Global Inequality Decreasing

And that’s bad news for the US. The reason it’s decreasing, is that China is getting richer while the US is more hidebound.

The only way the US can keep it’s place in the world is with a more muscular, forward leaning defense strategy and throwing more money at our hero defense lobbyists in the Washington DC suburbs.

Glory to Ukraine.

intercst

2 Likes

India’s middle class is growing also. Apple has already shifted some product production to India from China and more will follow.
Also US Ukraine policy has benefited India’s oil refining industry. They buy cheap Russian oil; mix it with other imported oil; refining it; jack the price up & sell it to EU & USA. Glory to Ukraine indeed.

China, India, Singapore, Turkey and the UAE — have turned into “laundromats” for European countries that imposed price caps on Russian crude. Western countries that have largely banned the imports of oil from Russia imported EUR 42 billion worth of oil products from countries that have increased imports of Russian crude oil in the 12 month period since Russia’s invasion, says a report by the Finnish non-government agency Centre for Research on Energy & Clean Air.

The report calls these five countries, which have increased purchases of Russian oil and launder it into products shipped to countries having sanctioned Russian oil, the laundromat countries.

https://www.msn.com/en-in/money/topstories/indias-fuel-exports-to-eu-up-572-since-ukraine-war/ar-AA1cvm5J

$60/barrel Russian oil is a good deal that leads to very good profits.

Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.

New research from the McKinsey Global Institute (MGI) shows that within a generation, the country will become a nation of upwardly mobile middle-class households, consuming goods ranging from high-end cars to designer clothing. In two decades the country will surpass Germany as the world’s fifth largest consumer market.

As the seismic wave of income growth rolls across Indian society, the character of consumption will change dramatically over the next 20 years. A huge shift is underway from spending on necessities such as food and clothing to choice-based spending on categories such as household appliances and restaurants. Households that can afford discretionary consumption will grow from 8 million today to 94 million by 2025.