GNP NOT IMPORTANT
Yesterday the InterWeb was ablaze on China’s economy being on track to surpass that of the US this year. Those with half a brain paused, looked at each other, made “Ya Friggin Think?” faces and went on about their business. China makes almost everything we need, the US makes financial toxins in computer form. China is run by engineers, the US by lawyers. But when I tuned in to Pravda Broadcasting Systems last night at 7:30 for their business news, I was subjected to the embarrassment of talking heads poo-pahing the news. Oh, don’t worry, they said, China has a gabazillion people so a bigger economy doesn’t mean anything. Another one, With A Straight Face!!!!, said that their economy might be bigger, but their stock market has declined for five years unlike ours, so it doesn’t count. Our stock market is a sham, in multitudes of ways from the Fed pumping its inflation into it to stocks being the worst investment possible as it now takes about three hundred years to earn back your investment-which assumes they even pay dividends any more. Something tells me that when Britain lost its Empire it might have been in denial for a time, but I find it hard to believe that the apologists ever embarrassed themselves this badly.
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