LTCM

How Bad Do You Have It?

From a news clip today:

“In the past months, about 70,000 factories nationwide have closed. Beijing official Chen Xiwen estimates about 20 million migrant workers have lost jobs. Tens of thousands of villages in the countryside depend on migrant workers’ income.”

The old saying is that when the US sneezes, the world catches a cold. How true. Our years of thirst for “lower prices” fueled a migration of millions of workers from the farms of China to work in factories to supply us with those cheap goods. Now, faced with unemployment, they are moving back to the farms that have long lay fallow.

Read the entire article here.

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February 21, 2009 - Posted by | Uncategorized

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