As I was looking for Economic news on the net, I came across a story from Great Britain's Economist publication. Why we don't see more stories like this from the likes of CNN, Fox News, MSNBC, and the like is beyond me. The economy of any country relies on the emotional well being of its people. As was said earlier in another blog, if the American people feel confident in the economy, that is the first and best step towards better times. There is money in our economy, at the present time it is not being productive.
The Economist's story is here: http://www.economist.com/node/21558591 and is well worth the read. It starts out telling of a building boom in Asia, China in particular. It seems many of the new sky scrapers rising into the sky in China are designed and engineered by American firms. These firms are making money from dealings with China. And while China is a huge competitor in our economy for consumer dollars, they are not yet able to hit the higher level of engineering and design. That's where we Americans can hang our hope.
The article goes on to talk about our banks. Now, think hard, what news have you heard here in the states about our banks? Is your impression that they are all teetering on the brink? That all the bad mortgages and debt is close to sinking them? Not according to this story. Our banks were effectively bailed out, and have recapitalized nicely. Especially when compared to Europe. Another good sign for our economy. Our banks will soon be able to help finance the recovery, which is eminently smarter than the government's stimulus plans. Just one problem, it doesn't feed into the socialists, especially in the media, plan to socialize America.
Did you know that we as members of the economy have generally paid down debt? That now 43% of our economic growth is coming from exports? But even at that, all is not well in our economy. Unemployment is too high, and new jobs are not being created at a sufficient pace. Our stock Market is on the roller coaster, reacting insanely to any news good or bad, rather than looking at individual listings and determining if they are well run companies with minimal chance of failure, and then investing in them to allow growth to occur. Again, something government can not do efficiently.
Did you know that China is now our third largest export market? Yet all we hear is China bashing, and to some degree it is worth watching. China is not a perfect friend, they rattle their sabres over Taiwan, and I believe are building their military forces. The question is if that build up is defensive. The political system in China is under stress, similar to the way the old Soviet Union's government was. To this point they have remained through force and oppression, but that will eventually change. The Chinese people will ultimately win out and there will be real political change.
So there is reason to be optimistic with the American economy. And do you know why? We the People determine where this country goes. Both of our major parties are only along for the ride. And both seem to be pandering for more of what they siphon off our economy to line their own pockets. But like the Soviet Union, and like China, and like any other tyrannical country in the world, the people of America will make things happen, and traditionally that means big things and a robust economy. Ignore the news, ignore the politicians dreary outlook, and go spend something for something that makes you happy. And we WILL show them.
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