How ironic that wealthy Europe and the USA should be looking at China to help ease their financial burdens? Who would have thought it would ever come to this?
Apparently China is the only major economic power with spare cash - a surplus of many trillions of dollars. That´s a lot of dollars to have stashed away; no wonder the Americans are running short of them.
Let´s try to make sense of this situation.
China has the world´s fastest growing manufacturing base. True. China produces almost everything under the sun, such as pirate DVDs and CDs, cheap kitchen utensils and bird flu.
Is that it? In a nutshell...erm...almost.
I can´t think of a single quality product that is manufactured in China.
Motor cars? No.
Buses and trucks? No.
Motorbikes and airplanes? No.
Home electrics (Dish washers, washing machines and fridges) No.
Computers and IT? No...
...and so on.
What is the secret of their success?
Well let me tell you. China is the biggest producer of cheap bric-a-brac.
And not just China but all of the BRIC countries (Brazil, Russia, India, China).
The BRIC countries are the economic miracles of the day and between them nothing of real value is produced.
One man´s junk is another man´s treasure, some say.
To the current leaders at the G20 summit, I say;
Please encourage your peoples to produce counterfeit goods and cheap BRIC-a-brac if you want to prosper and keep up with the Wongses.