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Don’t Fall for This China Head Fake
(Wall Street Daily, 1/25/12)
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Tags: Asia, Asia Investments, Asian Stocks, China, Lee Kuan Yew, Singapore
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Lovely article. I'd say – Everybody, watch & learn from Singapore!
Excellent article. Only fools fail to learn from others. China's model (and that of Singapore) may not be readbly transferable since they depend to a great extent on social stability baseed on the existence of a homogenous population (in China's case a large plurality). However the more technical aspects are certainly worth studying and emulating. The keys seem to be the realization and acceptance of the idea that carefully targeted government investments may be crucial for the early stages of development while opening up opportunities for private initiative and investment, supported by the state, must follow. Meanwhile food before votes may be the watchword.
While growing up as a young man in Singapore, the twin virtues of industry and thrift were drummed into my head. I still remember being at my family's counting house where the many, many piles of cash money made each month were bound up and made ready for deposit and investment. I saw first hand how the first rule of wealth worked: save more and spend less! In one word: fiscal responsibility!
As it was the fashion in the sixties for the more well-heeled to send their scions to further their studies in America, I was soon planted where living large was the way to go. It was not long before I learned first hand what ails this land of food and money: the buy now, pay later mindset. If easy credit is not akin to the stick and the carrot scenario, what is?
So the many here who live from paycheck to paycheck! The payhecks come in and the checks that have to go out to pay the unending bills. Often, the money runs out before the checkbook does too. Few have cash money on hand as a result. Most have not a lot, but credit cards to boast about. Of course, I have to add that: a large, fancy car! Buying big and driving something flashy, fast and furious is "American." How many do live a fantasy, come to think of it. I can recall the times I have bailed out co-workers of mine who needed a buck till payday for smokes…
America, from my perspective is basically a country made up of a huge majority of poor people. Though new millionaires are made each month, the hoi poloi are mostly mired in their "work-a-day," basically "doing the 9 to 5 in a cubicle someplace." Jail time. (And sadly, their jailors are often the successful, and the filthy rich.) They are kept stepping, and are left with no time or energy to better themselves. Meanwhile, they are exhorted to live for the "now." So, the "spend, spend, spend before you make" mindset.
It is so sad!
Well put John. The "great unwashed" as formerly referred to may have moved up with the general standards of living – better dressed and educated – but resources in the world are still limited. Most people will always remain in the bottom tier of the pecking order. Everyone can not be successful. It is still a relatively zero-sum game, albeit the general progress of mankind is inexorably moving up, in spite of those with medieval-era persuasions trying to blow up what has become more like the American nightmare (formerly the dream).
Education the power of social mobility… enjoy whatever we do for gracious living.
Contentment of what we have is a blessing; Greed is the root of all evil; Enhance a purposeful life; Live a long life and learn a life time…
Regards
kc tan
Martin has a very interesting take on why it's better for China to follow the Singapore model, rather than that of the U.S. Politics aside, China has an incredible opportunity to become "the" world power. The US is too far gone to recover from their government quagmire, with all of the lobbying and special interest groups directing politics. As I understand it, it is now possible for a corporation to run for Congress. Bought and paid for. Full stop.
Unless the US does something, anything, soon to stop the bleeding and ever increasing control and meddling by the government, they are destined for the scrap heap.
"China’s model (and that of Singapore) may not be readbly transferable since they depend to a great extent on social stability baseed on the existence of a homogenous population (in China’s case a large plurality). "
Try visiting Singapore first before printing such nonsense!
"Everyone can not be successful. It is still a relatively zero-sum game,"
Dont blame your failures on Asian advancement!
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