In short, yesterday China’s trade mostly took place with developed markets, was comprised of low-valued-added goods, and was priced in dollars. Tomorrow, China’s trade will be oriented towards emerging markets, focused on higher value-added goods, and priced in RMB.
This would mark a profound change from China’s old development model: keeping its currency undervalued, inviting foreign factories to relocate to the mainland, transforming 10-20mn farmers into factory workers each year, and triggering massive labor productivity gains—gains which the government captures through financial repression and redeploys into large-scale infrastructure projects…
But the coming years may prove more challenging for unskilled workers as robotics and automation continue to gather pace. Over the coming decade, cheap labor may not be the comparative advantage it was in the previous decade, simply because the cost of automation is now falling fast (see The Robots Are Coming)… For decades we have had machines that could perform simple repetitive tasks; now we have machines that can be reprogrammed easily to perform a wide range of more complicated functions…
One consequence of cheaper and more flexible automation is that some manufacturing that fled the developed world for cheap-labor destinations like China may return to the US, Japan and Europe, as firms decide that the benefits of low-cost labor no longer outweigh the advantage of better logistics and proximity to customers.
The three big events of 2001 were:
The terrorist attacks of 9/11. This unleashed a decade of bi-partisan “guns and butter”policies in the US and produced a structurally weaker dollar.
China joined the WTO in December 2001. China’s full entry into the global trading system signaled a re-organization of global production lines and China’s emergence as a major exporter…
The introduction of euro banknotes. The introduction of the common currency unleashed a decade of excess consumption in southern Europe, financed unwittingly by northern Europe through large bank and insurance purchases of government debt.
But today, all three trends have stalled—and this perhaps accounts for the discomfort and uncertainty we find in most meetings with clients. Indeed:
US guns and butter spending is over. For the first time since 1970, real growth in US government spending is in negative territory:
Chinese capital spending is slowing. China still needs to invest a lot more, but future growth rates will be in the single digits.
Excess consumption in southern Europe is done. Money is clearly flowing out to seek refuge in northern Europe.
the median number of years a U.S. worker has been in his or her current job is just 4.4 years” -Anya Kamenetz
I was a very determined and focused student throughout my academic career but when I got to the real world I couldn’t seem to keep myself sitting still and focused. I’ve worked in 4 industries in 6 years (finance, non-profit/gov’t, marketing and education) and always thought I was some freak of nature, that my resume was a hot mess and that I’d messed up my earning potential.
Fast Company has come to my rescue! I’m normal hoorah! It turns out the ‘20 year career’ really is dead and that companies do appreciate T-shaped quick learners like me. I’m glad to be normal and now I can call myself part of Generation Flux.
Now I need to keep working on my social and emotional IQ to stay ahead of the machines!
You can read the entire article here: http://www.fastcompany.com/magazine/162/average-time-spent-at-job-4-years
The U.S. economy added more jobs in January than in any month since early last year, pushing down the unemployment rate to a level not seen since President Barack Obama’s first full month in office.
Employers added 243,000 jobs last month, the Labor Department said Friday, notching gains across a wide swath of the economy. That marked the fastest pace of job growth since April and brought the unemployment rate down to 8.3%, from December’s 8.5%—the fifth consecutive monthly decline.
A look at the unemployment rate, change in the number of jobs, and unemployment by sector.
Law & Order, Nullification
“"Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.” Tom Paine wrote that in a pamphlet that helped rally Americans to the cause of liberty in those dark days of December, 1776.
We again face dark days.
Our founding forefathers fashioned a government based on life, liberty and the pursuit of happiness.
Today, instead of life, we have a job and sometimes two jobs.
Instead of liberty, we have crushing debt.
We work hard, husbands and wives, ten, 12 hours a day.
We work weekends, and at the end of the week, we have less.
We have less real income, less benefits, less time with our kids.
The American Dream used to be each generation was better off than the previous one.
I mean, are you better off than your parents?
Will your children be better off than you?
We believe that our government has been sold to global corporations that are sucking the blood and the life out of this country.
I mean, it’s all right there in the newspapers what they’re doing.
NAFTA, illegal campaign contributions by foreign businessmen, the sale of foreign policy.
I mean, these people don’t care about us.
They don’t care about Americans.
They, they care about their bottom line.“
(Right, and we don’t? Who’s more at risk for their liberties taken away, their powerful government/businesses taking advantage – Americans or those who don’t have the protection of our institutions and rules and Bill of Rights that we run crying ‘foul’ to?)
"This country began as an experiment in freedom.
The foundation of that freedom is equality before the law.
Everyone–whoever they are whatever they may believe–must be equally accountable.
Mr. Christie hopes you will ignore the evidence and nullify the power he says derives from a higher law…
These guys did a great job of memorization.
Too bad they didn’t learn from it.
We all remember that phrase from the Declaration of Independence about life, liberty, and the pursuit of happiness, the unalienable rights of everyone.
Notice that "life” comes first.
You can forget everything else about this case if you remember one thing.
These defendants, these conspirators targeted an ordinary citizen, someone just like yourselves– a guy with a job, and in the private sector with bills to pay, and a family to take care of and they took his life.
They took his life!
If it’s okay for them to shoot him it’s okay for them to shoot anyone including any one of you.
Without the law, there can be no freedom. And without justice, there can be no law.“
Just found out of 1,240 internships listed on Washington Post – only 5 were paid.
-shudder- I hate this job market…