quote: | Originally posted by Dykes_on_Jay
Hong Kong dollar is worth 20% less than the RMB. That and i drink for free when i play.
This place is fucked up. You can walk around all day feeling rich (salary for just being a foreigner compared to Chinese is insane, even if you have the same job. They are like the new woman in the workplace.), then stumble into a neighborhood where every second house has a Bentley (meaning a high rise and i mean fucking high rise condo with 50 Bentleys in front) and my ass feels broke and wanting to open a Kebab stand.
A cleaning lady is 15rmb an hour or about 2$CDN. I just bought 300 grams of Wagyu and a case of 12 600ml bottles of Tsingtao for less than 15$. That would cost me 60$ minimum back home. Good ole Walmart. |
The loonie is doing very well these days, I hear alot of people talk about a Chinese slowdown...
The way I see it, China will dictate the world economy soon.. Meanwhile in the U.S, the decline worsens, as the Federal Reserve has embarked in an unprecedented bond and mortgage backed asset buying program that lowers the demand for safe assets such as bonds and CDs by keeping rates at extremely low levels. This program will push the value of the dollar down, boost riskier assets, and 'in theory' lowering unemployment by facilitating cash flow between powerhouses.
The U.S is borrowing more than it outputs, spending on welfare programs as people have conformed to unemployment. While the actions taken by the fed might bring unemployment down just a nudge, America's problems are structurally deep, and require fiscal intervention.
The way things are going, the U.S is headed towards a double dip recession and secession of global hegemony.
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