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by mountainb
1649 days ago
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It's possible, but the US and much of the western world would have to tolerate a decade or so of severely diminished standard of living when judged by consumption standards. The country as a whole would also have to work a lot harder and for more years. In the past I would have said "there's no way that we would tolerate that," but for the last two years we have seen substantially diminished standard of living already due to [redacted], the monetary response to [redacted], and the policy response to [redacted], but now that we've seen that it is conceivable that the US would go a more austere route now. I also have seen now that no one in our leadership believes in anything or has any principles, so radical shifts really are possible. With Vietnam, a lot of its recent development is related to expansion of Chinese foreign direct investment with substantial percentage increases every year in recent years. A lot of the notions about Vietnamese hostility to China and Chinese business is out of date and becoming more out of date. There's virtually no US industry that is not heavily dependent on Chinese industry for refined materials, intermediate goods, and consumer goods. A lot of substitution could conceivably happen at higher prices, but really the way that we get out of it is defaulting on the government's medical obligations to the boomers and rededicating the money that was slated to giving them their to-the-grave care to industrial redevelopment. |
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