{"id":20802,"date":"2016-05-29T17:16:50","date_gmt":"2016-05-29T22:16:50","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20802"},"modified":"2016-05-29T17:16:50","modified_gmt":"2016-05-29T22:16:50","slug":"dont-listen-to-the-ruling-elite-the-world-economy-is-in-real-trouble","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20802","title":{"rendered":"Don\u2019t listen to the ruling elite: the world economy is in real trouble"},"content":{"rendered":"
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Don\u2019t listen to the ruling elite: the world economy is in real trouble<\/a><\/h3>\n<\/div>\n<\/div>\n
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Andy Xie says those attending the G20, Davos and other wasteful meetings are wrong to try to pin the blame for the turmoil on people\u2019s psychology; all signs point to a prolonged period of global stagnation and instability<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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The G20 working group meeting in Shanghai didn\u2019t come up with any constructive proposals for reviving the global economy and, instead, complained that the recent market turmoil didn\u2019t reflect the \u201cunderlying fundamentals of the global economy\u201d. The oil price has declined by 70 per cent since June 2014, while the Brazilian real has halved, and the Russian rouble is down by 60 per cent. The global economy is on the cusp of another recession, and these important people blamed it all on some sort of psychological problem of the people.<\/div>\n

Over the past two decades, the global economy has been blessed with the entry and participation of 800 million hard-working Chinese, plus the information revolution. The pie should have increased enough in size to make most people happier. Yet, the opposite has happened. The world has gone from one crisis to another. People are complaining everywhere. This is due to mismanagement by the very people who attend the G20 meetings, the Davos boondoggle, and so many other global meetings that waste taxpayers\u2019 money and put inept leaders in the limelight.<\/p>\n

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One major complaint that people have is that the system is rigged \u2013 that is, the rising income concentration is not due to free market competition, but a rigged system that favours the politically powerful. This is largely true. The new billionaires over the past two decades have come mostly from finance and property. Few made it the way Steve Jobs or Bill Gates did, creating something that makes people more productive.<\/div>\n
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…click on the above link to read the rest of the article…<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Don\u2019t listen to the ruling elite: the world economy is in real trouble Andy Xie says those attending the G20, Davos and other wasteful meetings are wrong to try to pin the blame for the turmoil on people\u2019s psychology; all signs point to a prolonged period of global stagnation and instability The G20 working group […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[13935,193,344,366,428,592,6979,3389,2096],"class_list":["post-20802","post","type-post","status-publish","format-standard","hentry","category-economics","tag-andy-xie","tag-davos","tag-g20","tag-global-economy","tag-instability","tag-oil-price","tag-ruling-elite","tag-shanghai","tag-stagnation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20802"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20802\/revisions"}],"predecessor-version":[{"id":20803,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20802\/revisions\/20803"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}