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BACK TO THE ASIAN DILEMMA!

October 24, 2004

I keep looking for Wall Street, Fox, or some Investment program to talk about the vice that Asia and our unions have put the American economy in; however, I guess I should just give up. By the way, I never expected CNBC to fess up.

Houston, we have a PROBLEM! And it extends to all of these United States. It’s not just China that’s supplying 85% of all the goods that Wal-Mart sells, it’s the tech sector that India is beginning to take over as well. Most people are not aware of it but India is on course to overtake China in total population a few years down the road. You thought China’s 1.3 billion people was big? Check out India’s demographics.

And you think Bush has a big problem with 3 million workers that have become unemployed since he became president? How’d you like to be Hu Jintao, president of China? Each and every year, some 22 million Chinese come of “work age” and enter the work force, or hope to. Annually!

America has a short term and a long term problem and it’s being enhanced by our labor unions that continually ask for more! The only way that I see out of this is by delay, and that delay can only happen with tariff wars, and tariff wars are always bad for all economies.

So, what’s a nation to do? It’s a good question isn’t it. The answers are simple. One, we can lower our lifestyle. Two, we can quit shoring up the stock market and let it correct bringing evlauations back to normal. Third, we can revert to the gold standard and get away from the fiat money letting the dollar fall 70%.

But, do you think any politician would actually recommend ANY of those? So, we’ll just ride this pony until she can’t run any more- and that time is a lot sooner than we think.

Written by Ernie · Filed Under Daily Commentary 

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