Yellen was stumped by the question: Is it possible we’re just being outcompeted by the Chinese in those (electric vehicles, batteries, all of those things.)
Yellen was stumped by the question: Is it possible we’re just being outcompeted by the Chinese in those (electric vehicles, batteries, all of those things.)
Janet Yellen underscored the U.S.'s rivalry — and collaboration — with China in an interview with "Marketplace" host Kai Ryssdal.
Is my economy irrational and overfinancialized?
:skinner-thinking:No, it's the Chinese who are too productive.
Well, we have targeted a few industries, particularly clean energy, electric vehicles, batteries, renewables, where we’re not trying to dominate the globe and be the only country in the world that supplies these goods.
🤣🤣🤣
the jokes write themselves
Is it possible we're just being outcompeted
The answer appears to be a resounding yes, even according to western reporters:
"I Went To China And Drove A Dozen Electric Cars. Western Automakers Are Cooked"
Americans won’t believe it until an tech influencer with US security clearance says it, someone like Marques Brownlee which curiously NEVER reviews Chinese stuff 😂 reality will hit them like a high speed rail, oh wait
"Outcompeted?! by the Asiatic Mongol horde?! Impossible!" -- Yellen probably...
I am really worried that the Chinese leadership might buy into this nonsense and try to reduce the savings rate. That is the exact opposite of what China needs. As the productive forces develop, developing them further takes even more effort as you have to take on even more challenging projects while also maintaining the productive forces already developed. It is precisely because the liberal economies stopped accumulating that they have degenerated.
I doubt it, China can see what's happening with western economies right now just like everyone else, and it doesn't take a genius to realize that western advice isn't worth the paper it's written on. Furthermore, having savings is obviously important when the global economy is headed for turbulent times, without savings there's no ability to amortize economic impact of a downturn. So, I think there's zero chance that China would start cutting their savings rate nw.
Stay asleep America.