“Rich as an Argentine” was once a common phrase, back when the South American nation was one of the wealthiest in the world. Today, it faces bankruptcy and staggering debt in a saga it can’t seem to escape.
As I grew up people expected things to get better each year and for most of my life they did. I’m not sure future genertions can be so confident.
Global industrial output sucks in resources. There are definitely countries who can not afford the trading patterns. Most can not afford the trading patterns.
Remember when Great Britain was empire this was true as well as her armies easily took lands. The advantage was compounded by design.
The US allowing OPEC to rise was self seeking.
China faces a massive dilemma as she can not afford the resources she needs longer term.
India is trying to skirt that dilemma relying on less manufacturing and instead on more educated job creation…ie software coding…It will last longer but wont succeed longer term either.
What I am saying in India’s and China’s case but you can add Turkey and Indonesia along with Nigeria, the populations can not balance against the costs necessary to support the country in a more competitive way.
Considering the leadership structures the only one I am sympathetic with is India. It is also for now the only one succeeding. I know less about Indonesia. Brazil has mixed hopes.
If people support ignorance I am not all that sympathetic. You make your bed you lie in it. Don’t come back and blame anyone else. Get your act together. Overthrow Xi. Get a clue and you can get your freedoms. I do not care how much bloodshed is involved. Xi is a threat to us in the longer run. You owe the rest of us to get rid of such little men. Man up!
As far as the gold standard goes where this always seems to lead? It is a non starter as a solution. As far as devaluation of currencies? Live within your means. Borrow responsibly and make sure professional bureaucrats make the decisions.
Reverting to discussions of the gold standard is an abrogation of a country’s economic responsibilities. Begin to read public finance books to learn how econ works.