USA, China and Japan Lead Manufacturing Output in 2008
"The first chart shows the USA's share of the manufacturing output, of the countries that manufactured over $185 billion in 2008, at 28.1% in 1990, 27.7% in 1995, 32% in 2000, 28% in 2005, 28% in 2006, 26% in 2007 and 24% in 2008. Chinaâ€™s share has grown from 4% in 1990, 6% in 1995, 10% in 2000, 13% in 2005, 14% in 2006, 16% in 2007 to 18% in 2008. Japanâ€™s share has fallen from 22% in 1990 to 14% in 2008. The USA has about 4.5% of the world population, China about 20%."
Knowledge workers are the new capitalists
"knowledge workers are highly mobile within their specialism. They think nothing of moving from one university, one company or one country to another, as long as they stay within the same field of knowledge. There is a lot of talk about trying to restore knowledge workers' loyalty to their employing organisation, but such efforts will get nowhere. Knowledge workers may have an attachment to an organisation and feel comfortable with it, but their primary allegiance is likely to be to their specialised branch of knowledge."
Why I'm not buying the U.S. dollar
"At that point, the Squanders are forced to deal with an ugly equation: They must now not only return to working eight hours a day in order to eat -- they have nothing left to trade -- but must also work additional hours to service their debt and pay Thriftville rent on the land so imprudently sold. In effect, Squanderville has been colonized by purchase rather than conquest.
In general, the batting average of doomsayers in the U.S. is terrible. Our country has consistently made fools of those who were skeptical about either our economic potential or our resiliency. Many pessimistic seers simply underestimated the dynamism that has allowed us to overcome problems that once seemed ominous. We still have a truly remarkable country and economy."
Choosing the Road to Prosperity Why We Must End Too Big to Failâ€”Now
by Harvey Rosenblum, Federal Reserve of Dallas.
"We can perpetuate [Too Big to Fail] TBTF, with its inequities and dangers, or we can end it. Eliminating TBTF wonâ€™t be easy, but the vitality of our capitalist system and the long-term prosperity it produces hang in the balance...
When competition declines, incentives often turn perverse, and self-interest can turn malevolent. Thatâ€™s what happened in the years before the financial crisis...
The term TBTF disguised the fact that commercial banks holding roughly one-third of the assets in the banking system did essentially fail, surviving only with extraordinary government assistance."