who hang their authority on being The Leader of The People - when people within that system see themselves as part of their group primarily, getting them to fall in line and do/think what The Leader commands is relatively easy - The Leader says this, I therefore need to agree with it because that's what everyone else thinks. When they start seeing themselves as their own masters, as their own individual selves first and foremost, that's when the problems in those thought processes start to set in.
@javindhillon6294
@javindhillon6294 9 ай бұрын
@@Thamian yeah that tracks
@IanG99
@IanG99 9 ай бұрын
Honestly knowing the CCP, I wouldn’t believe in all these economic crisis until it actually happens. If there is one thing you gotta give to the CCP, if they want something, it will happen even through questionable actions
@tbk2010
@tbk2010 9 ай бұрын
No, but they will make you believe it happened.
@only_fair23
@only_fair23 9 ай бұрын
Yeah, I've been hearing all this for a while now but most of these can be dealt with. The major crisis is the demographic crisis, which China is suffering from the most, along with South Korea and Taiwan.
@t.dickinson7942
@t.dickinson7942 9 ай бұрын
Nothing they can do it's too late! All I hear is Carol King It's too late now baby, tried and tried but its too late tune in background and Boy George but instead of comma comma comma it's Karma karma karma comedian
@SelfProclaimedEmperor
@SelfProclaimedEmperor 9 ай бұрын
If these problems were small the CCP would hide them
@cloudwithwind574
@cloudwithwind574 9 ай бұрын
@@tbk2010 Compare the electricity consumption and taxes between China and the United States! Instead of relying on overwhelming fake news
@chefnyc
@chefnyc 9 ай бұрын
You showed that M&M store for a second while criticizing western style consumption and suddenly I agree with Xi 😅
@dougsheldon5560
@dougsheldon5560 9 ай бұрын
And the lashings will continue until morale improves
@Daivd1111
@Daivd1111 9 ай бұрын
The Chinese Economy is very vulnerable to foreign influence.
@erikmerckx2958
@erikmerckx2958 9 ай бұрын
Western style consumption is highly wasteful, a major cause of pollution and unsustainable in the long run (not just for the planet, it is just that capitalist markets keep collapsing, lead to inequality and social instability; one of the great thing about a globalised worled is that it creates inequality between countries so the social instability can just be kept at bay, but nowadays inequality is rising even within Western countries so the whole system is bound to collapse and democracy will be sacrificed in order to maintain order, or should we say that democracy is already only an illusion?). China's export based economy is built around this consumption (which is basically a necessary evil for them as they needed to capture Western investments in order to industrialise.) It's not a simple issue to solve. We'll just have to see what China does.
@eawproductions
@eawproductions 9 ай бұрын
Friendly reminder that China is the highest carbon emitter in the world so even if capitalism is terrible communism is worse.
@only_fair23
@only_fair23 9 ай бұрын
I think they need to try to gear the internal economy away from oil and gas
@aaronwalsh8469
@aaronwalsh8469 9 ай бұрын
Xi is totally incompetent. There is no rational decision making going on. All the smart people that would tell Xi the bad things have been purged. Xi is the only decision maker in a country of 1.2 billion people. All bureaucrats in China are doing what they “think” he wants . They recently told a newspaper to throw out all the newspapers for that week because it referred to him as president not president Xi . They were disinfecting runways during covid. The idea that China or Xi will make rational decisions based on facts is ridiculous. When Biden had a face to face with Xi, China had been having rolling blackouts for weeks . Xi found out when Biden asked him about it.
@attamans
@attamans 9 ай бұрын
In China over the summer, most people in country don't buy much, mostly spending on food, if you have extra cash maybe a car or moped to get around. Most shops just sell food/snacks and white goods for the home.
@vinniechan
@vinniechan 9 ай бұрын
Insufficient domestic consumption has been a known problem in the Chinese economy for 30 yrs The IMF advice is about useful as telling you every minute 60 seconds would have passed
@J_X999
@J_X999 9 ай бұрын
Leland Miller puts China's economy best, despite the hate he gets for not being negative enough.
@Jabberstax
@Jabberstax 9 ай бұрын
Hopefully not
@Usefullinformationphilippines
@Usefullinformationphilippines 5 ай бұрын
No !
@darylbas8216
@darylbas8216 9 ай бұрын
That is actually the yen symbol on the thumbnail. The yuan has only one little dash. Just fyi.
@AmirSatt
@AmirSatt 9 ай бұрын
If history taught us anything wrong, is that ideological state intereference in the economy is a good idea
@heisenbachofficial9437
@heisenbachofficial9437 9 ай бұрын
When did history teach us that?
@nielskorpel8860
@nielskorpel8860 9 ай бұрын
Why then, does a lot of policy feel like some kind of economic ideology.
@S3Cs4uN8
@S3Cs4uN8 9 ай бұрын
@@nielskorpel8860 Because those policies are invariably based on the principles of whatever political or economic ideology its creator(s) adhere to. And you don't need to look far to notice that many parties, governments and other politcal groupings can get downright cult-ish with their chosen ideology.
@Dakidpepe
@Dakidpepe 9 ай бұрын
They inference with everything you do like having kids, where you live, how much money you make. China is Russia/north korea mix together with a sprinkle of u.s.a
@MrInuhanyou123
@MrInuhanyou123 9 ай бұрын
We can see it right now. Christian nationalism is in the rise in American government. The ideology of capitalism basically justifies the rich getting richer and the poorer getting screwed to the point where it's just a foregone conclusion that politicians lie and cheat and steal to get ahead no matter who they have to take money or marching orders from, either corporation or foreign government (Saudi Arabia, Israel etc)
@Zeusselll
@Zeusselll 9 ай бұрын
"TLDR try not to use the word crysis every 5 minutes" challenge: impossible
@Spacemongerr
@Spacemongerr 9 ай бұрын
I don't think I've heard them talking about that video game
@AlwaysGrowAndLearn
@AlwaysGrowAndLearn 9 ай бұрын
What about Confucianism or other ideologies/religious influences on personal behaviour regarding consumption
@CarlMarxPunk
@CarlMarxPunk 9 ай бұрын
Yes.
@bitmaster-781
@bitmaster-781 9 ай бұрын
China's property sector is 30% of GDP, what ratio of other country. UK 7%, Thailand 10%, USA 12%, Japan 12%, Vietnam 3.5%, France 13%. Indonesia 15%. And i think they closest to thailand and indonesia so they will loss 15-20% of GDP.
@S3Cs4uN8
@S3Cs4uN8 9 ай бұрын
That's not counting in knock-on effects that could see further reductions.
@marcushen3751
@marcushen3751 9 ай бұрын
Bro what, google it mate it’s 30%
@jkc3738
@jkc3738 9 ай бұрын
30% Did the Western free world tell you this? 🤣
@marcushen3751
@marcushen3751 9 ай бұрын
@@jkc3738 and where did u get your stat from, out your ass? Incapable of admitting the truth huh. There wouldn’t be a crisis or people reporting it if there wasn’t a problem mate
@angeluscorpius
@angeluscorpius 9 ай бұрын
Xi's narrow understanding of the role of Welfare is also crippling the Chinese economy. The average Chinese has no Welfare or little welfare. That means that they will have to pay for medical emergencies, home crises (unexpected plumbing, electrical, infrastructure repairs), unemployment, and natural disasters (like a typhoon caused a flood, that destroyed your crops, home, equipment, etc). So what little money they can save, are set aside for contingencies such as the above, When most Chinese need to save because they don't know what emergencies they might face, and because they have no welfare, most of Chinese with spare cash, are not going to spend their money, but to save it for a rainy day (probably typhoon). But if the China has a welfare system to protect the people, then the people would not need to hoard their savings for contingencies. But yeah, Welfare makes people lazy...
@lamentate07
@lamentate07 7 ай бұрын
And those savings are often eaten up by high property prices.
@auroragb
@auroragb 9 ай бұрын
The problem with top down style economies are inherently inefficient. Paths to wealth under top down are limited and must be approved and tend to be concentrated. More democratic economies is closer to laissez faire and because of the multidirectional spending, allow money to move faster and generate more money
@remyjeannot9144
@remyjeannot9144 9 ай бұрын
But isn't the only real necesserary change, contrarly to what you said, to reduce consomption in order to adapt to less energy usage and the ecological crisis ? Ideology is in any path anyway...
@DutchDesires
@DutchDesires 9 ай бұрын
Ben had with me the daily discussions. Could have sworn he was gonna say weekly.
@BardovBacchus
@BardovBacchus 9 ай бұрын
Referring to the graphic at 2:35, it's generally accepted wisdom that the USA consumes too much. The graphic shows US percentage of domestic consumption at 71% and we regularly hear about the US trade imbalance. If China at 34% is too low, sounds to me like the right figure is toward the middle. The USA has an entire storage industry because people buy too much junk, but also because capitalism produces junk that is designed to break and be replaced fairly quickly {Yes, I realize they are two different issues, kninda}
@only_fair23
@only_fair23 9 ай бұрын
Yeah, but it helps keep the US strong. It might not be healthy but the US is the largest consumer in history, it's ridiculous.
@EliF-ge5bu
@EliF-ge5bu 9 ай бұрын
You seem to take “consumption” as meaning just the stuff you buy, but in the context that also includes healthcare, banking services, etc. Our consumption in the US is about the same as in the UK, higher than Canada (because Canada’s reliance on housing to generate GDP growth is laughably bad), and higher than export driven countries such as Germany and China. And that makes sense because healthcare in the US is mostly private meaning it counts towards private consumption but in other countries it is counted towards government spending. Just like Canada, China relies too much on real state to generate gdp growth, but on a bigger scale.
@BardovBacchus
@BardovBacchus 9 ай бұрын
Well yes, of course, because it's both @@EliF-ge5bu. Plus, as I said at the end, the graphic really shows the percent of GDP consummated Domestically, which is not the same as overall consumption. The point I'm trying to make is that The West™ relies too much on wasteful consumption and expects too much economic growth. Thus far, it's been able to do that off the backs of cheap labor, but that only lasts so long. Chinese workers can't afford to live, only work. That sounds exactly the same as the USA in the 1880s. I think we need a balance, less materialism, no billionaires, and better standards of living for everyone. Good food, good company, and good cheer translate into a lot of domestic activity
@niclassj
@niclassj 9 ай бұрын
I was in southern China recently and seeing all these fancy skyscrapers completely empty was absolutely shocking to me
@herrpasz1151
@herrpasz1151 9 ай бұрын
My point of view on those three is slightly different, as the country moved into mass education phase it started creating those "graduates" who in turn expect the white collar positions to support western style consumption. However, the growth of economy was based on export (low paid wage type jobs in factories) and public investment (low paid wage type jobs in construction). When demand was strong abroad for the goods and domestic for property, the support white collar positions could be created (real estate agents, market analysts etc) and relatively balanced image was held.However as the cost of living was increasing for those on lower end of payscale the wage type positions became less and less attractive (it made more sense to just remain within local communities rather than move to industrial hubs) while those in salary based position expected further yoy 10-20% increases which companies cannot simply afford. Even though demographically China is not having issue with oversupply of labor it does have structural problem of people educated for non existing position and not willing to pick up jobs available to them as they do not match the lifestyle their parents got them used to living. And as they dont work they dont consume and vicious cycle begins
@LEV1ATHYN
@LEV1ATHYN 9 ай бұрын
5:17 Props to the one guy who decided to be a baller and wear a white jacket.
@Spacemongerr
@Spacemongerr 9 ай бұрын
It's a navy uniform, he's probably an admiral. You can also see a few other military guys in green and blue uniforms
@Jettrey
@Jettrey 9 ай бұрын
It's crazy how they call themselves communist but they are much more akin to fascist. The difference between the two ideologies isn't as large as people think. And when you give all that power to the government, it's hard for them not to abandon communist ideals. Because at the end of the day, a truly communist society won't function.
@anthonyyawtwumasimensah197
@anthonyyawtwumasimensah197 9 ай бұрын
Bingo.
@BjorckBengt
@BjorckBengt 9 ай бұрын
Correct. Western analyst don't understand that fascism and communism cannot be described by the traditional left/right scale. Both are authoritarian as opposed to liberal democracies. The ruler only act in his own interest. It is not a conflict between workers and factory owners, but between the ruler and everyone else. Neither workers nor capitalists have any power or benefits.
@samuela-aegisdottir
@samuela-aegisdottir 9 ай бұрын
This country has extreme inequality, the ruling class is living in enormous wealth while the workers and peasants suffer from poverty and overwork. Truly a communist country. If this is not a proof that communisms doesn't work, what would be then?
@FakeAssHandsomeMcGee_
@FakeAssHandsomeMcGee_ 9 ай бұрын
I think it is because it isn't just one-dimensional left or right. There is something I saw called the _political compass_ (two-dimensional) that makes more sense. Communism is on the left and fascism is on the right. But in the top y-axis is authoritarianism which both fall into. The bottom y-axis is libertarianism.
@jonathancampbell5231
@jonathancampbell5231 9 ай бұрын
It's because Communism is an end-goal for the CCP, not a current reality. They adhere to the Marxist-Leninist "Stages of History" model, which states that capitalist countries will eventually hit a fatal crisis that will lead to angry mobs and a working class revolution that will overthrow the existing system and replace it with Socialism, which will itself eventually lead to Communism (considered an advanced stage of Socialism). Basically, they are waiting for Communist revolutions to erupt in America and Europe, and then they can adopt it in China. The current Chinese system is considered a sort of "managed" capitalist model that is disciplined by the Chinese Communist Party while they wait for World Revolution to kick off, invoking nationalist fervour both as a necessary evil and as a matter of pride that they are, still, one of the few countries on the planet still nominally committed to Marxist ideals. In practice, they are basically fascists, and no doubt there are a number of Chinese "communists" whose true ideals really are closer to Fascism, but ideologically Xi is waiting for Communism to happen, and this means convincing everyone in China as well as himself that the USA will collapse at some point in the future.
@leeroy3573
@leeroy3573 9 ай бұрын
Consumption as a % of GDP is a bit misleading because of the import minus export component. If China suddently stopped exporting, consumption would rise as a % of GDP and get closer to other major economies, but it wouldnt actually mean domestic consumption has changed. The countries you compared to mostly have large trade defecits which inflates the consumption as a % metric, so it's not a useful comparison to measure the size of domestic consumption.
@TonyFarley-gi2cv
@TonyFarley-gi2cv 8 ай бұрын
Now think about it The second they declared it not a single person should have been covered through it why do they not autopsy
@MCorpReview
@MCorpReview 9 ай бұрын
They just keep making things worse and the boat has moved on. 😮
@markmuller7962
@markmuller7962 9 ай бұрын
More people should learn about Xi life, it's such a sad mix of trauma, child brain washing and old fashion culture
@DK-ev9dg
@DK-ev9dg 9 ай бұрын
Same thing with American leaders.
@lightfeather9953
@lightfeather9953 9 ай бұрын
​@@DK-ev9dgBiden's family spent time in a forced labor camp? What are you talking about. Xi thinks all Chinese should suffer like he did.
@blink182bfsftw
@blink182bfsftw 9 ай бұрын
​@@DK-ev9dgAMERICA AND CHINA ARD THE SAME, AM I RIGHT COMRADE?
@DK-ev9dg
@DK-ev9dg 9 ай бұрын
@@blink182bfsftw yeah. Fatburger, except wars. America wants to destroy the world, while China wants to build it.
@thedownunderverse
@thedownunderverse 9 ай бұрын
@@blink182bfsftw😂
@adamgreenaway6829
@adamgreenaway6829 9 ай бұрын
Great video, but you guys really really need to get somebody to help you with how to pronounce Chinese names. Hearing Wen Jiabao pronounced like that really takes me out of the video - it's almost as bad as the video where you kept referring to Xi Jinping as 'Ji'
@spicyonion736
@spicyonion736 9 ай бұрын
You should make more books shout outs
@Ravlar84
@Ravlar84 9 ай бұрын
Came for the news, stayed because everytime the word consumption was said I thought of tuberculosis
@000Dragon50000
@000Dragon50000 9 ай бұрын
I don't think the framing of the issue as china needing to focus on consumption as a "Become more like the west" thing is accurate or fair? They could easily expand consumption by actually living up to the "Communist" part of the name for the first time in decades and actually redistribute some of that wealth towards their citizens, and force fairer working conditions on the companies they have massive stakes in for precisely this level of control... But they refuse to do that because they've become more concerned with power than actually doing socialism or communism... at all.
@snoozxy
@snoozxy 9 ай бұрын
That's cause they're not communist anymore. "Socialism with Chinese characteristics" is just a euphemism for state capitalism
@socratic-programmer
@socratic-programmer 9 ай бұрын
But redistributing wealth to people would clearly lead to a more consumption-based market, right? After all, they now have the money to spend on more things. I don’t think those two points are fully contradictory here.
@ebonymaw8457
@ebonymaw8457 9 ай бұрын
The Chinese communist party realised communism does not work & is useless, but they are too scared to change the name 😅
@000Dragon50000
@000Dragon50000 9 ай бұрын
​@@socratic-programmer That is literally my point, they're framed as a contradiction by the whole "West vs. East" shit but it's really not.
@000Dragon50000
@000Dragon50000 9 ай бұрын
@@ebonymaw8457 I mean every system has it's flaws but Capitalism is blatantly fucking worse so I'll take my chances getting rid of it and seeing if we can make what we build next better.
@abduco1847
@abduco1847 9 ай бұрын
woo
@dwaynezilla
@dwaynezilla 9 ай бұрын
More signs of what amounts to a glass-cannon economy build
@Drewstir68
@Drewstir68 9 ай бұрын
That echo
@damianbrdej5965
@damianbrdej5965 9 ай бұрын
winnie the pooh has a problem
@DK-ev9dg
@DK-ev9dg 9 ай бұрын
And you are living on Mars? Your family has millions of problems I'm 100% sure.
@FarisAl-Said
@FarisAl-Said 9 ай бұрын
3:00 can we really say that China is keeping its population poor when it has had the greatest reduction in poverty in the modern world?
@giantWario
@giantWario 9 ай бұрын
Yes we can because it's not the first economy to go through the same thing. Japan went through a very similar boom but paid their worker comparatively much better than China which helped them survive when their real estate bubble inevitably burst. It's easy to say that China ''lifted the most people out of poverty'' when it's a country so large and populous where everyone was dirt poor before. Now they're just minimum wage slaves instead which apparently doesn't count as being ''poor'' according to the IMF.
@IrishCinnsealach
@IrishCinnsealach 9 ай бұрын
You mean how they use the average daily income threshold that is actually below what the imf define as the poverty line of the world's middle income countries China manipulated the poverty line daily income to claim they had brought millions out of poverty When in reality they draw the line that is used for low income economies
@FarisAl-Said
@FarisAl-Said 9 ай бұрын
@@giantWario maybe being an export driven country plays into china’s geopolitical ambitions. However we cant say that wages aren’t rising in china, Mexico now has cheaper labor than china which is incentivizing the move in production, and that is due to the price of Chinese labour increasing.
@CARL_093
@CARL_093 9 ай бұрын
i m not sure but there ai focus and new brics+6 system they will depend to recover for now i m not sure if they will or will recover
@mraei
@mraei 9 ай бұрын
How about paying people a living wage. That will increase local consumption.
@JohannBBravo
@JohannBBravo 9 ай бұрын
what i hate most about our economy: 1. china is underpaying their workers to have all the money to gain influence all over the world 2. every developed countries economic leaders demand to equate our wages to china because of competition reasons... its way too under-emphasized how stupid this neo liberal/libertarian economic logic is! should we all work for some overlords to gain influence in africa or the middle east? i dont think so!
@sblbb929
@sblbb929 9 ай бұрын
Who demands nr. 2?
@JohannBBravo
@JohannBBravo 9 ай бұрын
​@@sblbb929 pretty much everybody sitting on the opposite table of unions in wages negotiations in every country! in austria its the 'industriellenvereinigung' spewing this nonsense since the early 2000s. for example in the us its the whole republican party and parts of the democrats wanting to keep wages low because of the import export balance aka 'china'
@com.grenate
@com.grenate 9 ай бұрын
It’s called imperialism, and you’re right to be against it. If exploitation sources in their own country run dry, they start exploiting other nations. Infinite growth is impossible on a finite planet, and capitalists will keep extracting every possible resource until we’re all dead. It’s time for a better system, worldwide.
@sanketm1663
@sanketm1663 9 ай бұрын
Meow
@kms3530
@kms3530 9 ай бұрын
Its like a symphony of crisis
@jacksmith-mu3ee
@jacksmith-mu3ee 9 ай бұрын
That's usa
@melian5018
@melian5018 9 ай бұрын
I think the video should have mentioned Xi's policy of "internal circulation" (內循環) in 2020, which tried to boost domestic consumption. Though this soundbite made its round in the media back then, the policy was apparently ineffective as the CCP later advocated "dual circulation" (雙循環) instead; it means China should focus on both export and internal consumption. It didn't seem to work, either, and the COVID-19 lockdown wasn't helping matters...
@chheinrich8486
@chheinrich8486 9 ай бұрын
When you say chinese didnt have ass much money to spend, i just laugh because hollywood thought china could be a big market, even with chinas massive Population, the number of Population that could spend as much as westerns isnt much higher than for expample the US😅😅
@The_Anglo_Saxon-Celt
@The_Anglo_Saxon-Celt 9 ай бұрын
Speak English boy!
@dssee5658
@dssee5658 9 ай бұрын
That's true. Their spending power is enormous. iPhone sales and whatnot.
@chheinrich8486
@chheinrich8486 9 ай бұрын
@@dssee5658 but country wide thats still a not a mayority, and for the whole economy thats the issue
@bzuidgeest
@bzuidgeest 9 ай бұрын
Xi is not completely wrong. The Western economies and especially the US one are incredibly wasteful. It's weird that the output from China is supporting that directly... but nevertheless. And comparatively we westerners are lazy. We don't work nearly as much as our ancestors and have much more leisure time.
@HughJass-jv2lt
@HughJass-jv2lt 9 ай бұрын
😆😆 Speak for yourself.... A lot of U.S. people are living paycheck to paycheck 🔥🔥🔥
@S3Cs4uN8
@S3Cs4uN8 9 ай бұрын
'We don't work nearly as much as our ancestors and have much more leisure time.' - This can be a tad misleading as the work-hours involved could vary wildly depending on ones profession, region, time of year and so on. That and people rather over-exaggerate how time consuming agriculture can be.
@bzuidgeest
@bzuidgeest 9 ай бұрын
@@S3Cs4uN8 I was thinking more industrial age then agriculture. A lot of niceties we have these days didn't exist for my grandparents. Work during the day, care for children and family in the evening. Holidays, especially abroad, were unheard of. Even worse a century back. The complete story might be a little more nuanced, but this is a KZfaq comment, not a history book.
@bzuidgeest
@bzuidgeest 9 ай бұрын
@@HughJass-jv2lt the US is a special basket case. Your politics is completely broken. Your minimum wage is not livable. And at least half or more of your country thinks that putting trump in the white house again is going to make things better. It's not. Though I admit that what the democrats put forward isn't much better. Put some young progressives in office that are not dependent on their stock portfolios or have other big money ties. But back to your point. Outside the minimum wage, long hour circles. My statement very much applies to your upper middle class and rich. Also even the poor can be wasteful economically. Cheap goods that don't last long are wasteful, both in an ecological sense and economical sense. Cheap unhealthy low nutrient foods are wasteful. But it's the only thing that the poor have access to. But it wastes their health and thus production and chances. It is a rather vicious circle. Giving people poor education is wasteful. You might miss the next Einstein that way and we will all be poorer for that.
@generalnawaki
@generalnawaki 9 ай бұрын
58% In Canada, not bad.
@bakerzermatt
@bakerzermatt 9 ай бұрын
Why the symbol for the Japanese Yen? The Y with two bars is for Japan's currency, not China's.
@toyotaprius79
@toyotaprius79 9 ай бұрын
The existential climate collapse would be a tad more important
@toyotaprius79
@toyotaprius79 9 ай бұрын
Talk about dependancy on consumption...
@Talisguy
@Talisguy 9 ай бұрын
It's not like China's current economic model is particularly green or sustainable either.
@toyotaprius79
@toyotaprius79 9 ай бұрын
​​​@@Talisguyit's global economy that runs on private fossil fuels that hold governments capitive, including China don't ya know
@albertmisic3876
@albertmisic3876 9 ай бұрын
Yes, he will. Recent history has taught us that without class differences, there is no economic progress of the lowest classes. In general, the working class in developed countries lives much better now than, say, a hundred years ago, although class differences have never been greater. This also applies to the rest of the world. China, which once implemented a policy of complete social egalitarianism during Mao Tse Tung's time, was a third world country. But when they started economic capitalism, they became the second economy of the world. Now they export food. So that Marx's thesis that the rich are getting richer and the poor are getting poorer was a fallacy. It probably arose because he lived in a time when the economic position of workers was very bad. Man simply could not foresee a post-industrial society of prosperity and abundance and globalism.
@Talisguy
@Talisguy 9 ай бұрын
The American working class is much worse off than it was between the 30s and the 70s, a time of significantly lower income inequality.
@floxy20
@floxy20 9 ай бұрын
Marx believed in the end of history, namely that the industrial system of the day could not be improved upon. Just like in the U.S. at the time some people advocated abolishing the patent office under the idea that all useful inventions had already been invented.
@marcbuisson2463
@marcbuisson2463 9 ай бұрын
There is an in-between to keep, and to be extremely fair, seeing how low the american median wealth is, I'm not sure the US are particularly well placed for saying that it can work. There are some states where the wealth distribution work, and others where it's a catastrophe (looking at you, Louisiana).
@puraLusa
@puraLusa 9 ай бұрын
​@@Talisguydepends on which working class ur refering to and which state. People seem to forget jimmy crow when spouting narratives.
@Talisguy
@Talisguy 9 ай бұрын
@@puraLusa OK, fair point. Still, you used to be able to buy a house and put your child through university on a single income without going into debt, and job security used to exist.
@greenredblue
@greenredblue 9 ай бұрын
The current situation is leading to humiliatingly high youth unemployment, and many of those that are employed are "lying flat." But we can't change anything because *_that_* would make people lazy. Wait, what
@oltedders
@oltedders 9 ай бұрын
Don't forget to mention a 90% drop in tourism, Ben.
@CheezBoyz2009
@CheezBoyz2009 9 ай бұрын
Free East Turkistan
@BladeTheWatcher
@BladeTheWatcher 9 ай бұрын
No, I would say it is not Chinese consumption weak, but its exports very strong. They do have a western-style consumption system - they have restaurants, cinemas, they go for vacations, and they buy even more stuff as their online commerce is the strongest on Earth. Their biggest problem is that the US just embargoed all their goods - so they have lost their strongest market almost overnight. The US knew this, it was a calculated move to kill Chinese economy before their military can get too strong on it. Now China is fighting for survival - and survival means keeping their trade with Europe. And the US is threatening that by blockading Chinese shipping, checkmating them and throwing China back to the 60's (when tens of millions starved). This is why you see Chinese threatening Taiwan, the Philippines, India, buying land and bases all along the sea route to Europe, and building the land route through half the world, again to Europe. The Chinese are not aggressors in this - it is not in their nature. They're fighting for their survival, and are on the losing side.
@akashpatel8410
@akashpatel8410 9 ай бұрын
China is aggressive
@peterdisabella2156
@peterdisabella2156 9 ай бұрын
The US hasnt embargoed anything, where are you getting this?
@alexanderbrown8845
@alexanderbrown8845 9 ай бұрын
@@peterdisabella2156 some guy said this in a pub and he's taking it as an official source it seems
@peterdisabella2156
@peterdisabella2156 9 ай бұрын
@@alexanderbrown8845 I know right, this is some wild shit. Probably misunderstood the semiconductor export controls and just ran with it.
@puraLusa
@puraLusa 9 ай бұрын
1 they have very much an agressive nature (caugh caugh india, tibet, xinghiang, the whole south china sea, all those countries loosing their fish, etc etc) 2 their menace is prior to usa action, usa action is actually a reaction to ccp foreign policy. 3 they don't even hide it
@What-thaW
@What-thaW 9 ай бұрын
6:43 let him cook…? just a little?
@jaro551
@jaro551 9 ай бұрын
I don't see why overconsumption is considered positive? GDP is a very limited and oversimplified way of comparing and measuring economies.
@Omni_Shambles
@Omni_Shambles 9 ай бұрын
Never ending, red fearing propaganda.
@thetruecyrusplayz1256
@thetruecyrusplayz1256 9 ай бұрын
Ah yes, saying anything bad about China is red fearing Propaganda, sure.
@loot6
@loot6 9 ай бұрын
Yeah that will always be the CCP's solution, throw propaganda at it and pretend everything's alright. Already they've stopped publishing so many economic indicators. Their thinking is that if nobody knows about the problem, there's no problem.
@ad_astra468
@ad_astra468 9 ай бұрын
What’s red about China? The proletariats there are screwed over more than in America even all in the name of cheap exports. Had they redistributed the wealth starting from 2007 they would have a rampant middle class by now, instead they have ghost cities of investment buildings and consume more cement than the rest of the world combined to keep this unproductive investment system going. Such a missed opportunity
@The_Anglo_Saxon-Celt
@The_Anglo_Saxon-Celt 9 ай бұрын
Then leave! You're unwanted here!
@inbb510
@inbb510 9 ай бұрын
Socialists: China isn't actually Socialist. Western Media: Criticises China's authoritarian politics and economics Also Socialists: Stop the red fear mongering against China Pick one!
@AnthonySenpaikun
@AnthonySenpaikun 9 ай бұрын
wow, so paying your workers fair wages will make workers "lazier"...truly disgusting
@phooogle
@phooogle 9 ай бұрын
No people no money QQ 😞
@user-lw5fk8on2o
@user-lw5fk8on2o 8 ай бұрын
No
@madcat789
@madcat789 9 ай бұрын
Lets hope not.
@inuwooddog3027
@inuwooddog3027 9 ай бұрын
It's waayyyy worse than you might think. The released figures aren't correct. 5 out of 10 of the people that I know aren't working right now, either retired, too young to work or unemployed. I lost my job 3 months ago because of reduced demand of my company's products, and I have 2 mortgages. Even worse, I can't sell my additional house for cash. There's simply no buyers!
@aLexen1983
@aLexen1983 9 ай бұрын
Seems like Nebula needs some money
@rollbin
@rollbin 9 ай бұрын
As a Chinese, I am very bad at throwing stuff, and buying new products with my credit card.
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