Their economy is collapsing so hard even the billionaires are suffering
this post was submitted on 29 Oct 2024
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sino
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Don't you know China is more capitalist than the US?
Tsla
Troll
Schrodinger's Asshole strikes again.
Schrodinger's Asshole
Is it a fart? Is it poop? It gets decided when you let it out
Either way it's shit, but there's a pretense of "just joking" while still being shit.
I wonder what someone's world must be like to have Britain be their first choice. Which 'news' shows are hyperfocused on Britain being the socialist dystopia? Sky News?
The NHS hasn't been completely gutted yet so maybe that's it. Only socialist countries don't let their citizens die from easily treatable conditions.
is this a genocide?
They're genociding billionaires! That will soon be the new America propaganda line
China isn't perfect, but their parasites are more mosquitoes or ticks than the corpse worms that are eating America. Good on them for getting rid of some of them, that should reinforce the picture of a rising China and a falling America that everyone already had anyway.
huh I wonder if they know something about running a country that we don't
It’s always like reading about some bizarro world when reading headlines like tbis
That's some good news!
Keep going
this damn wealth gap just keeps getting worse and worse
No you're supposed to talk about Wealth Inequality once every 4 years (between sessions of bragging about how high the S&P 500 is trading today) and then pump the stock market some more.
I don't think this is due to wealth redistribution so much as stock market shrinking. Now are the the stock prices shrinking because of policies that have lead to wealth redistribution? I don't know.
Even if it doesn't mean the slightest bit of wealth was redistributed, it still means less power for the owning class, which is already a good thing.
The benefits of economic growth have benefited actual working people instead of just being hoarded by the oligarchs as they happens in the west.
Chinese households have record high savings in 2024 https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/chinese-household-savings-hit-another-record-high-xqyky00IsIe357rtJb4j
The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf
From 1978 to 2000, the number of people in China living on under $1/day fell by 300 million, reversing a global trend of rising poverty that had lasted half a century (i.e. if China were excluded, the world’s total poverty population would have risen) https://www.semanticscholar.org/paper/China’s-Economic-Growth-and-Poverty-Reduction-Angang-Linlin/c883fc7496aa1b920b05dc2546b880f54b9c77a4
From 2010 to 2019 (the most recent period for which uninterrupted data is available), the income of the poorest 20% in China increased even as a share of total income. https://data.worldbank.org/indicator/SI.DST.FRST.20?end=2019&locations=CN&start=2008
if China were excluded, the world’s total poverty population would have risen
China is pretty much responsible for all gains against poverty globally for like the last 50 years
I heard in American media that it was actually capitalism that did that
yeah but if it were capitalism then you'd see similar gains against poverty in India, but... woops
Lmao
Now are the the stock prices shrinking because of policies that have lead to wealth redistribution? I don't know.
Not by a long shot lol. Financial markets operate through the logic of mainstream economic theory and both western and Chinese markets convinced themselves that the real estate "crisis" is a real problem.
That was a double attack together with the earlier months of western political economic figures bashing China over "unfair" competition and "overcapacity". The result is unfortunately the CPC listened and ended gaslighting themselves into believing there was a real consumption crisis about to happen. Again sadly no Marxist remotely agreed with this.
The reality is that some of the problem is due to the global economic crisis with basicaly the entire world except the US(who avoids this by absorbing EU capital) and China having terrible growth or even entering recession in the EU. But you see the western hypocrisy doesn't give a shit if Germany or Britain crashes, its only the CPC that must repent if they don't keep up with their magical growth promises.
The narrative was "China produces too much" therefore "there must be consumption incentives". No consideration is given to consumption of Chinese exports abroad e.g China "overproduces" green energy stuff because nobody else is investing in it and the US is literaly willing to ban Chinese imports than to use the opportunity to consume these products at the current lower prices.
The policies themselves nobody actualy cares, the structural control of the CPC or their dual circulation model etc none of that is at stake(yet?), it was just gaslighting after "bad" data that gave too much credit for neoliberal mainstream theory and unfortunately the CPC isn't willing to compromise with unorthodox policies this time around.
no more half measures walter
Great to hear! Although the article author seems to be doing some atrocious statistics at the start: [emphasis mine]
Since hitting a peak of 1,185 in 2021, Hurun said the number of dollar billionaires had been reduced to 753, with the 36 per cent decline exceeding a 10 per cent fall in the renminbi’s value against the dollar over the same period. In the past year alone, the number of dollar billionaires in China declined by 16 per cent, when the renminbi depreciated only 2.5 per cent against the dollar.
There's no reason to expect a 10% decrease in currency value to cause a 10% decrease in billionaires.
The 41-year-old founder of the company [...] has for the first time become the nation’s richest person [...] despite his company being targeted by the US government.
lol. I expected the US should be good at making people poorer. Can't do anything right these days.....
There’s no reason to expect a 10% decrease in currency value to cause a 10% decrease in billionaires.
lol yeah that's basically this
