NEWS: 1 million millionaires in China!

And they are doing it on your Dollar.

Soon we'll be riding bicycles everywhere and they'll be driving the Escalades. I heard they all smoke two cigarettes at once

I still think it's an immensely poor country, a million out of 3 billion isn't much of a ratio.

I always hear that they manipulate their currency to take unfair advantage of us. Maybe Hillary Clinton will wave her finger at them after she's done dancing in south Africa.

Dann, them thar cigs are opium laced--at least they're motivated towards betterment instead of whining about how it SHOULD be--drug induced or not. Maybe someone should mandate that at union meetings--talk about quality improvement & FAIR wages instead of always wanting more for doing less

The latest USA figure I came across indicated tht we have 5,134,000 millionaires.

One difference is that $1 million in USA currency equivalent (the benchmark whereby China now has more than 1 million millionaires) has the buying power of roughly $15 million in China proper. When my daughter lived in mainland China for 6 months she said it was easy to eat a nice meal for the equivalent of about $0.50 cents in US currency. As long as they stay close to home, these Chinese millionaires are far ahead of a millionaire living in the USA.

The population of China is roughly 1.1 billion to 1.4 billion people. What we call population (roughly 300 million, or 0.3 billion) China calls rounding error.

Dann757 wrote:I always hear that they manipulate their currency to take unfair advantage of us.

LOL. Does QE I and QE II ring a bell with anyone?

jpete wrote:
LOL. Does QE I and QE II ring a bell with anyone?

That wasn't currency manipulation. No way! If it was, our honest Government would have told us so.

OTOH, we only have to devalue our Dollar by about another 93% and we will all be able to live just like the Chinese. With QE 1, QE II, etc... we are working hard to achieve the goal. It will be much easier to make $200 trillion in debt go away that way. That's exactly what monitizing the debt means.

The dollar has already been devalued by 84% since 1971, so don't think this is not possible.

lsayre wrote:The dollar has already been devalued by 84% since 1971, so don't think this is not possible.

It's not only possible but inevitable. Watch the fireworks when the least little cut back is suggested. It will go on until the point of absurdity is reached.

And with the Chinese rising in new wealth (higher annual income) to the tune of 17.5% annually on average, we will probably only need to devalue the dollar by about another 70-80% or so (rather than the full 93%) in order to permit all of us on average to live at the Chinese level of subsistence. I think this is the ultimate plan. We must have our standard of living drastically reduced to that of the Chinese in order to level the playing field. I'm sure the G20 nations and the UN see this as a necessity. And President Obama is just the man to accomplish the task.

Dann757 wrote:I always hear that they manipulate their currency to take unfair advantage of us.

Actually China keeps their currency firmly indexed to the US Dollar, which seems to be quite the proper thing to do under the auspices of the 1944 'Brenton Woods' agreement, whereby the Dollar was to be linked (indexed) to gold and all of the other world currencies were to be linked (indexed) to the Dollar, thereby making all of the worlds currencies "as good as gold".

The "problem" is that we are trying very hard to devalue the Dollar, and since the Chinese Renminbi is indexed directly to the Dollar, try as we may to devalue (debase) our Dollar, it still winds up that there are just as many Yuan (street language for Renminbi) to the Dollar today as there were yesterday and the day before that....

And this my friends is why the Chinese are claimed to be manipulating their currency to take advantage of us. They just don't play fair. No one is expected to follow rules.