Stacy Summary: If you needed any more sign of transfer of wealth and power from one nation to another:
- China’s new generation of labor won’t accept slave labor
“(This is) a new generation of migrant workers,” said Liu Kaiming, executive director of the Institute of Contemporary Observation, a privately funded group in Shenzhen that focuses on labor issues. “They are more willing to speak out about their grievances and are less tolerant of long hours and tough conditions than the older generation.”
…
“The rights mentality of younger workers is much stronger than past generations,” said Wen Xiaoyi, a researcher at the China Institute of Industrial Relations in Beijing. “The older workers tell you they feel a sense of loyalty to the company, but they also say that younger workers have a completely different attitude and higher expectations.”
Meanwhile, as we reported recently that with the young of America:
. . . demand for virtual rather than real wages is more common among younger workers.
“There will be a whole new generation of kids growing up who won’t really see the difference,” he said.
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Actually we’re down to “Z” now. As deep as bubblegum wrappers, as thought provoking as the dial tone. The McHappy meal generation.
Virtual “bling” huh ?….Somehow I don’t think it’ll take off. In regards to slave labor…China’s had it for thousands of years in some shape or form, don’t think much will change anytime soon.
Only “Generation X” can save us now. God help us all.
Mr. Snoot, I have followed your spiel concerning the USD index and the dangers of a globalist supra national body creating privileged drawing rights for elite global trading and banking corporations and centrally planned unelected regional banks controlling monetary supply and liquidity.
I don’t get it (and I’m certain few here understand the gravity of your assertions)..
Can you point to articles elaborating on your premise or guest post on this site.
Prddy please.
The west is the new imperilist Rome. Greed knows no bounds. Death and destruction is the only pleasure of power the elites know now. They’ve taken over almost everthing. THey want to now control all life on earth. Or destroy it. Its just whimsy to them.
there is nothing wrong with incomes of workers around the world getting more equal and logically that would mean chinese wages go up and us wages go down. what is obscene is that income within the us is becoming more unequal as the financial elite use their political power to preserve and grow their share of the pie. this must stop so i hope you and max can wake more people up.
http://rwer.wordpress.com/2010/07/04/galbriaths-statement-to-the-commission-on-deficit-reduction/
James Goldsmith in 1994 on exporting labor costs as a consequence of Gatt and Maastricht .
http://www.youtube.com/watch?v=4PQrz8F0dBI
http://www.youtube.com/watch?v=SZTzPmn-87w&feature=related
Found in max’s favorites awhile ago, link seems to have evaporated…
“we do as little as need to” -anon 14yo socal guitar student of a friend when explaining his lack of reading the complete entry concerning the #9dom7chord, aka the ‘Hendrix’ chord.
@ Joe – A little OT, but on the topic of IQ, I have a young cousin who just returned from Chicago where he was sent to participate in Boys State. The kid is really sweet, sensitive, and smart and he was excited when he found out that his academic performance and leadership among his peers had led to him being chosen to go to Boys State. He, his parents, and everyone else thought that it was going to be some kind of a seminar in which his leadership skills were sharpened or something like that. Nope. Here is the About Boys State disinfo from the American Legion. It seems to state clearly that chosen boys will learn about government. If such instruction was given, it got lost in all of the abuse that my cousin and all of the other boys actually experienced. He got home and told the family that he hated it. It was more like a boot camp than anything. The boys/kids were forced to get up early and do whatever they were told to do right then, they were limited to ten minutes of eating time per meal, were sent out on runs, called “little fuckers,” made to do push-ups and the like if they stepped out of line, etc. And they didn’t expect any of it. How sad and angry my cousin was to find out that this was how all of his hard work was being “rewarded.” A friend went with him and had to be sent home on the second day because he was so physically ill.
Saw these graphs on the HuffPost yesterday. Take a look at graph #2 and its no wonder that our youth are willing to be paid in anything that simulates an actual payment.
Good for the Chinese youth. Maybe it’ll take a shift in superpower status and our youths working 70-80 hours a week for slave wages before America figures out that it’s time to rebel.
All the surfer dudes down by the GOM… SURFS UUUUPP! Check out the latest gear. (who would ever imagined?)
http://4.bp.blogspot.com/_4zBiiyAiHlA/TDHihSufulI/AAAAAAAAAJ0/0iYCWIRwZzM/s1600/2ijta4m.jpg
The Chinese system … ready or not here it comes, G20– will try and make sure of that. The SDR’s progress needs to be squashed.
Vrabel, on the 4th of July.
http://csper.wordpress.com/
yeah they’re slowly realizing that they are owned. (Chinese billionaires and corrupt politicians are the owners).
Seems quite a battle went on with gold today, still I got me some along with silver.
@Bernard. i hope they you for me. i got something for you.
So Chinese kids now want to be paid in real money, gold, while American kids want to be paid in Facebook money? Sounds about right.
The IQ of the average American is sinking like a fucking rock.
You have all been bar coded. Have a nice day, the party is over.
If China isn’t careful, a communist revolution could break out!
Grim stat from Rosie:
… U.S. is 234 years old and yet over half the nation’s money supply was created since Bernanke took over four years ago …
http://stockwidget.seekingalpha.com/author/roger-nusbaum/stocktalk
China Daily, English language paper has been reporting for a while, disruptions and strikes at some foreign owned factories, with demands of better conditions including wages. Many of these are successful. Enough so that these disruptions are spreading to more plants with a small portion of the workers are making a voice for many to the benefit of them all in the short term.
With the downturn of export economies, these factories will have to close or start to produce product for the home market, which will cannibalize the extra wealth they have just determined.
Well, the pace of frenetic stories from the press has coincided with the pacing of the deliberate destruction of our financial architecture, Snoop. The new architecture sees major reform to the exchange rate regime which correlates to a new form of governance (remember EU exchange rate change for euro is now managed unilaterally by the ECB/EU council)-
The question is Managed for Whom?
It’s not labor. Duh. Not the Pentagon. Not the CIA. Not Obama’s pimp-mobile.
For whom?
A multilateral global exchange system will indicate a multilateral global governance: which is the position taken by the UN.
We see ourselves as nothing more than constituents of an indexed system with no representation and no accountability for the autonomous ones who run it.
Positively medieval.
@ Bronxy,
Some commenters on this site have never been on the wrong end of a union. I tried to join the painters union, but was told to wait. And I know these guys weren’t that good. I understand from experience Rothbard’s moral argument against unions as the creators of cartels that are highly exclusionary ( to workers)and hope to arbitrage an artificially induced scarcity of labor. At another time I was forced to pay more for my help on a contract than I earned myself doing the work. A friend of mine was a member of a service union in CA that was every inch the Soviet model, with the shop steward cracking the whip so the bosses don’t have to. Unions will not save us. They were built up in the 30′s-40′s to challenge certain established business interests. Once these groups were broken, unions lost their usefulness and were phased out. They deserved it. By eschewing political participation for a payoff, they sealed their fate.
Saudi king….Cuts back oil:-
http://www.zawya.com/Story.cfm/sidZW20100704000064/Saudi%20King:%20Halt%20To%20Oil%20Exploration%20To%20Save%20Wealth
Mike
Dispatches – How the Banks Won.2010
http://www.youtube.com/watch?v=nmy2MmWsyog
Can any link about the banking industry ever be off topic?
@ Snoot,
Aaargh matey!
@snoot
Sorry, so long to get back.
I seriously don’t think they will do much about SDRs based on nothing but my own opinion. I think we may have one more turn to go before we really see a new standard. But, that does leave wiggle room for intro’ing something like a revised SDR. If we hit a stagflation average for the next few years, chances are the issue will just slide to the background and the inflationary boom they intend and subsequent crash after will be the catalyst if we don’t nuke each other in the process. Short answer – I don’t know, but there are some vested interests in the USD that will not like to see a change and we are walking a tightrope as far as geopolitics goes.
The behaviour of the Chinese workers reminds me of the change in attitude of Latinos in America. Their parents were willing to put up with anything, but the children adopted a different attitude. They see the wealth being created and want a bigger share. Also, continuing in the US/Immigrant labor vein, remittances from workers to the countryside (China’s Latin America) have improved conditions there, and workers are less desperate to move to the cities. They also have the benfit of years of horror stories. How do the Ilegal Latinos I work with think about life in the USA? It sucks. It is not the promised land. It was from about 90-05, and many of the smartest got theirs and got out. They know it is more flash than substance. Likewise in China. The smart kids only go to the city to get paid. They know the game and will not settle for less. Just like the kids of US immigrants. Should be fun to watch. Duck and Cover!
@ronron,….LOL,..”"Let him eat! Let him eat!” the crowd chanted as police handcuffed the world’s No. 3 professional eater, dubbed “The Tsunami.”
Freakin’ classic,…
http://www.huffingtonpost.com/2010/07/04/joey-chestnut-wins-hot-dog-contest_n_635124.html
Google “china mining afghanistan” have fun!!
Guandong, in which Shenzhen lies, has roughly the same population as Germany but in half the area.
This is nothing,..just wait ’till they offer the young-lings super powers, for the cost of a little implant,….
It’s comin’ you mark these words,….looking into most folks eyes now, is scary,..it’s nothing to what the future holds,……Woohahahaha
http://www.youtube.com/watch?v=DdRJTr23gQo
http://www.nytimes.com/2010/07/05/opinion/05krugman.html?_r=1
‘A COALITION OF THE HEARTLESS, THE CLUELESS AND THE CONFUSED’
Another step to war with Iran!
http://news.bbc.co.uk/1/hi/world/middle_east/10511420.stm
Mike
wow, how they gonna globalise their way outta this one? Maybe this way?
http://www.youtube.com/watch?v=wxrWz9XVvls
Maybe Unions can help destroy the Chinese wonder to, like they have done in Europe. Could we get rid of unions then Europe would really have a chance to prosper. Unions are a wet blanket over an entrepreneur.
We outsiders have become:
“among the banished monsters, Cain’s clan, whom the Creator had outlawed and condemned as outcasts” (Beowulf)
http://penelope.uchicago.edu/~grout/encyclopaedia_romana/britannia/anglo-saxon/beowulf/reading.html
Do we run about picking up the game pieces strewn of the defunct board by our ‘monetary authorities’? Do we look ahead and attempt to climb onboard a vessel sealed tightly shut?
We, the fixtures of the dollar-exchange system, have been declared defunct by Cameron and Obama.
Growth will only happen within the context of the multilateral exchange system. 911 was the elite declaration of independence from we the chattel.
Labor is being sneered at by the G20 functionaries.
meanwhile …..surprise, surprise…. the pile a’ shite that they put into NAMA is being revealed as such
http://www.irishtimes.com/newspaper/breaking/2010/0705/breaking7.html
lyin’ bastards right from the start, and before!
My guess is that the ECB will absorb the Fed system through a eurodollar fixed exchange: America, Wallstreet, and the fourth of July will cease to exist.
Where is our perspective?
What happens if they do include the yuan in the sdr basket this year, Snoop? Any guesses?
I read that the goal for the demise of the dollar exchange system was 2015. The term ‘painful’ comes up concerning the interim.
The austerity program is hastening the “need” for an expansion of sdr as a form of elite liquidity for global trade.
The Bretton Woods bankers continue to vote themselves god and the press continues to support the notion through obfuscation and deceit.
@snoot
You’re right, they also must realise the business cycle (money/debt cycle) only has so many turns and the worse it gets the more desperate they have become-i.e. increase exponentially their looting and pillaging.
The move from a fixed exchange to a more flexible band (board) for the yuan will mean price instability for the Chinese:
“Nobel Prize-winning economist and Columbia University professor Robert Mundell signaled that China’s move to return to a more flexible exchange-rate policy may erode the stability in the global and Chinese economies. Keeping the yuan pegged to the dollar has been “a great source of stability” for China and the world, Mundell said, asserting that “it’s wrong for the US to force China to destabilize the renminbi, I myself don’t think it’s a good idea.””
http://www.fxstreet.com/technical/forex-strategy/daily-forex-strategy-briefing/2010-06-22.html
@Snoop:
Both the VAT and the Tobin will be paid TO bankers. The question of who is footing the bill is not one of bankers vs. the people. Bretton Woods institutions (banks) are now declaring themselves global authority both fiscal and monetary to receive their duties from both banks and citizens.
Isn’t that also in a combination with the fact that China are in the process of starting/have started many many labour unions. To learn form American worker history, unions can have a huge impact on working conditions and wages. China is on that movement wave that America has fallen off from.
@Ptah:
The Chinese people are not capable of maintaining any social policy through direct action because they do not control the domestic currency exchange.
The yuan may be included in the sdr basket this year. The elite need to protect their Asian assets.
Young Americans have been Wal Marted to death. They don’t remember the nation when 1/3 of all private sector workers belonged to unions. They were also brought up by a lousy education system too.
and another one:
Return of Lord Oil Slick: Why has Cameron handed this Labour luvvie such a key job?
Read more: http://www.dailymail.co.uk/debate/article-1291663/Return-Lord-Oil-Slick-Why-Cameron-handed-Lord-Browne-key-job.html#ixzz0soLjIQ3M
ooh, just came across an intersting article:
http://www.truth-out.org/who-will-pay-wall-street-or-main-street-tobin-tax-or-vat60902?print
Wall Street banks have been saved from bankruptcy by governments that are now going bankrupt themselves; but the banks are not returning the favor. Instead, they are engaged in a class war, insisting that the squeezed middle class be even further squeezed to balance over-stressed government budgets. All the perks are going to Wall Street, while Main Street slips into debt slavery…
Frances Snoot:
Good luck to them – the leopards that is!
From what I have read, it seems that economists depend on certain human characteristics to help determine the outcome and reduce risk. One is that human behaviour rarely changes, or that the aforementioned cat never changes his coat. Another is that people quickly forget. Please confirm this isn’t so. Then maybe the Chinese will reject slave labour and also that they will never forget the Opium wars and the invasions by the British, French, US and Russia.
well at least they get paid virtual wages, here at ww.maxkeiser.com we all work for free lol. It’s time we ‘Rise Up’.
Interesting phenomenon. Faber and Rogers have said as much about China though it may be a rocky road at times. Also interesting is reports China is now using Vietnam as cheaper labour.
James Burke – breaking down the break down of civilization.
http://www.youtube.com/watch?v=lTMFHT0XAMY
Leopards only change their spots to escape the zoo:
http://www.chathamhouse.org.uk/publications/twt/archive/view/-/id/2042/
rejecting slave labor:
Excellent, its about time the leopard changed its spots…