Cost of Living

Friday, June 09, 2006 | 12:55 PM

All I can say is, thank goodness we have no inflation!

Cost_of_living_stampede_1



Source:   Jeff Parker, via Cagle Cartoons

Friday, June 09, 2006 | 12:55 PM | Permalink | Comments (19) | TrackBack (0)
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Without wage inflation this is not sustainable. Will we get it?

Something I find even more funny, although sad funny, are the people who believe in this Chinese miracle. So, China has 800 steel companies with enough capacity to serve the world and none are making money. We have government loans based on politics and back scratching as opposed to legitimate business opportunities. We have insolvent banks with up to 70% of their loans as nonperforming yet the government keeps infusing money into the banks to keep them afloat. Actually, the government keeps infusing itself with American capital since the government owns the banks. And, we have a real estate bubble in China that is financed by the American consumer. Oh, and no one can actually afford the real estate. So, speculators keep passing it off to other speculators at higher and higher prices.

And, now we are really reminded that we are not dealing with free markets and the miracle is indeed a mirage that will likely totally collapse if the American consumer quits spending because............China built 2 million more cars than they sold last year. ARE YOU SHITTING ME? That five year planning process at the politboro isn't working out to well. Maybe a little free market flexibility based on supply and demand would help clean things up. So, if they are doing this with cars, they are likely doing it with everything and the whole economy will likely implode without continued consumption by Americans.

I wonder if they are giving them away. I'd drive one. I used to have a fondness for the Yugo. Let's all sing along. Deflation, deflation, deflation. Oh how we long for deflation. Can you say 1987? Sure you can. China is likely the next Japan but worse.

http://www.autoblog.com/2006/06/08/china-manufactures-two-million-vehicle-surplus/

Posted by: B | Jun 9, 2006 1:13:31 PM

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