A former plating engineer documented forced forced 2 twelve-hour shifts a day, 7 days a week schedule , exposure to toxic and corrosive materials (lead, gold cyanide, sulfuric acid) etc, it's almost straight from Chaplin's movie "Modern Times".
(note I came from mainland China, it's well known Taiwanese companies are the worst among foreign investors, Foxconn's CEO Terry Gou sued a female reporter for RMB $30 million because she published an article exposing his company's inhuman conditions).
... You know that sulfuric acid will corrode the skin, how about not wearing any gloves and dip the hands in sulfuric acid ? The sulfuric acid concentration is 50%! I have done it many times such a thing, starting to ache, then the skin from the stress auto-thick cuticle, hand become very rough, not that pain. I did not want to abuse myself, it's because FOXCONN's conveyor belts are too fast, if I keep all the protective gear on , I do not keep up with its speed, the foreman will then come. Only do not take any protection work is the fastest. My job is plating engineers, with four technicians, two electroplating production line open, the machine by my tone, chemicals added by me, and I want to add more than sulfuric acid drugs, as well as caustic soda, sulfuric acid nickel, tin-lead solution, which Pd-Ni syrup production line there, gold potassium cyanide solution. Hold on, gold potassium cyanide, and gold cyanide, gold on Earth the best solution vector synthesis with potassium cyanide. We all know that the highly toxic potassium cyanide, only when we deal with the plating tank is wearing gloves. But because skin contact with nickel-palladium drug sailors on black, then contact the sailor on the red tin-lead drug, then that hand is purple, red one, black one. I am not the worst, worst thing is that sector where Chen engineers, morning in the cafeteria when reaching for bread, another girl took a hand at the same time, the results seen so many girls were black hands Yipie Yan, scared screamed throwing steamed under a hasty retreat, which became Chen engineers from our jokes, how can the story I always feel sad. I do not want to say too much gold potassium cyanide, potassium cyanide can think of one kilogram of 5 million is enough to poison. Tin-lead solution, you want to lead-free solder is not so easy, my hand touch a lot of tin-lead solution so that years later I had to be born daughter suspense, lead poisoning is serious business, I contacted the lead, but plasma state. Thank God, my daughter is very healthy!
Come on, do not recall too much in the past remembers. Heaven must be a way, the vast majority of people, working at the Foxconn would be very hard indeed, but mind off jumping. For one, it wants to leave it.
I was one and a typical example. FOXCONN had just entered is indeed easy, OFFICE sat looking documents, sit for a long time been sent to lab for analysis. Small section chief did not like me after a while, I went directly to dispatch production line, purgatory began. Ho reverse black and white bear hardship without prevention to oncoming high-intensity workload, daily overtime, tired, tired, or the beginning of the tired. Psychology has become dark, no sun, Where is the way I do not know Daochu. On one occasion, hot days at noon, after lunch I changed workers, adjusted the tape machine put away, taking advantage of neutral gear to the front of the door pillar where fans blow air to cool off point, because I Hantou chest, while the plating shop as Many solution is heated, so hot on heating, air-conditioning in the office. Just stood still, not cool, Taiwanese small-class long pushed open the door, stared coldly at me and then went to the office, I know him, but I would like to 明人不做暗事, I had hair, not false, still stand there waiting for him back into the office before their machine. Then called into the office director, Ben I came out and directly asked a question directly to unplug the power supply fan went against the storage room. At that moment my heart is particularly cool, fuck you I am a people person, you specialized undergraduate I was plating it, on with you than me little freshman. On what basis you fans blowing air I can not even blow? I was not any work you lazy lunch break, I give you to adjust the machine and hard materials have stood with, on what basis I do not have the right cool, do not you and I is the Taiwanese mainland people? It is FOXCONN's experience, I understand that the person was born is not equality, discrimination is always there. Woliang treatment of a world of difference in fact on the identity from Wolia different, because even if a few baskets of illiterate people in Taiwan over the minimum is also a section chief (manager), and a number of years of dry matter to dry matter how much very difficult to live a long course. With this sense of an experience, enough became my opportunity to not hesitate to run into the original impetus for emigration.
My story is just tip of the iceberg, FOXCONN's management has its ills lies. The chronic illness from each of the men must perform military service in Taiwan's traditional culture, is the military life, so that the people of Taiwan have a "big one officer crushed to death" and the firm conviction. No matter what quality problems first, look at the department section chief of the qualifications, qualifications say is high, and then go out into the long course of low qualifications, where push. Like my old class long gone, my good day is over. That by the end of awards when a small section chief detained light. Then a bunch of chiefs came to my department, I have all paid the class back to their home situation that my machine where this group did not make things right and give me a penalty and then deducted one end of the year award. One reason for work the next day to hear that I immediately knew it was just an excuse, I am absolutely innocent, I was the only sector among the more than 100 numbers have practical experience, technical education is one of the three, take it reason to punish me, but this is only arbitrary and hang the word. Workers because I have "* Master" title, it will give them free to answer technical questions, and they all know I was wronged, and advised me to go to your boss or to the general manager of the office to write grievances, I thanked them to the good intentions and did not move. Useful? I was punished with gas workers, assistant manager of the office run defense, but the results do not guess, and driven out. But This guy told me to use the same machines, same product, each week more than 100 grams of gold Kuidiao, more than 500 grams of Pd-Ni, I and night engineers work together to save each week for the company just over 100 grams of gold , more than 500 grams of Pd-Ni make up their losses. I know that a small section chief for this review so that he has written several times, but never praise me, when the price of one gram of gold is about 85 to 100 yuan between the bar, the price of gold palladium 1 / 2 to 1 / 3. Gold plated part of the process will be a reduction in the plating, the large particles such as mung bean, and I know that some engineers collected and taken away quietly, but for me, but gold is a metal only, I never took a gold, because it does not belong to me. I stabbed a man pick a long academic background and class, but never put in their own desktop as a naked woman, people read this insignificant, let me plead with this rogue, I did not so degraded!
FOXCONN is really determined to leave the New Year, when high school friends to see me. A chat, I know how miserable my life now flashing school are chemical differences in how working conditions can be treated on so much? Friends advised me to leave. Then the New Year starts on the first day, determined to resign.
Back to Xian, the working environment was unsatisfactory, quickly slipped into the outer court to learn English. The result is there that the Canadian skilled migration, hurry to apply. Then back to the Shenzhen side of the wage learn English gradually getting immigration formalities. After the time spent, into the EPSON, working conditions and wages have increased a lot, OFFICE work, easy and quiet, treatment is much higher, not to force overtime. In fact, resigned just six months away from FOXCONN, people are still that person, into different companies, different treatment flew, this benefit is immediately switched to. Working for some time, supervisors found that I really understand plating, put this one entirely to me. Work independently of the feeling is it was great, I set up their own laboratories, trained assistants to produce their own specifications of various documents, sometimes traveling to suppliers that deal with the problem. This is my work experience section of the most comfortable. And then down a smooth transition to the immigrant visa abroad.
In fact, there are both major problems FOXCONN months, forced overtime issue, there is a problem that night. Maybe has the problem seems simple, but it is Gou core interests.
Mandatory overtime does not require, but it is an unwritten rule. Under normal circumstances should be three shifts, but the 3 classes of labor costs will be higher than 2 classes. So I basically did not implement the department had three shifts, two classes Lian Zhouzhuan. Specific economic accounts that you do the math, not Gou can not afford workers the choice to workers exhausting the 2 shifts a little more in line with his interests, 1.5 times the overtime he can pay, but because the low base wages, overtime How much money did not. Once the order is to reduce the time, you can easily return to two shifts of the normal. Fewer workers, management cost is low. As to whether the workers jumped to endure 12 hours a month away, it is not something Gou. Has there been a female reporter did not know bragging Foxconn reported mandatory overtime issue of overtime, Gou immediately Laoxiuchengnu, the female reporter on 30 million lawsuit, the women's scared silly, angry because he is self-evident. In fact, the same production plant, Gou is the highest profits, or else on behalf of the plant so much, only he did most.
There are night work, think about it, when EPSON may have employees work 10:00 to sleep, while still producing endless FOXCONN, which created a greater surplus value? The major impact of night shift problem is physiological and psychological, 12-hour night shift, your body has less sunshine of moisture, do not say I was tired, but really dark and psychological. Is pessimistic, can not see their own future. While others seem happy than me. I can not stand night, but I found some people on the right, not a headache.
I do not know whether that drove two reasons for this effect. But I really know, FOXCONN production line, really inevitable mandatory overtime and night shift down, because his production line must be fully open only 24 hours to maximize profits. There is no reason which is always the day shift employees, while others will only work at night, shift is a requirement.
As for why employees endure forced overtime, the reason I own analysis found: At the time I am inexperienced, had left the community to work, obey the inertial mentality still there, arrayed in the production tasks, competent in overtime, I do not overtime that is not allowed, but in the morally, because we all work overtime, I do not work overtime as causing inconvenience to others. Just out of people, not the rise of individual consciousness, of the capitalists, no clear understanding of the employment relationship. Besides just arrived in Shenzhen, unfamiliar with the place, the need for a safe haven to familiar with the environment. So on their own grievances, to leave up until the last straw. Do not look at every day thousands of people queuing Foxconn entry, I guess people from Foxconn at least 500 million people. I just went to work had already been discharged to the rich top 20 000 5, in fact, only two thousand factories, no more than 5 years of history. Same batch of 20 students only 2 people a year, 2 years later, only one person. However, there are those who left later returned. Where did my university students 12 years of no left, people can stand on the subject, that I believe may be genetic problems. Foxconn is the largest recruitment but in fact those just graduated from secondary school students Mainland vocational school students, one graduate pulled over, for the above reasons, good management and stamina! I graduated from this university, the resistance consciousness is some time before they cultivated.
Can not stand, and do not jump off, doing something else is required. Gou 忽悠 not listen, what to love, the emotional problems of men, women, Shenzhen has more to go, and are jumping up? Do not listen to the experts who have no sense of shame 忽悠: the level lower than the national suicide! The experts are all heavily engaged! Otherwise the next thing that made money, step aside. Feng Shui Gou special superstition, said that the reason Foxconn headquarters in Long Hua Yousong this strange place, that is, geomancers survey results! ! Those reporters are undercover when there is no real night to line dry month, and then look at their psychological change, will understand. If one does not understand that after 3 months of dry look no longer young who will be mad?
Cherish the memory of the dead, to comfort themselves.
I wish more people would respond to the "Made in China" Foxconn slander that is going around.
You can point out to these people that a HUGE amount of tech equipment, computers, cables, power supplies, printers, memory, you-name-it, is MADE IN CHINA. (In addition most of the items you use daily, your very clothing, your chair, your lamp all your Walmart purchases -- guess what, Made in China.)
Dell, Toshiba, Sony, HP, Lenovo, Brother, Asus, Lexmark, Panasonic -- oh my god the list is endless -- use Foxconn and other Chinese factories. Why pick out Apple?
This attack of Apple using Foxconn is such blatant, ignorant slander and misinformation, it deserves a round dose of reality in response.
China is a repressive country who torture, kill millions of dogs and cats a year, sell prisoners' organs on the transplant market, censor the Internet, and so on, and if you supposedly care about China, you would need to boycott the entire country, something very hard to do. Add to that the fact that they hold a huge amount of our foreign debt, and if they called it in they cause a economic disaster here
China is a repressive country who torture, kill millions of dogs and cats a year, sell prisoners' organs on the transplant market, censor the Internet, and so on, and if you supposedly care about China, you would need to boycott the entire country, something very hard to do.
It's not "hard", per se, it would just means China's trading partners would have to do without the flow of cheap electronics, household item, toys, etc. while production could be ramped up elsewhere. Don't assume it would be the US, either. My guess would be Vietnam.
Quote:
Originally Posted by rosswell
Add to that the fact that they hold a huge amount of our foreign debt, and if they called it in they cause a economic disaster here
That's the funny thing. The "debt" they hold is either in standard financial instruments (i.e. bonds) or in capital (stock) or liquid (cash in the bank) assets. It's not like those bonds come with call-on-demand language; they are due when they come due. It would cause an economic calamity if the US of A defaulted on the national debt would cause; in addition to wiping out bond holder it would affect the ability to borrow in the future (not just in Wall Street buyouts but paying for defense, roads, etc.). But the impact to China if they were to lose the value of those assets and to lose one of their largest export markets would throw their still-fledgling economy into a depression that would make the '29 Great Depression look like Disneyland.
And, as much as the PRC is going to fight it, eventually Chinese mainland manufacturing will be priced out of the "cheap goods" market not dissimilar to what happened in Japan and Korea. If there is a problem for the PRC, it's that they have far too many workers to revamp from an economy that revolves around low-quality, high-output goods to higher-quality, lower-output goods (e.g. Japan).
No, China has a huge interest in the continued success of the US economy.
No, China has a huge interest in the continued success of the US economy.
To paraphrase something a poster on another forum said: if Louie the loan shark is in to you for $1000 and you can't pay, you're dead. But if Louie's in to you for $100000 and you can't pay, Louie's dead.
Let's see. Sadly, ten out of nearly 500,000 workers at Foxcom committed suicide last year. That would equate to 20 per a population of million or 400 per 20 million.
Good thing that they weren't attending an American college or university were nearly 1100* out of 20 million students will take their own lives this year.
Interesting that some of the arguments presented here contravene the recent findings that the the happier the place , the higher the suicide rates.?
Comments
(note I came from mainland China, it's well known Taiwanese companies are the worst among foreign investors, Foxconn's CEO Terry Gou sued a female reporter for RMB $30 million because she published an article exposing his company's inhuman conditions).
Google Translation from Chinese
excerpt from http://web.wenxuecity.com/BBSView.ph...&MsgID=1961258
... You know that sulfuric acid will corrode the skin, how about not wearing any gloves and dip the hands in sulfuric acid ? The sulfuric acid concentration is 50%! I have done it many times such a thing, starting to ache, then the skin from the stress auto-thick cuticle, hand become very rough, not that pain. I did not want to abuse myself, it's because FOXCONN's conveyor belts are too fast, if I keep all the protective gear on , I do not keep up with its speed, the foreman will then come. Only do not take any protection work is the fastest. My job is plating engineers, with four technicians, two electroplating production line open, the machine by my tone, chemicals added by me, and I want to add more than sulfuric acid drugs, as well as caustic soda, sulfuric acid nickel, tin-lead solution, which Pd-Ni syrup production line there, gold potassium cyanide solution. Hold on, gold potassium cyanide, and gold cyanide, gold on Earth the best solution vector synthesis with potassium cyanide. We all know that the highly toxic potassium cyanide, only when we deal with the plating tank is wearing gloves. But because skin contact with nickel-palladium drug sailors on black, then contact the sailor on the red tin-lead drug, then that hand is purple, red one, black one. I am not the worst, worst thing is that sector where Chen engineers, morning in the cafeteria when reaching for bread, another girl took a hand at the same time, the results seen so many girls were black hands Yipie Yan, scared screamed throwing steamed under a hasty retreat, which became Chen engineers from our jokes, how can the story I always feel sad. I do not want to say too much gold potassium cyanide, potassium cyanide can think of one kilogram of 5 million is enough to poison. Tin-lead solution, you want to lead-free solder is not so easy, my hand touch a lot of tin-lead solution so that years later I had to be born daughter suspense, lead poisoning is serious business, I contacted the lead, but plasma state. Thank God, my daughter is very healthy!
Come on, do not recall too much in the past remembers. Heaven must be a way, the vast majority of people, working at the Foxconn would be very hard indeed, but mind off jumping. For one, it wants to leave it.
I was one and a typical example. FOXCONN had just entered is indeed easy, OFFICE sat looking documents, sit for a long time been sent to lab for analysis. Small section chief did not like me after a while, I went directly to dispatch production line, purgatory began. Ho reverse black and white bear hardship without prevention to oncoming high-intensity workload, daily overtime, tired, tired, or the beginning of the tired. Psychology has become dark, no sun, Where is the way I do not know Daochu. On one occasion, hot days at noon, after lunch I changed workers, adjusted the tape machine put away, taking advantage of neutral gear to the front of the door pillar where fans blow air to cool off point, because I Hantou chest, while the plating shop as Many solution is heated, so hot on heating, air-conditioning in the office. Just stood still, not cool, Taiwanese small-class long pushed open the door, stared coldly at me and then went to the office, I know him, but I would like to 明人不做暗事, I had hair, not false, still stand there waiting for him back into the office before their machine. Then called into the office director, Ben I came out and directly asked a question directly to unplug the power supply fan went against the storage room. At that moment my heart is particularly cool, fuck you I am a people person, you specialized undergraduate I was plating it, on with you than me little freshman. On what basis you fans blowing air I can not even blow? I was not any work you lazy lunch break, I give you to adjust the machine and hard materials have stood with, on what basis I do not have the right cool, do not you and I is the Taiwanese mainland people? It is FOXCONN's experience, I understand that the person was born is not equality, discrimination is always there. Woliang treatment of a world of difference in fact on the identity from Wolia different, because even if a few baskets of illiterate people in Taiwan over the minimum is also a section chief (manager), and a number of years of dry matter to dry matter how much very difficult to live a long course. With this sense of an experience, enough became my opportunity to not hesitate to run into the original impetus for emigration.
My story is just tip of the iceberg, FOXCONN's management has its ills lies. The chronic illness from each of the men must perform military service in Taiwan's traditional culture, is the military life, so that the people of Taiwan have a "big one officer crushed to death" and the firm conviction. No matter what quality problems first, look at the department section chief of the qualifications, qualifications say is high, and then go out into the long course of low qualifications, where push. Like my old class long gone, my good day is over. That by the end of awards when a small section chief detained light. Then a bunch of chiefs came to my department, I have all paid the class back to their home situation that my machine where this group did not make things right and give me a penalty and then deducted one end of the year award. One reason for work the next day to hear that I immediately knew it was just an excuse, I am absolutely innocent, I was the only sector among the more than 100 numbers have practical experience, technical education is one of the three, take it reason to punish me, but this is only arbitrary and hang the word. Workers because I have "* Master" title, it will give them free to answer technical questions, and they all know I was wronged, and advised me to go to your boss or to the general manager of the office to write grievances, I thanked them to the good intentions and did not move. Useful? I was punished with gas workers, assistant manager of the office run defense, but the results do not guess, and driven out. But This guy told me to use the same machines, same product, each week more than 100 grams of gold Kuidiao, more than 500 grams of Pd-Ni, I and night engineers work together to save each week for the company just over 100 grams of gold , more than 500 grams of Pd-Ni make up their losses. I know that a small section chief for this review so that he has written several times, but never praise me, when the price of one gram of gold is about 85 to 100 yuan between the bar, the price of gold palladium 1 / 2 to 1 / 3. Gold plated part of the process will be a reduction in the plating, the large particles such as mung bean, and I know that some engineers collected and taken away quietly, but for me, but gold is a metal only, I never took a gold, because it does not belong to me. I stabbed a man pick a long academic background and class, but never put in their own desktop as a naked woman, people read this insignificant, let me plead with this rogue, I did not so degraded!
FOXCONN is really determined to leave the New Year, when high school friends to see me. A chat, I know how miserable my life now flashing school are chemical differences in how working conditions can be treated on so much? Friends advised me to leave. Then the New Year starts on the first day, determined to resign.
Back to Xian, the working environment was unsatisfactory, quickly slipped into the outer court to learn English. The result is there that the Canadian skilled migration, hurry to apply. Then back to the Shenzhen side of the wage learn English gradually getting immigration formalities. After the time spent, into the EPSON, working conditions and wages have increased a lot, OFFICE work, easy and quiet, treatment is much higher, not to force overtime. In fact, resigned just six months away from FOXCONN, people are still that person, into different companies, different treatment flew, this benefit is immediately switched to. Working for some time, supervisors found that I really understand plating, put this one entirely to me. Work independently of the feeling is it was great, I set up their own laboratories, trained assistants to produce their own specifications of various documents, sometimes traveling to suppliers that deal with the problem. This is my work experience section of the most comfortable. And then down a smooth transition to the immigrant visa abroad.
In fact, there are both major problems FOXCONN months, forced overtime issue, there is a problem that night. Maybe has the problem seems simple, but it is Gou core interests.
Mandatory overtime does not require, but it is an unwritten rule. Under normal circumstances should be three shifts, but the 3 classes of labor costs will be higher than 2 classes. So I basically did not implement the department had three shifts, two classes Lian Zhouzhuan. Specific economic accounts that you do the math, not Gou can not afford workers the choice to workers exhausting the 2 shifts a little more in line with his interests, 1.5 times the overtime he can pay, but because the low base wages, overtime How much money did not. Once the order is to reduce the time, you can easily return to two shifts of the normal. Fewer workers, management cost is low. As to whether the workers jumped to endure 12 hours a month away, it is not something Gou. Has there been a female reporter did not know bragging Foxconn reported mandatory overtime issue of overtime, Gou immediately Laoxiuchengnu, the female reporter on 30 million lawsuit, the women's scared silly, angry because he is self-evident. In fact, the same production plant, Gou is the highest profits, or else on behalf of the plant so much, only he did most.
There are night work, think about it, when EPSON may have employees work 10:00 to sleep, while still producing endless FOXCONN, which created a greater surplus value? The major impact of night shift problem is physiological and psychological, 12-hour night shift, your body has less sunshine of moisture, do not say I was tired, but really dark and psychological. Is pessimistic, can not see their own future. While others seem happy than me. I can not stand night, but I found some people on the right, not a headache.
I do not know whether that drove two reasons for this effect. But I really know, FOXCONN production line, really inevitable mandatory overtime and night shift down, because his production line must be fully open only 24 hours to maximize profits. There is no reason which is always the day shift employees, while others will only work at night, shift is a requirement.
As for why employees endure forced overtime, the reason I own analysis found: At the time I am inexperienced, had left the community to work, obey the inertial mentality still there, arrayed in the production tasks, competent in overtime, I do not overtime that is not allowed, but in the morally, because we all work overtime, I do not work overtime as causing inconvenience to others. Just out of people, not the rise of individual consciousness, of the capitalists, no clear understanding of the employment relationship. Besides just arrived in Shenzhen, unfamiliar with the place, the need for a safe haven to familiar with the environment. So on their own grievances, to leave up until the last straw. Do not look at every day thousands of people queuing Foxconn entry, I guess people from Foxconn at least 500 million people. I just went to work had already been discharged to the rich top 20 000 5, in fact, only two thousand factories, no more than 5 years of history. Same batch of 20 students only 2 people a year, 2 years later, only one person. However, there are those who left later returned. Where did my university students 12 years of no left, people can stand on the subject, that I believe may be genetic problems. Foxconn is the largest recruitment but in fact those just graduated from secondary school students Mainland vocational school students, one graduate pulled over, for the above reasons, good management and stamina! I graduated from this university, the resistance consciousness is some time before they cultivated.
Can not stand, and do not jump off, doing something else is required. Gou 忽悠 not listen, what to love, the emotional problems of men, women, Shenzhen has more to go, and are jumping up? Do not listen to the experts who have no sense of shame 忽悠: the level lower than the national suicide! The experts are all heavily engaged! Otherwise the next thing that made money, step aside. Feng Shui Gou special superstition, said that the reason Foxconn headquarters in Long Hua Yousong this strange place, that is, geomancers survey results! ! Those reporters are undercover when there is no real night to line dry month, and then look at their psychological change, will understand. If one does not understand that after 3 months of dry look no longer young who will be mad?
Cherish the memory of the dead, to comfort themselves.
Liangshan Shi Yan Canada 2010/5/27
You can point out to these people that a HUGE amount of tech equipment, computers, cables, power supplies, printers, memory, you-name-it, is MADE IN CHINA. (In addition most of the items you use daily, your very clothing, your chair, your lamp all your Walmart purchases -- guess what, Made in China.)
Dell, Toshiba, Sony, HP, Lenovo, Brother, Asus, Lexmark, Panasonic -- oh my god the list is endless -- use Foxconn and other Chinese factories. Why pick out Apple?
This attack of Apple using Foxconn is such blatant, ignorant slander and misinformation, it deserves a round dose of reality in response.
China is a repressive country who torture, kill millions of dogs and cats a year, sell prisoners' organs on the transplant market, censor the Internet, and so on, and if you supposedly care about China, you would need to boycott the entire country, something very hard to do. Add to that the fact that they hold a huge amount of our foreign debt, and if they called it in they cause a economic disaster here
China is a repressive country who torture, kill millions of dogs and cats a year, sell prisoners' organs on the transplant market, censor the Internet, and so on, and if you supposedly care about China, you would need to boycott the entire country, something very hard to do.
It's not "hard", per se, it would just means China's trading partners would have to do without the flow of cheap electronics, household item, toys, etc. while production could be ramped up elsewhere. Don't assume it would be the US, either. My guess would be Vietnam.
Add to that the fact that they hold a huge amount of our foreign debt, and if they called it in they cause a economic disaster here
That's the funny thing. The "debt" they hold is either in standard financial instruments (i.e. bonds) or in capital (stock) or liquid (cash in the bank) assets. It's not like those bonds come with call-on-demand language; they are due when they come due. It would cause an economic calamity if the US of A defaulted on the national debt would cause; in addition to wiping out bond holder it would affect the ability to borrow in the future (not just in Wall Street buyouts but paying for defense, roads, etc.). But the impact to China if they were to lose the value of those assets and to lose one of their largest export markets would throw their still-fledgling economy into a depression that would make the '29 Great Depression look like Disneyland.
And, as much as the PRC is going to fight it, eventually Chinese mainland manufacturing will be priced out of the "cheap goods" market not dissimilar to what happened in Japan and Korea. If there is a problem for the PRC, it's that they have far too many workers to revamp from an economy that revolves around low-quality, high-output goods to higher-quality, lower-output goods (e.g. Japan).
No, China has a huge interest in the continued success of the US economy.
No, China has a huge interest in the continued success of the US economy.
To paraphrase something a poster on another forum said: if Louie the loan shark is in to you for $1000 and you can't pay, you're dead. But if Louie's in to you for $100000 and you can't pay, Louie's dead.
"Change made to discourage more suicides, China’s news agency reports"
http://www.msnbc.msn.com/id/37569922...orld_business/
Finally a little wisdom in this sad, sad, saga...
Good thing that they weren't attending an American college or university were nearly 1100* out of 20 million students will take their own lives this year.
Interesting that some of the arguments presented here contravene the recent findings that the the happier the place , the higher the suicide rates.?
* http://www.stateuniversity.com/blog/...-Students.html
? http://www.eurekalert.org/pub_releas...-hph042111.php