This is what the US means by China "warping the market." With such a huge middle class their consumer demand will utterly change the world economy, putting a lot of strain on supply chains and resources and energy. This, in turn, creates that stubborn "inflation" in the dollar as it loses its preeminence and Yuan begins to dominate markets. Suddenly the US's free lunch is gone and it's pissed.
this post was submitted on 01 May 2024
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Yeah, that's basically why US is in a panic right now. I get the impression that US leadership severely underestimated how rapidly China was developing, and did not understand the significance of China investing in poverty alleviation programs.
All the people in power are, themselves, deeply propagandized. I think they actually really believe that investing in poverty alleviation creates more poverty and have forgotten that was a lie they made up for the public. There are probably some smart psychopaths who know the truth still, but they can't exactly come out ann explain it anymore. The ideology is so entrenched the ruling class can't imagine anything else i.e. age of the sons.
Indeed, the propaganda is so pervasive it becomes the reality because it's the only viewpoint people see. There are some fairly sober rich people in US still, and the reason for that is them doing business in China. So, they have direct exposure to what China is actually like. Dalio is a good example of this, he realizes that China is overtaking the US because US domestic policies are self destructive.
"First, will the world be able to sustain such a large consumer class within its planetary boundaries?" indeed.