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Joseph Mariathasan: Trumping the loss of manufacturing in the US

first_imgPerhaps the simplest way is to recognise that countries are unable to generate enough wealth for the population at large to enjoy the lifestyles and public benefits they have come to expect. Deficit financing means paying for current consumption by issuing debt. QE allowed that debt to be issued at low cost. But it has not resolved the problem that economies in developed markets are not producing enough decently paying jobs for populations to enjoy what they perceive are the levels of comfort they are entitled to, and certainly what previous generations have been enjoying.Emerging markets, by contrast, are in a phase where their economies are generally growing fast, existing populations have few if any social security benefits, and many are close to or below the poverty line. The future looks brighter for new generations that can still expect to do better than their parents and grandparents. Wage levels are sufficiently low as to be attractive to outsource manufacturing from developed markets. But even if Trump does put up tariff barriers to bring back manufacturing, countries such as China and India have sufficiently large domestic economies and numbers of consumers that they are perfectly capable of developing their already extensive manufacturing capabilities to supply the growing domestic consumer base.The problem for the developed nations is that being innovative has not been enough to create jobs for the population at large that pay decent wages. Apple may be the most valuable company in the world, but now it employs barely 80,000 direct jobs in the US compared with General Motors which at its height in 1979 employed more than 600,000 in the US. Service industries, rather than manufacturing, are seen as the post-industrial future for developed economies.The problem has been that the employment created has been concentrated at the McDonald’s end of labour rates. Rising inequality has been the characteristic of the US at a time of rising employment. QE has made the owners of capital more wealthy without having any noticeable impact on the creation of decently paying jobs to replace those lost through outsourcing manufacturing. Trump has come in promising that will change, and that is the hope that has driven so many to vote for him. But, unfortunately, for the US and the world at large, it is unclear whether he can change that without tipping the world into trade wars and possibly recession by imposing tariffs.QE caused massive outflows from emerging markets to developed ones, pushing up developed-market stock markets. The US has now seen a Trump-induced rally of its stock markets that has led to all-time highs. But if creating higher-quality jobs requires a greater focus on manufacturing – and if that can only be achieved through protectionist measures – then there is not an easy solution. Perhaps it is time to reconsider the merits of emerging markets.Joseph Mariathasan is a contributing editor at IPE Joseph Mariathasan questions the chances of bringing back high-quality jobs by focusing on manufacturingThe world anxiously awaits what a Donald Trump presidency in the US will actually bring beyond the populist, garbled and inconsistent rhetoric that has been the experience so far. His Cabinet appointees are a mega-wealthy collection of businessmen, including many Goldman Sachs alumni, which belies his campaign slogan of “draining the swamp”, referring to the Washington establishment.Fortunately, America’s greatest strengths may lie in the maturity and independence of the many competing sources of power to the White House. They will provide a brake on the exercise of presidential power, as Trump will find when it comes to actually exercising it – and as outgoing president Barack Obama also found to his cost, when it came to enacting legislation.The US still attracts the best in the world to come to study, work, set up businesses and become its citizens. Europe can only look in envy as European countries put up increasingly tough barriers to entry in an environment of economic malaise. Yet there are similar, deeply rooted problems for both Europe and the US that can be looked on in many different ways – an excess of debt, a loss of productivity, etc.last_img read more

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December Land Rights Results to be released today

first_imgWe should find out later this morning, if the recent increase in the price of natural gas has sparked any increased oil and gas land rights purchase interest here in Northeast BC.The final calendar year monthly sale was held yesterday, and came on the heels of a disappointing November sale which generated only 20 million dollars in bonus bids.That was a far cry, from the 370 million dollar sale in October which was the year’s biggest and the sixth largest monthly sale on record.- Advertisement -The calendar year bonus bid total is now pegged at 720 million dollars, which is also a far cry from last year’s record total of 2.6 billion.The price of natural gas dipped just slightly yesterday, falling five cents U.S. and finishing at $5.48 per million BTU.last_img read more

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Laughing at Arsenal, that title-winning goal – RVP’s best United moments

first_img May 24 2013: Rubbing it in to Piers Morgan – Staunch Gooner Piers Morgan spent the entirety of the 2012/13 season trolling the Dutchman on Twitter, branding him ‘Robin van Purse-strings’ to suggest he left the Emirates for money and not success. Van Persie refused to get involved in the spat on social media, responding to the former CNN host in his own special way. 8 Despised by Arsenal fans and adored by Manchester United fans, Sir Alex Ferguson’s last great signing Robin van Persie is swapping the Premier League for Turkish Super Lig club Fenerbahce.His £24m move was seen as a retirement gift from Ferguson to himself and what a gift he was, scoring 48 goals in 86 games for the club.Van Persie took the number 20 shirt upon signing and told fans it was a statement of intent as United looked to become English champions for a record 20th time. He was the cause of many an Old Trafford roar during his three years at the club, so here are his best moments in the famous red jersey.Agree with the selections or feel there were other moments more important during Van Persie’s United career? Let us know in the comments section below.  8 September 2 2012: RVP double beats Southampton – Man United were 2-1 down with three minutes remaining away to Southampton and the Dutchman had already missed a dinked penalty. However, Van Persie had watched enough of Sir Alex Ferguson’s teams to know it isn’t over until it’s over as he netted twice to secure a memorable 3-2 victory. December 9 2012: Scoring the winner against City at the Etihad in injury-time – Van Persie ended United’s noisy neighbours’ two-year unbeaten home run in dramatic style after the Blues had pegged the Red Devils back to 2-2 with four minutes to go. However, a late free-kick from RVP, who turned down a move to City that summer, squeezed past Joe Hart much to the delight of the red side of Manchester. November 3 2012: Take that, Arsenal! – All eyes were on Van Persie at Old Trafford as he faced former club Arsenal for the first time. It only took three minutes for him to score and rub salt in the already very raw wounds of Arsenal fans, despite neglecting to celebrate the goal. November 10 2013: Another against Arsenal – This time he did celebrate. It was the striker’s third goal in three games against his former club as United won 1-0. It came as a massive relief for manager David Moyes who was under massive pressure as Arsenal visited Old Trafford. March 19 2014: Champions League hat-trick hero – Again, the Netherlands international came to the rescue of Moyes as United looked to overturn an embarrassing 2-0 deficit against Olympiakos in the second round of the Champions League. Van Persie sealed the win with another United hat-trick, though they were eventually knocked out to Bayern Munich in the next round. April 22 2013: That goal against Aston Villa – United won their 20th English league title in style at home to Aston Villa. The former Arsenal captain was in sublime form, scoring his second hat-trick for the club, including a volley from Wayne Rooney’s cross-field pass which won Match of the Day’s Goal of the Season award. August 17 2012: Van Persie leaves Arsenal for Man United – Robin van Persie has reportedly undergone a medical ahead of a move to Turkish club Fenerbahce, so talkSPORT looks at his best bits in a Man United shirt beginning with his arrival. Van Persie signed for Manchester United from Arsenal in a £24m after coach Rene Meulensteen convinced him he would lead the club to a 20th title. Upon signing RVP said: “I always listen to the little boy inside of me in these situations – when you have to make the harder decisions in life. What does he want? That boy was screaming for Man United.” 8 8 8 8 8 8last_img read more

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Bournemouth’s worst fears confirmed as key man ruled out for six months

first_img Callum Wilson Bournemouth striker Callum Wilson has been ruled out for at least six months.Wilson injured his right knee during Saturday’s 2-1 defeat at Stoke and Eddie Howe admitted after the game that ‘it did not look good’ for the 23-year-old.Now the club’s worst fears have been confirmed after scans showed he suffered a ruptured anterior cruciate ligament.Wilson will have an operation next week before beginning rehabilitation and faces a battle to be fit before the end of the season.It is a huge blow for Cherries boss Howe and the hitman, who scored five goals in his first six Premier League matches and has been tipped for an England call-up.”It’s very disappointing for Callum, after what has been an exceptional start to the season, but I am sure he will come back fitter and stronger,” Howe told afcb.co.uk.“Callum is the type of character who won’t be fazed by such a setback, and I am sure he will turn this experience into a positive in the long run.“As I have said many times before though, this kind of setback offers others the opportunity to step up to the plate, show everybody what they can do and make a real impact at this level.” 1last_img read more

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