Segment 1: Tax Tales SEGMENT BEGINS AT 00:37 Economist Jerry Robinson welcomes author, financial writer, and stand-up comedian Dominic Frisby for an enjoyable, stimulating discussion of his book, Daylight Robbery, as well as the role of taxes in history and the...
THE UNPRECEDENTED RISE OF CHINA
The Meteoric Rise of China Captured in a Single Infographic
When I first saw this graphic last year on billionaire Bill Gates’ blog , I was absolutely blown away.
In a three year time-span, China used more cement than the U.S. was able to consume during the entire 20th century!
This fact is just one of many mind-blowing figures assembled in a book entitled: Making the Modern World: Materials and Dematerialization, written by Professor Vaclav Smil from the University of Manitoba.
Put simply, China’s meteoric economic rise is unlike anything the world has ever witnessed.
Still, many in the West refuse to admit the reality of China’s future economic dominance. The Western corporate-owned (and therefore, controlled) media outlets constantly attempt to play down China’s continued economic expansion.
But facts are stubborn things.
Great Britain learned this at the beginning of the 20th century, as its centuries-long economic dominance was being eclipsed by a burgeoning United States.
Some in Britain continued to live in denial of their loss of global economic supremacy to America well into the mid-20th century. Like America and China today, Britain could hardly believe that the rise of “backwoods” Americans had triumphed over their perfect empire. But America’s economic defeat of Britain was confirmed to all at Bretton Woods, where the U.S. dollar officially became the global defacto currency.
I could rattle off statistic after statistic explaining China’s economic ascent, including why it is real and sustainable.
But infographics like the one above convey so much more than words.
(Additionally, if you have not seen the 1987 vs. 2013 pictures of Shanghai — China’s financial district — you should see for yourself here.)
Like it or not, China is rising. Sure, it will have many hiccups en route to global economic supremacy. But so did America prior to its ascent to global hegemony. (1929 anyone?)
Final Analysis: Don’t be a long-term China “denier.” It’s bad for your financial health.
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Real-Time Market Update
(Courtesy of Finviz.com)
- U.S. STOCKS AT NEW ALL TIME HIGHS: U.S. stocks rose last week, sending the Dow Jones Industrial Average to its first record of the year, as Greece reached a deal on its bailout program and investors speculated the Federal Reserve will keep rates lower for longer. (Bloomberg)
- GREECE GETS FOUR MONTH EXTENSION. The Federal Reserve signaled its willingness to keep interest rates near zero for longer, surprising investors betting that a resurgent labor market would prompt an increase as early as June. (CNN Money)
- THE SILICON VALLEY AUTO INDUSTRY?. With reports last week that Apple hopes to bring a car to market in five years, every motorist who remembers the pre-iPhone era of smartphones must be feeling like their new car will go the way of BlackBerry, Nokia or Palm Pilot. (NY Post)
- BANKING HOLIDAY IN GREECE. Bank runs are accelerating in Greece ahead of Monday’s bank holiday. (Zero Hedge)